The cryptocurrency market saw high levels of trading and volatility throughout its digital assets on November 14, 2024, which affected $BTC, $ETH, $PEPE, and other key coins.
As demonstrated in the figures from Phoenix Group Company, the market cap, trading volume, and the fear and greed index also reflected the present bull-market status. When Bitcoin crossed $90,000, altcoins like $PEPE and $PNUT witnessed large double-digit percentage gains and losses, coupled with large volume liquidations adding to the day.
Market Overview
The market capitalization of cryptocurrencies reached $3 trillion, the growth of which indicates confidence in the industry. Currently, there is a trading volume of 302.47 billion within 24 hours, and the “Fear and Greed Index” reached 86-“Extreme Greed.” This points to a strong bullish bias and the likelihood of extended price increases, although it flags a possibility of mean reversion due to over-trading.
Bitcoin (BTC) and Ethereum (ETH) Lead the Market
Bitcoin remains in the limelight by trading at $90,704, occupying a market share of 59.7% among other cryptocurrencies. This dominance shows that Bitcoin remains the market king, and investors continue to invest in BTC during this rally.
Ethereum also experienced some upswing, trading at $3,200 and holding 12.8% of the market. ETH, however, is significantly below BTC in terms of dominance, indicating that it remains a strong contender and has not lost its appeal to investors, especially with DeFi being employed today, where it has a total value locked (TVL) of $166, 56 billion.
Fear and Greed Index Signals Bullish Sentiment
The Fear and Greed Index, which is at stage 86 right now, indicates a quite high level of greed. This figure has improved from 65 a month ago and 74 a week ago, implying improved confidence among investors. However, as this index approaches 100, it is a caution that the market is close to a level where selling pressures could turn the market around.
Longs vs. Shorts: A Balanced Market
The distribution of Bitcoin traders shows that 49.97% of traders are long, and 50.03 % are short. Equally, 49.64% of Bitcoin holders on Binance are classified as long, while 50.36% are short. Such equilibrium indicates that while many traders believe that prices will rise, many more are preparing for the worst outcomes, which could quickly shift the balance.
Top Performers in Price Bounce & Dip: $PEPE & $PNUT Surge
The top performers in terms of price bounce and dip over the past 24 hours were $PEPE, $PNUT, $ACT, $WIF, and $JASMY:
- $PEPE fell by 10.86% but rose significantly to register a further improvement of 77.05%.
- $PNUT also declined by 18.24%, which had a rebound of 58.98%.
- $ACT fell to 9.58% and then rose by 52.35%.
- $WIF dropped by 9.63% and then rose by 44.62%.
- $JASMY reached a decline of 0.88 % and rebounded by 17.68 %.
These bounce figures further depict that the crypto market is highly unstable, and an asset can show vast swings up and down, presenting opportunities for short-term traders.
Top Liquidations
Bitcoin was the most liquidated token at $245.79 million, while Ethereum claimed the second spot with $87.72 million. For liquidations, DOGE had $50.48 million, PNUT had $37.54 million, and SOL closed with $16.90 million in liquidations. Many of these liquidations can be associated with leveraging, which occurs when traders are pushed to close their positions due to price changes.
