Crypto Price Update November 27, 2024 – Bitcoin (BTC) continues its correction phase, trading at $92,600, approximately 8% below its all-time high of $99,650. This decline is part of a broader market pullback, with major altcoins like Ethereum (ETH), Solana (SOL), XRP, and Dogecoin (DOGE) also retreating from near-record highs as investors take profits. On-chain data from CryptoQuant shows that long-term Bitcoin holders have offloaded over 728,000 BTC in the past 30 days, opening fresh buying opportunities.
Bitcoin now faces immediate resistance at $93,800, while strong support is holding firm at $89,600. Market participants are closely watching these levels as BTC navigates through this correction phase. Notably, Bitcoin ETFs have seen a net outflow of $438 million, breaking a five-day streak of inflows. This selling pressure, primarily from long-term holders rather than institutional investors, highlights a significant shift in market dynamics.
On-chain data reveals that 128,000 BTC sold by long-term holders was partially absorbed by U.S. spot ETFs, which accounted for 90% of the selling pressure. This underscores robust market demand despite the price dip. However, external factors, such as newly announced tariff hikes by Donald Trump on China, Mexico, and Canada, have strengthened the U.S. dollar. These developments are creating headwinds for Bitcoin and equity markets, contributing to the current turbulence.
Ethereum (ETH), the second-largest cryptocurrency, displayed resilience, dipping only 0.08% to trade at $3,426.18. Solana (SOL) faced a sharper decline of 2.38%, priced at $231.97, while XRP dropped by 4.52% to $1.38. Dogecoin (DOGE) followed suit, trading at $0.3915, a decline of 3.57%. The overall market sentiment remains bearish, as reflected by the global crypto market cap standing at $3.19 trillion, down by 2.08% over the past 24 hours.
Despite the market-wide pullback, several cryptocurrencies emerged as top gainers over the past 24 hours:
Fantom (FTM)
Price: $1.12
24-hour Gain: 16.24%
Zcash (ZEC)
Price: $56.07
24-hour Gain: 15.74%
Algorand (ALGO)
Price: $0.298
24-hour Gain: 11.89%
Celestia (TIA)
Price: $8.32
24-hour Gain: 10.44%
Injective (INJ)
Price: $29.93
24-hour Gain: 10.21%
These tokens demonstrated strong momentum, with Fantom (FTM) leading the charts with over 16% growth, driven by increasing investor interest and strategic developments in its ecosystem.
On the flip side, several cryptocurrencies experienced significant losses over the past 24 hours:
Stellar (XLM)
Price: $0.4266
24-hour Loss: 15.46%
The Sandbox (SAND)
Price: $0.5868
24-hour Loss: 11.45%
dogwifhat (WIF)
Price: $3.03
24-hour Loss: 9.70%
Decentraland (MANA)
Price: $0.5708
24-hour Loss: 8.29%
Worldcoin (WLD)
Price: $2.34
24-hour Loss: 7.12%
Stellar (XLM) took the largest hit, with a steep decline of over 15%, reflecting significant selling pressure. Other tokens like The Sandbox and Decentraland also faced notable declines, impacted by broader market sentiment.
The Market Fear & Greed Index, currently at 80, indicates "Extreme Greed," signaling heightened market activity despite ongoing corrections. The global crypto market cap of $3.19 trillion highlights sustained investor interest, even amidst volatile conditions. For investors, Dollar Cost Averaging (DCA) remains a viable strategy to manage risk and secure long-term returns, especially as the market tests critical support and resistance levels.
The crypto market's current phase of correction reflects a natural process of profit-taking and adjustment. Bitcoin's decline to $92,600 and the broader altcoin pullback underscore the cyclical nature of the cryptocurrency space. However, robust demand from U.S. spot ETFs and strong support levels suggest resilience in the market.
As investors navigate this dynamic landscape, keeping an eye on resistance levels, support zones, and on-chain data remains crucial for informed decision-making. The current turbulence presents opportunities for strategic entries, particularly for long-term participants seeking to capitalize on the ongoing dip.