Crypto Market Moves Quiet After Soaring

BTC·Altcoin Remain Weak Due to the Depletion of Favorable Factors
BTC Dominance Re-Rises One Day After Altcoin Soars on Nov. 18
Cathie Wood CEO "BTC May Rise to $150K by U.S. Deregulation"

The cryptocurrency market, which had recently recorded a big rise, entered a quiet side guarantee on Nov. 19. After the recent rise due to good news, no additional good news is disclosed, and the trend continues to be somewhat calm.

While Bitcoin(BTC) rose slightly, altcoins continued to remain calm. Amid the calm market, a number of news poured out that could shake the perception of the market.

News has been reported that Trump had a private meeting with Coinbase CEO Brian Armstrong. The exact details of the meeting have not been revealed, but rumors have been circulating that Trump will appoint Armstrong CEO to key positions in 'Crypto Presidential Advisory Committee'.

Michael Saylor, 'Bitcoin giant', announced his intention to buy more after buying 51,780 Bitcoins from the 11th to the 17th. MicroStrategy, which founded Michael Saylor, announced in an official statement on Nov. 18 that it will issue a converterable note with an interest rate of 0% for the purpose of purchasing additional Bitcoin. The desired fundraising amount through a convertible note is $1.75 billion.

◇Bitcoin = Bitcoin price is $91,835 at 4:30 p.m. on Nov. 19, 2024. The Bitcoin share (dominance) was 60.01%.

The long(up) and short(down) betting ratios in the Bitcoin futures market stood at 44.40% and 55.60%, according to the on-chain analytics platform Sigbtc.

Cathie Wood, CEO of Ark Investment, has reiterated the theory of Bitcoin's strength.

Cathie Wood, who was interviewed by CNBC on Nov. 18, predicted that the rising rally of Bitcoin will last until 2030, stressing that "it will surge up to $1.5 million in a strong scenario." It signaled that the price of Bitcoin could soar more than 16 times in the future.

CEO Cathie Wood explained that Bitcoin prices will continue to rise on the back of expectations for deregulation in the future.

"The easing policies related to Bitcoin in the Trump administration will serve as an important upward driver," she said, stressing that "the rise will expand further if funds from institutional investors come in earnest."

◇ Upward Coin = The cryptocurrency that recorded the largest increase from the previous trading day at 4:30 p.m. on Nov. 19 was Akashi Network (AKT), which rose about 16%.

The Akashi network is a blockchain project that trades computing resources. Computing resources such as CPU, GPU, and memory can be traded through the Akashi Compute Marketplace, and transaction records are recorded on the Akashi blockchain.

◇Fear Greed Index = The cryptocurrency fear-greed index provided by Alternative has entered the phase of 'extreme greed' with 90 points. Extreme greed is an upward phase accompanied by high volume and strong volatility. It can be said that it is a selling section for institutions as it is highly likely to leave the market at its peak.

The cryptocurrency relative strength index(RSI) provided by Sigbtc was 57.9, which was in a 'neutral' state. RSI sets the relative strength between the upward and downward pressure of a particular asset price and is an indicator of a measure of over-purchasing and over-selling of a particular asset.

권승원 기자 ksw@blockstreet.co.kr