Markets

Bitcoin (BTC) Miners Bitdeer (BTDR), MARA Holdings (MARA) Among Gainers as Price Nears $100K

Published

4 hours ago

November 29, 2024

One week after its first attempt, bitcoin (BTC) is once again approaching the $100,000 milestone on Friday as crypto prices surged higher alongside the return of U.S. traders following Thanksgiving.

The Coindesk Bitcoin Index climbed to a $98,690 session high during early U.S. hours, advancing 3.3% over the past 24 hours. The broad-market CoinDesk 20 Index surged 6.2% during the same period, indicating that altcoins led the advance. XRP, ADA, RENDER and HBAR booked double-digit gains during the day.

Traditional U.S. markets are having a shortened session today after being closed on Thursday’s holiday. U.S.-listed bitcoin miners — which don’t always rise just because the price of bitcoin gains —, are moving higher, led by Bitdeer’s (BTDR) 15% advance to notch a fresh all-time high above $14. Major miners including MARA Holdings (MARA), Riot Platforms (RIOT), were all up 5%-10% in the first hours of the session. Crypto equities Coinbase (COIN), MicroStrategy (MSTR) and Semler Scientific (SMLR) lagged behind the miners.

Bitcoin futures on the Chicago Mercantile Exchange (CME) briefly surpassed the $100,000 level during the day before slightly retreating, per TradingView data. That’s the second occasion after first hitting the milestone last Friday.

The price premium on futures relative to the spot market suggests strong institutional participation, with open interest for bitcoin CME futures sitting at all-time high levels.

The Coinbase Price Premium, which measures BTC spot price on Coinbase relative to the off-shore exchange Binance, also bounced back to positive territory since bitcoin pulled back below $91,000 earlier this week. The Coinbase Premium underscores that the rally is primarily driven by American market participants.

“Judging by order size, Coinbase whales are driving this bitcoin rally,” Ki Young Ju, CEO of CryptoQuant, said in an X post.

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analysis

Will December Surpass November’s Record-Breaking Bitcoin Price Increase?

Published

9 hours ago

November 29, 2024

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Bitcoin is closing out one of its most remarkable months in history, surging over $30,000 in November and marking a renewed bullish sentiment in the market. As we look ahead to December and beyond, investors are eager to understand whether Bitcoin’s momentum can sustain itself into 2025. With macroeconomic conditions, historical trends, and on-chain data aligning in Bitcoin’s favor, let’s analyze what’s happening and what it could mean for the future.

November’s Record-Breaking Performance

November 2024 wasn’t just any month for Bitcoin; it was historic. Bitcoin’s price rose from around $67,000 to nearly $100,000, an approximate 50% peak-to-trough increase, making it the best-performing month ever in terms of dollar increase. This rally rewarded long-term holders who endured months of consolidation after Bitcoin’s all-time high of $74,000 earlier in the year.

*Figure 1: Bitcoin has rallied over $30,000 in November.*

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Historically, Q4 is Bitcoin’s strongest quarter, and November has often been a standout month. December, which has also performed well in past bull cycles, presents a promising outlook. But as with any rally, some short-term cooling might be expected.

*Figure 2: Q4 has historically been Bitcoin’s best-performing period.*

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The Role of the Dollar and Global Liquidity

Interestingly, Bitcoin’s rise occurred against the backdrop of a strengthening U.S. Dollar Strength Index (DXY), a scenario that typically sees Bitcoin underperforming. Historically, Bitcoin and the DXY have maintained an inverse relationship: when the dollar strengthens, Bitcoin weakens, and vice versa.

*Figure 3: Bitcoin rallied even as the strength of USD increased.*

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Similarly, the Global M2 money supply, another key metric, has shown a slight contraction recently. Bitcoin has historically correlated positively with global liquidity; thus, its current performance defies expectations. If liquidity conditions improve in the coming months, this could act as a powerful tailwind for Bitcoin’s price.

*Figure 4: Global M2 YoY chart showing liquidity contraction.*

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Parallels to Past Bull Cycles

Bitcoin’s current trajectory is strikingly similar to past bull markets, particularly the 2016–2017 cycle. That cycle began with gradual price increases before breaking key resistance levels and entering an exponential growth phase.

In 2017, Bitcoin’s price broke out from a key technical level of around $1,000, leading to a parabolic rally that peaked at $20,000, a 20x increase. Similarly, the 2020-2021 cycle saw Bitcoin rise from $20,000 to nearly $70,000 after breaking above the crucial YoY Performance threshold.

