In the crypto market report covering the week of November 11-18, prepared by the ICRYPEX Research team, we compiled current developments regarding crypto assets, price movements of crypto assets and macroeconomics.
You can take a look at the general flow of this report below, and access all the developments that took place in the 7-day period in the Weekly Crypto Market Reports: November 11, 2024.
Weekly Crypto Market Report Overview for November 11
Bitcoin continues to price Donald Trump and the cryptocurrency-friendly US. Bitcoin, which passed the election week that took place on Tuesday, November 5, with a 16% increase, completed the following week with a 12% increase near $90,000.
SEC Chairman Gensler’s resignation, Elon Musk’s DOGE Ministry and the huge ETF inflows that continued until Wednesday continued to drag the cryptocurrency market upwards. While Trump has different effects on other financial markets during this process, it is thought that the high taxes expected to be implemented will create inflationary pressure, and therefore interest rates in the US will remain higher than expected at the end of 2025. This continued the strong performance of the dollar index, causing declines in both risky assets and precious metals. However, cryptocurrencies managed to maintain their strong image and upward momentum in the face of these negative stories.
Bitcoin completed the week with a 12% increase at $89,885, and renewed its ATH level with the $93,265 level it saw during the week. Bitcoin, which continued its horizontal movement after the peak it saw on Wednesday, completed the week by moving between $88,000 – $92,000. During this process, Bitcoin, whose dominance increased to 61%, was seen to fall below 60% again, especially with the altcoin rally that started over the weekend.
In this process, Ethereum could not break $ 3400 and could not maintain its stability above $ 3250 and retreated to the $ 3050 support. It also finished the week with a 3.4% decrease at $ 3075. Despite the volatility and volume increase in altcoins, Ethereum, which continues its quiet image, will play critical roles in market corrections at $ 3050 and $ 2850.
Altcoins managed to become the real star of the week. The rally that started with memecoins then spread to all coins. With the positive movement that continued until the end of the week, we witnessed 15-20% increases in many projects that have been inactive for a long time and are the stars of 2021.
While Mantra, CLV and XRP were the best performing coins of the week, especially the rise of XRP above $ 1 was one of the most striking developments in altcoins. Apart from these, the rise seen in the Solana ecosystem and Solana’s rise to $ 240 levels also managed to be among the most important movements seen in altcoins last week. Among the movements we expect this week is a slightly better performance of Ethereum and the Ethereum ecosystem. While DeFi projects also had a weak week compared to others, a possible Ethereum rise that we will see this week may be one of the notable sectors of this week.
The NVIDIA balance sheet that will come on Wednesday may continue to help the movement of AI tokens. Apart from these, if a correction movement begins in Bitcoin for the negative movement, this situation may cause a much larger rise in altcoins. For this reason, it would be logical to be a little more careful this week, especially in coins that rose a lot last week.
When we turn to macro developments; as we mentioned above, the expected inflationary policies with the new Trump administration caused the dollar to remain strong and other groups to decline. Apart from these, the inflation data from the US and the speeches of Powell, Kashkari and Waller were found remarkable. While the CPI data did not fall outside expectations, an increase of 2.6% was seen in headline inflation on an annual basis. The PPI data, like the CPI data, showed increases in the expected tone. When we look at the speeches of the FOMC members, it was seen that the members talked about the strength of the economy. Powell stated in his speech that they were not in a hurry to cut interest rates, and avoided making assessments about the possible effects of the Trump government’s policies.
Those who want to get more comprehensive information about the week covering November 11 – 18 can review the Weekly Crypto Market Reports: November 11, 2024.
