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Bitcoin Today 11/22/2024: BTC stabilizes near US$99,000 and XRP soars with Gensler’s departure from the SEC
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After reaching US$99,000, Bitcoin took a “respite” in its upward rally and opened stable this Friday (22). According to CoinGecko, the cryptocurrency registered gains of 0.6% in the last 24 hours and is worth US$98,300. Trading volume reached $112 billion in the last 24 hours.
In the accumulated result for the week, BTC records gains of 9.55%, while the monthly result reaches 39.86%. With this, Bitcoin records the fourth best month of November since 2013, according to data from Coinglass.
On the other hand, the other cryptocurrencies in the Top 10 registered strong appreciation, with emphasis on XRP, which rose 24.4%, and Cardano (ADA), whose increase reached 10.9%. XRP rose in value after Gary Gensler, chairman of the United States Securities and Exchange Commission (SEC), announced that he will step down in January 2025.
Since the breakout of the seven-month consolidation when Bitcoin surpassed the previous high of $75,000, the cryptocurrency market outlook has turned bullish.
Why did Bitcoin rise again?
While some altcoins soar higher, many traders point out that the so-called “altseason” has yet to begin. However, the strong appreciation of BTC tends to delay this movement for a few months.
The value of Bitcoin close to US$98,400 caused a sharp increase in the cryptocurrency’s gains in 2024. Until October 20th, BTC accumulated gains of 56%, but on November 18th these gains already exceeded 108%.
While many altcoins have soared by more than triple digits, BTC is recovering. On the other hand, the price performance of Ether (ETH), the largest of the altcoins, year to date is weak. According to Coinglass, ETH accumulates gains of 39% in 2024, less than half the value of BTC.
But as BTC approaches US$100,000, the market starts to encounter more resistance. This is an important psychological price barrier and there are also many sell orders in the US$100,000 region. Therefore, there are chances that BTC will undergo some correction when it reaches this price level.
Analyst speculation about a bull run after the US elections was right, and Bitcoin will likely end November 2024 with strong appreciation. The big question is whether the US$100,000 will arrive by December or whether this goal should be set for 2025.
Many expect a six-figure target for BTC by the end of November, and this is due to historical returns. History shows that Bitcoin has always had a massive Q4 performance.
Bitcoin Today 11/22/2024: BTC stabilizes near US$99,000 and XRP soars with Gensler’s departure from the SEC
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Bitcoin Today 11/22/2024: BTC stabilizes near US$99,000 and XRP soars with Gensler’s departure from the SEC
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Bitcoin Today 11/22/2024: BTC stabilizes near US$99,000 and XRP soars with Gensler’s departure from the SEC
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Bitcoin Today 11/22/2024: BTC stabilizes near US$99,000 and XRP soars with Gensler’s departure from the SEC
