This past week, the crypto world once again proved its dynamism with sharp changes in the prices of major cryptocurrencies. Let's review the key events.
Bitcoin: Whales are Taking Off
Bitcoin recently reached a historic high of $93,000, triggering a wave of profit-taking, especially among long-term investors. Between November 12 and 14, historical holders secured over $5 billion in gains, marking a record with a SOPR ratio at its highest since August 2023. These sales coincided with a rally fueled by Trump's electoral victory, boosting market optimism. Despite potential corrections, fundamentals remain strong due to increasing institutional adoption.
Ethereum: ETFs on the Rise
The trading volume for Ethereum ETFs hit a record $1.63 billion in a week, a 44% increase. This rise follows a 25% price increase for ETH, the highest since May. Such interest from institutional investors mirrors the early days of Bitcoin ETFs, confirming the market's maturity and wider adoption by traditional financial players.
Overall Crypto Market Decline and Ripple's Growth
Towards the end of the week, the crypto market saw a decline: Bitcoin dropped 2%, Ethereum 4%, and Solana 3%. This came with an uncertain macroeconomic situation and regulatory pressures, alongside massive BTC sales by miners. Yet, Ripple defied expectations with a rise of over 20% despite the overall downturn.
This week highlighted the rapid shifts that can occur in crypto markets and their impact on key digital assets. Investors remain vigilant, adapting to high volatility.
