publive-image

Bitcoin cools down to $86,408, Ethereum dips 4%, and Dogecoin drops 7.6% amid profit-taking

Crypto Price Update November 13, 2024 - The cryptocurrency market, after a week of sharp gains, witnessed a cooling-off period on Wednesday. Major cryptocurrencies, including Bitcoin and Dogecoin, saw price declines as investors engaged in profit-taking activities. This shift comes in the wake of US President-elect Donald Trump's victory, which has driven widespread speculation about future pro-crypto policies. Here's a detailed look at today’s crypto price and notable market dynamics.

Bitcoin (BTC) Update

Price: $86,408.81

24h % Change: -2.71%

Volume (24h): $133.32 billion

Market Cap: $1.73 trillion

Sector: Currency

Bitcoin saw a decline of 2.71% in the last 24 hours, reaching $86,408.81, as per CoinMarketCap data. This dip followed an impressive rally sparked by Trump’s presidential win, which led investors to anticipate a pro-crypto administration. The current decline reflects profit-booking from those who bought into Bitcoin’s recent surge. Despite the pullback, Bitcoin remains a focal point in the market, with its potential for future price gains supported by recent interest from institutional investors.

Ethereum (ETH) Update

Price: $3,194.28

24h % Change: -4.13%

Volume (24h): $58.04 billion

Market Cap: $384.67 billion

Sector: Smart Contract Platform

Ethereum fell by 4.13% to $3,194.28, a shift reflecting broader profit-taking trends across the market. As the leading smart contract platform, Ethereum’s price performance continues to capture attention. The token saw gains earlier this week as investors remained optimistic about blockchain’s role under the new administration. Ethereum’s robust developer ecosystem and ongoing network upgrades could support its long-term growth, despite today’s decline.

Solana (SOL) Performance

Price: $205.72

24h % Change: -6.00%

Volume (24h): $12.46 billion

Market Cap: $97.08 billion

Sector: Smart Contract Platform

Solana, another major smart contract platform, declined 6% to $205.72. Known for its high-speed transactions, Solana has become a popular alternative to Ethereum. This drop comes as investors adjust their positions following the recent rally, and it mirrors market-wide trends of profit-taking. Solana’s potential to handle high transaction volumes continues to make it attractive to decentralized application developers and investors alike.

Binance Coin (BNB) Trends

Price: $602.55

24h % Change: -6.78%

Volume (24h): $3.10 billion

Market Cap: $87.90 billion

Sector: Smart Contract Platform

BNB, the native token of the Binance ecosystem, fell by 6.78% to $602.55. Binance Coin’s recent highs reflected strong investor sentiment around the Binance platform. This token has multiple uses within the Binance ecosystem, including transaction fee reductions. Today’s decrease reflects broader market corrections and profit booking. Binance’s continued expansion in various regions could drive demand for BNB as the crypto exchange develops.

Dogecoin (DOGE) and the ‘DOGE’ Department

Price: $0.3649

24h % Change: -7.66%

Volume (24h): $46.63 billion

Market Cap: $53.54 billion

Sector: Currency

Dogecoin dropped by 7.66% to $0.3649. Known as Elon Musk’s favourite cryptocurrency, Dogecoin gained traction following Trump’s announcement of the “Department of Government Efficiency” (DOGE). The department, led by Musk and Vivek Ramaswamy, has brought Dogecoin back into the spotlight. Dogecoin’s decline today mirrors the overall market trend, though its social appeal and backing from prominent figures continue to support its place in the crypto market.

Ripple (XRP) Momentum

Price: $0.6617

24h % Change: +9.21%

Volume (24h): $13.24 billion

Market Cap: $37.63 billion

Sector: Currency

XRP rose 9.21% to $0.6617, fueled by anticipation of regulatory changes. Ripple’s ongoing legal battle with the SEC has been a focal point, and Trump’s pro-crypto stance is raising optimism about favourable outcomes. Ripple’s CEO, Brad Garlinghouse, has advocated for clearer regulatory frameworks in the crypto industry, which has resonated with many investors. XRP’s role in cross-border payments, coupled with recent support from figures like Cardano founder Charles Hoskinson, adds to its appeal.

Cardano (ADA) Outlook

Price: $0.5344

24h % Change: -9.22%

Volume (24h): $3.01 billion

Market Cap: $19.11 billion

Sector: Smart Contract Platform

Cardano experienced a 9.22% decrease, with its price falling to $0.5344. Cardano’s founder, Charles Hoskinson, recently expressed support for Ripple, creating excitement about potential partnerships in the industry. This collaboration could strengthen both Cardano and Ripple as they navigate regulatory challenges. Despite today’s decline, Cardano’s peer-reviewed development approach and focus on scalability make it a strong player in the smart contract space.

Market Overview: Crypto Mining Sector Gains

The crypto mining sector has seen substantial gains in response to recent market rallies. Notable players, including Marathon Digital Holdings, surged nearly 30%, while CleanSpark and Hut 8 each rose over 25%. These companies have benefited from increased Bitcoin prices, as mining profits correlate directly with Bitcoin’s valuation. The rally in mining stocks highlights investor confidence in the broader crypto sector, especially in light of anticipated regulatory clarity under the new U.S. administration.

Factors Impacting Crypto Market Today

Profit Booking: Today’s market decline primarily stems from profit-booking as investors take gains from the recent rally.

Trump Administration’s Crypto-Friendly Stance: With Trump’s recent win, many investors expect a more favourable regulatory environment for blockchain and digital assets. The formation of the DOGE department, led by high-profile figures like Musk, signals a shift toward government efficiency and tech innovation.

Regulatory Shifts in the US: Ripple’s ongoing case with the SEC has underscored the importance of regulatory clarity in the crypto space. Trump’s stance on crypto-friendly policies could pave the way for smoother regulations, boosting confidence in assets like XRP and potentially easing the regulatory burden on other cryptocurrencies.

Increasing Institutional Interest: Institutional players like BlackRock have continued to show interest in crypto assets, particularly through spot BTC ETFs. Such investments can increase stability and legitimacy in the crypto market.

Looking Ahead

The cryptocurrency market is navigating a complex landscape shaped by political, regulatory, and institutional factors. While today’s decline highlights market volatility, the prospect of a more supportive US government creates a positive outlook. Investors remain cautious as they balance profit-taking with potential long-term gains.

The crypto mining sector’s gains also signal growing optimism, particularly for companies focused on Bitcoin. Meanwhile, regulatory developments may continue to influence price movements, with Ripple’s case potentially setting a precedent.

Conclusion

Today’s crypto prices reflect a natural market correction following a significant rally. Assets like Bitcoin, Ethereum, Solana, and Dogecoin all declined as investors booked profits. Ripple’s XRP and the crypto mining sector emerged as exceptions, seeing gains amidst hopes for regulatory relief. The announcement of the DOGE department underscores the evolving relationship between the U.S. government and the crypto industry, with Trump’s administration hinting at a more welcoming stance toward blockchain.

As regulatory frameworks develop and institutional interest grows, the market could see more stability and growth. The ongoing balance between innovation and regulation remains a central theme, with investors closely watching policy shifts and economic indicators. The future of crypto looks promising, with anticipated advancements in technology and government support likely to shape a new era for digital assets.