Bitcoin hits new ATH

November 20, 2024

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Bitcoin hits $94K ATH as IBIT options launch on Nasdaq

Key points:

  • BlackRock's IBIT options debuted with $1.9B in notional exposure, signaling bullish sentiment.

  • Bitcoin’s price rose within the daily timeframe, hitting a new all-time high.

News - Bitcoin’s price has shattered its previous records, reaching an all-time high of $94,041, following the launch of BlackRock’s iShares Bitcoin Trust ETF (IBIT) for options trading on Nasdaq. BTC then retraced to trade at $92,790 at press time.

IBIT went live on 18 November, after the initial approval from SEC was received in September. It has already made a major impact, with call options dominating over the put options, according to Bloomberg analyst James Seyffart.

He said on Twitter, “Final tally of IBIT's 1st day of options is just shy of $1.9 billion in notional exposure traded via 354k contracts. 289k were Calls & 65k were Puts. That's a ratio of 4.4:1. These options were almost certainly part of the move to the new Bitcoin all-time highs today.”

Call options, totaling 289,000, represent bets that Bitcoin’s price will increase. In comparison, only 65,000 Put options were traded, representing bets that the price will decrease. This shows that the market is expecting BTC prices to explode in the short term.

Eric Balchunas of Bloomberg further added that, “$1.9b is unheard of for Day One,” signifying the potential of BTC ETF for options trading.

Nate Geraci, President of the ETF Store, also talked about the role of options trading for Bitcoin’s adoption. He said, “Options add an entirely new dimension. Makes it much easier & more enticing for institutional investors to enter arena.”

More BTC ETF options on the way - Bitwise and Grayscale are launching their Bitcoin ETF options on 20 November, with other firms soon to follow suit. As Bitcoin’s price keeps surging alongside these developments, it can be expected that the king coin is close to crossing the $100,000 milestone now more than ever.

What’s next for Cardano as altcoin trading volumes reach 2021 highs

Key points:

  • Cardano’s on-chain metrics suggested that bulls were dominating the asset.

  • Weekly altcoin trading volumes crossed $303 billion in November, signaling investor interest in altcoins.

News - As the weekly altcoin trading volume soared to its highest point since 2021, Cardano seems to be gearing up for a 30% hike.

Cardano’s trading volume has surged alongside the broader altcoin market, echoing a similar momentum last seen during the 2021 bull market. This weekly volume spike reflected increased investor interest and trading activity.

The surge also indicated a wider shift in market dynamics, suggesting a shift in speculation in the altcoin space. Investors appear to be regaining confidence in altcoins like ADA, which could herald further gains, as the price actions indicated.

Where is ADA headed next? - According to AMBCrypto’s technical analysis, ADA was facing a strong resistance near $0.77 at press time, and was attempting to breach this hurdle.

Based on recent price action, if the altcoin surpasses this level and closes a daily candle above $0.80, there is a strong possibility it could soar by another 30%. Cardano could also target $3, a price last seen during the peak in 2021 if the momentum holds.

In addition Cardano’s open interest also witnessed a spike over the last 24 hours, suggesting strong trader interest.

BONK flips dogwifhat, hits ATH after Upbit listing

Key points:

  • BONK has now become the largest Solana memecoin by market capitalization.

  • The memecoin’s price chart showed RSI at overbought levels, suggesting potential for a pullback.

News - BONK saw a major upswing recently as the memecoin hit a new all-time high of $0.00006 and flipped dogwifhat to become the largest memecoin on Solana in the process.

South Korea’s largest exchange, Upbit, has ignited the memecoin frenzy by adding Bonk to its Korean Won trading market on 20 November. The move sent the Solana-based memecoin soaring.

This follows Upbit’s earlier October listing of BONK in the USDT market, marking a strategic push at a time when Solana is also riding a wave of major gains. With Solana just 9.75% away from its own record high, BONK’s rise comes at a pivotal point.

BONK over WIF? - WIF had dethroned BONK as the dominant memecoin earlier in March, marking a shift in market dynamics.

At press time, BONK reclaimed its position as WIF traded at $3.34, reflecting a daily decline of 1.56%. Its market cap stood at $3.31 billion, a 2.68% drop as per CoinMarketCap.

Meanwhile, BONK was trading at $0.000054, up by 11.75% in the past day and a remarkable 71.84% over the last week. BONK’s market cap reached $4.15 billion, registering an 11.79% increase, firmly cementing its position as the top Solana memecoin.

Shiba Inu burn rate spikes: Is a new ATH likely for SHIB?

