After dropping to $85k the previous day, Bitcoin has surged to a new all-time high of $93.2k overnight. While Bitcoin gained 10% from its Tuesday low and set another record, most altcoins saw pullbacks exceeding 15% from their recent highs. This price action has been crucial in establishing a clearer price structure for Bitcoin.
The rally in Bitcoin, alongside altcoin pullbacks, has driven Bitcoin dominance back above 61%, its highest level since March 2021. Dominance is likely to keep rising as Bitcoin’s momentum shows no signs of slowing against altcoins. Although some altcoins have performed comparably or even better than Bitcoin, such as Sui and Dogecoin, which have rebounded from their own pullbacks to hit new highs, it’s the tier-two meme coins that are leading the charge.
PEPE, WIF, and MOG have seen impressive gains of 50%, 30%, and 30% respectively. Following Dogecoin’s 300% rally over the past week, these coins have taken off, each reaching new all-time highs. PEPE’s recent listing on Robinhood marks another bridge between traditional finance and crypto. And let’s not forget the recent rise of ‘PNUT,’ a memecoin created in memory of the beloved “Peanut” squirrel. PNUT has surged 440% in one day after being listed on Binance, reaching a market cap of $2.2 billion within two weeks of its release. This exemplifies the importance of community in the crypto space—a coin can have all the qualities it wants, but without strong community support, it won’t thrive.
I’ve been preaching the potential of memecoins in the Stormrake Spotlight and Thunder Trading articles, as I believe they will play a key role in this bull run. They offer a unique opportunity for the average crypto investor and foster a sense of community that’s invaluable in the crypto space.
If you feel underexposed or worry about missing out, now is a good time to bolster your Bitcoin position before the new all time highs are made. You’re still early, and if you have long-term confidence in the crypto space, this is an ideal time to enter. Contact your Stormrake Crypto Broker to seize these golden opportunities.
Stormrake Spotlight: RUNE ($5.59)
Stormrake Spotlight: RUNE ($5.59)
RUNE continues to pull back, along with most other altcoins, offering a dollar-cost averaging opportunity. These moments are valuable, especially during a bull market. It’s still early, and while alt season is yet to arrive, RUNE is likely to be a leader when it does.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
As noted, Bitcoin has not only set a new all-time high but also established a clear price structure with higher highs and higher lows. BTC continues to form higher lows in the short term while using its previous all-time high as key support. Currently, Bitcoin is aiming to set another higher low at $88k. If it stays above this level and the confirmed higher low of $86.1k, we should see another attempt at a new high.
BTC Total ETF Flows for 13 Nov: $ + 88.1 million (12 Nov saw total inflows of 817.5 billion)
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
Ethereum has broken its bullish trend by forming a lower high and lower low, accompanied by a bearish crossover of the 21 and 55 EMA. ETH recently bounced off a key level of $3,117 but now faces resistance from the moving averages. To resume a bullish trend, ETH must break above $3,230 and see the 21 EMA cross back over the 55 EMA.
ETH Total ETF Flows for 13 Nov: $ + 9.6 million (12 Nov saw total inflows of 135.9 million)
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
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Written by Alexandar Artis
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