Cryptocurrency Market Update: $BTC and $ETH Lead the Market as $PEPE and $PNUT Surge

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.

Cryptocurrency market overview and analysis for November 14, 2024.

The cryptocurrency market experienced high levels of trading and volatility across its digital assets on November 14, 2024. This activity impacted $BTC, $ETH, $PEPE, and other key coins.

As illustrated in the figures from Phoenix Group Company, the market capitalization, trading volume, and the fear and greed index also reflected the present bull-market status.

When Bitcoin crossed $90,000, several altcoins, such as $PEPE and $PNUT, witnessed large double-digit percentage gains and losses, respectively. Additionally, large volume liquidations contributed to the day's market movements.

Breaking Down the Market Overview

The market capitalization of cryptocurrencies reached $3 trillion, an indicator of growing confidence in the industry. At the time of writing, the 24-hour trading volume amounted to 302.47 billion, and the “Fear and Greed Index” stood at 86, indicating “Extreme Greed.”

This reading suggests a strong bullish bias and the possibility of further price increases. However, it also raises the prospect of mean reversion due to excessive trading activity.

Bitcoin (BTC) and Ethereum (ETH) Lead the Market

Bitcoin remained in the spotlight, trading at $90,704 with a market dominance of 59.7%. This level of dominance showcases that Bitcoin continues to reign as the market king, and investors are prioritizing BTC during this rally.

Meanwhile, Ethereum also experienced an upswing, trading at $3,200 and holding 12.8% of the market. Despite being significantly lower than BTC in terms of dominance, ETH remained a strong contender and maintained its appeal to investors, particularly in the realm of DeFi, which had a total value locked (TVL) of $166, 56 billion.

Fear and Greed Index Signals Bullish Sentiment

The Fear and Greed Index, currently at stage 86, indicates a high level of greed. This figure has risen from 65 a month ago and 74 a week ago, suggesting improving confidence among investors.

However, as the index approaches 100, it serves as a caution that the market is nearing a point where selling pressures could reverse the trend.

Longs vs. Shorts: A Balanced Market

The distribution of Bitcoin traders showed that 49.97% were long, while 50.03 % were short. Similarly, 49.64% of Bitcoin holders on Binance were classified as long, and 50.36% were short.

This equilibrium indicated that while many traders anticipated price increases, a substantial number were preparing for potential downturns, which could quickly shift the balance.

Top Performers in Price Bounce & Dip: $PEPE & $PNUT Surge

Among the top performers in terms of price bounce and dip over the past 24 hours were $PEPE, $PNUT, $ACT, $WIF, and $JASMY:

Price Bounce (24H):

$PEPE (+32.76%)

$PNUT (+21.26%)

$ACT (+17.06%)

$WIF (+14.08%)

$JASMY (+12.05%)Price Dip (24H):

$PNUT (-18.18%)

$JASMY (-12.05%)

$SOL (-9.09%)

$DOGE (-8.08%)

$HNT (-7.07%)These bounce figures further depict that the crypto market is highly volatile, 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.