Key points:

  • On-chain metrics and reduced exchange reserves highlight strong accumulation.

  • The broader market sentiment toward Shiba Inu remains bullish, as evidenced by the increase in open interest.

News - Amidst the market upheaval, Shiba Inu has taken the spotlight with a dramatic 6,223% surge in its burn rate. At press time, SHIB was trading at $0.00002461, after a slight 1.8% drop over the past 24 hours.

According to the data offered by the tracker Shibburn, a 6223% uptick was recorded in the Shiba Inu burn rate over the past day. As per the data, 290,321 coins were destroyed intraday.

This aggressive burning strategy aims to increase scarcity and potentially drive value appreciation through reduced circulating supply. Investors are hoping that the high burn rate could push SHIB to new highs.

What the price charts show - Shiba Inu’s daily chart reveals a golden cross formation, where the 50-day moving average has crossed above the 200-day moving average. This bullish signal often predicts prolonged upward momentum.

Additionally, exchange reserves for Shiba Inu have dropped by 0.46% in the last 24 hours, now sitting at 138.75 trillion tokens. This decline indicates reduced selling pressure, suggesting a strong accumulation phase.

Did you know?

  • The very first block mined in Bitcoin, known as the "Genesis Block," contains a hidden message embedded in its code: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks." This message is a timestamp of the block and a comment on the economic climate during the creation of Bitcoin.

  • Instead of a traditional whitepaper, Shiba Inu's creators released a playful and tongue-in-cheek "WoofPaper" to explain the project. It describes the token and its ecosystem in a lighthearted way, staying true to the meme nature of the coin.

  • Unlike Bitcoin, which has a hard supply cap of 21 million coins, Dogecoin has an inflationary model. It started with 100 billion coins in circulation and currently adds 5 billion new coins to the supply each year.

Top 3 coins of the day

Goatseus Maximus (GOAT)

Key points:

  • At press time, GOAT was trading at $1.09.

  • It was down by about 0.14% over the last 24 hours.

What you should know:

GOAT’s price has surged 34.19% over the past seven days, recently reaching a $1 billion market cap milestone. However, technical indicators suggest the uptrend is losing strength. GOAT now sits at a critical point where it could either test resistance at $1.36 or face a deeper correction toward key support zones. If the $1.00 support fails to hold, a bearish retracement could be in play, and traders might see prices fall to around $0.95 or lower. The Relative Strength Index (RSI) at 64 showed that the memecoin is near the overbought zone. It dropped from 71 recently and seems to be moving lower. The Bollinger Bands showed that GOAT was in a volatile phase, with the SMA hinting towards an uptrend. The indicators show that though GOAT is currently in an uptrend, the momentum behind the surge could be fading.

Celestia (TIA)

Key points:

  • At press time, TIA was trading at $5.05, down 7% in the last 24 hours.

  • TIA bulls need to gather momentum as indicators pointed to sluggish moves.

What you should know:

The price of TIA has been moving within a range lately. Investors are watching closely as the cryptocurrency hovers around $5, bouncing between support and resistance levels. Technical analysts see this as a sign that TIA might be preparing for an important shift in its trading trajectory. TIA’s price witnessed a bearish rally after buyers failed to push the price toward $5.8. Over the last 24 hours, TIA price has been on a solid downward trend as sellers gained selling confidence. The Relative Strength Index (RSI) hovered around 48, which suggests that bulls are yet to gain momentum. Moreover, the Chaikin Money Flow (CMF) also confirmed this narrative. The immediate resistance to the north is $5.8, and a break through could see the token entering a rally and ignite investor interest. If sellers make a move, TIA could fall to $4.5. Additionally, a surge in social sentiment could attract new buyers and enhance the token’s upward momentum.

Bonk (BONK)

Key points:

  • BONK flipped dogwifhat, taking the top spot in the Solana ecosystem.

  • The memecoin was up by 52% on the 7-day chart.

What you should know:

BONK reached a new milestone on 20 November, surging by 12% following its listing on Upbit, South Korea’s largest cryptocurrency exchange. The latest price movement has pushed BONK’s market capitalization beyond $4.2 billion, while trading volume rose by 77% to reach $2.7 billion. The surge in volume shows strong trader interest. Separately, BONK has become the fourth largest memecoin in terms of market cap, flipping WIF to the fifth position. The price charts showed that BONK was trading at $0.000053 at press time, up 5% in the last 24 hours. The Bollinger Bands suggested that BONK is turning volatile now, and with Relative Strength Index (RSI) at overbought levels, a correction could be imminent. Given the volatility around memecoins, it is advised that traders move forward with caution.

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