After the bloodbath to start the month, crypto markets regained their footing with strong bids across the board. Bitcoin touched below $99,000, but has since gone up over $104,000 and is trading close to that level today. The strong bid came in rapidly once the critical $100,000 level was breached, as several market participants saw this as a keen opportunity to regain long exposure after the 20% drawdown from bitcoin’s highs.
Open interest is slowly building again across perpetual and calendar futures, but bitcoin’s funding rate is still near flat, hovering around 3% annually across most exchanges. The market could chop around here for a bit until a new narrative is formed, as the selloff seems quelled for now while upward momentum is slowly starting to build in the order books. The Trump administration has restated how it wants the US to be the crypto capital of the world, a welcome sign for bitcoin after the rough start to the month.
Solana’s Rough November
Solana has had a tough start to November as well, dropping below $150 per token on November 4th, but is now trading back up over $160. The ecosystem continues to be associated with memecoins and launch pads that have extracted tremendous amounts of capital, but several promising projects have participants excited about its future.
Solana saw near all-time highs in mid September, and still boasts some of the better on-chain UI/UX in crypto. With the lower notional cost associated with the token and large community of streamers, the token has appeal to younger generations who see bitcoin as too expensive. Several privacy projects and coins are becoming available on Solana, capturing the growing narrative that has been developing in Q4.
Top Gaining Stocks
Top Losing Stocks