*Figure 5: Current BTC performance showing parallels to price prior to breaking previous major resistance levels.*

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If Bitcoin can break out decisively from this historic level and above the key $100,000 resistance, we may witness a repeat of these explosive price movements as BTC enters its exponential phase of bullish price action.

Institutional Adoption and Accumulation

A key factor underpinning Bitcoin’s strength is the continued accumulation by institutions. Bitcoin ETFs are adding billions of dollars worth of BTC to their holdings, and corporations like MicroStrategy have doubled down on their Bitcoin strategy, now holding close to 400,000 BTC. Even with BTC rallying to new all-time highs, ‘smart money’ is scrambling to accumulate as much as possible to ensure they’re not left behind.

*Figure 6: Institutions are not waiting for a retracement to accumulate BTC.*

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This institutional demand indicates growing confidence in Bitcoin as a long-term store of value, even in volatile market conditions. Such accumulation also tightens the available supply, creating upward pressure on prices as demand increases.

Conclusion

While December has historically been a strong month for Bitcoin, short-term volatility could temper gains as the market digests November’s sharp rally. Although given the aggressive accumulation we’re witnessing from institutional participants anything is possible.

Longer-term, however, the outlook remains exceptionally bullish. The obvious level to watch is $100,000 as the next major milestone, which, if breached, could pave the way for a much larger rally in 2025. Bitcoin is entering one of its most exciting phases yet, with the stars seemingly aligning across macroeconomic, technical, and on-chain metrics.

For a more in-depth look into this topic, check out a recent YouTube video here: The BIGGEST Bitcoin Month EVER – So What Happens Next?

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Algorand

Algorand price surges as crypto pundit sees it hitting $1.25

Published

10 hours ago

November 29, 2024

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Algorand price experienced a strong bullish breakout on Nov. 29 as cryptocurrencies continued their uptrend.

Algorand (ALGO), a top layer-1 network, surged to $0.40, marking its highest level since November 2022. The cryptocurrency has risen for four consecutive weeks, climbing over 240% from its lowest level this year.

Crypto analysts are still optimistic about the ALGO price. In an X post, Steph is Crypto, a popular analyst, noted that the coin would jump to $1.26. He cited a double-bottom pattern that happened on the weekly chart. If this forecast is correct, it means that the coin may jump by 300%.

Algorand price — ALGO price chart | Source: crypto.news

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Bitcoin mining

Bitcoin Miners Near $40B Market Cap as Mining Difficulty Set for Fifth Straight Increase

Published

2 days ago

November 28, 2024

admin

Publicly traded bitcoin (BTC) miners are approaching the milestone of an aggregated $40 billion market cap, according to Farside data, doubling in seven months as bitcoin’s price rocketed through multiple record highs to approach six figures for the first time.

Miners’ biggest challenge is revenue. The reward they receive for confirming blocks on the Bitcoin blockchain was cut 50% in April, when their combined market cap was about $20 billion. In this current epoch, only 450 bitcoin are mined a day and fees paid to miners remain at cycle lows, just 10 BTC ($946,000) on Nov. 27 according to Glassnode data.

That means they either have to diversify revenue streams or produce bitcoin at a cheaper cost than the spot price, currently about $96,000.

That’s a challenge that is about to become more difficult. The mining difficulty, which measures how hard it is to produce the blockchain’s blocks, is expected to increase by a further 3% at some point in the next few days.

Mining difficulty, already firmly above 1 trillion, automatically adjusts every 2016 blocks or roughly every two weeks. The higher the difficulty, the harder — and costlier — for miners to produce a new block.

The heart of the issue is the soaring hashrate, which has held above 700 exahash per second (EH/s) for more than a month. The hashrate is the computational power required to mine and process transactions on a proof-of-work blockchain like Bitcoin.

On a seven-day moving average, the hashrate is currently at 726 EH/s, continuing to put in higher highs and higher lows since mid-year, according to Glassnode data.

Chart showing changes in the hashrate. — Hashrate (Glassnode)

In 2024, many miners have diversified their revenue streams by pivoting into the AI and high-performance computing (HPC) industries, where there is soaring demand for locations that can host the computing power they need.

One example is IREN (IREN), whose shares surged 30% on Wednesday on renewed AI interest.

Other, such as MARA Holdings (MARA), are leveraging their bitcoin stashes and bumping up their bitcoin balance sheet holdings. As of Nov. 27, MARA added a further 703 BTC after selling a 0% $1 billion convertible note to raise the funds. The company now owns a total 34,794 BTC.

The CoinShares Valkyrie Bitcoin Miners ETF is a proxy for publicly traded miners. Its share price is up 60% year-to-date, which is underperforming bitcoin’s 113%.

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