Bitcoin briefly surged to $93,905, hitting a new all-time high on November 19, and is currently priced at $92,292 showing a +2.02% increase, while Ethereum is at $3,106, down by -3.16% in the past 24 hours. The market's 24-hour long/short ratio in the futures market was almost balanced at 50% long versus 50% short positions. The Fear and Greed Index, which measures market sentiment, was at 90 yesterday and maintains the Extreme Greed level at 83 today. According to the analysts, Bitcoin could see a 90% rally if key metrics like the Puell Multiple continue breaking out. With favorable macro conditions and strong RSI, BTC is on track to reach six figures, potentially $174,000.
What’s Trending in the Crypto Community?
-
Japanese listed company Metaplanet increased its Bitcoin holdings by 124.11 BTC.
-
Trump and Musk observed SpaceX's sixth Starship test flight on-site. SpaceX's heavy-lift rocket "Starship" successfully completed its sixth test flight.
-
Michael Saylor introduced Bitcoin purchasing strategies to Microsoft's board and he will assist streaming platform Rumble in buying Bitcoin as well.
Crypto Fear & Greed Index | Source: Alternative.me
Trending Tokens of the Day
Top 24-Hour Performers
Bitcoin Metric Breakout Hints at 'Inevitable' 90% Price Rally
Bitcoin bulls may see a strong rally as key BTC metrics show rare breakout signs this month. On Nov. 18, on-chain analytics platform CryptoQuant highlighted a rare golden cross for Bitcoin’s Puell Multiple; a crucial indicator for mining profitability.
Bitcoin Puell Multiple chart. Source: CryptoQuant
Puell Multiple Nears Breakout Point
Bitcoin bulls could gain from a 90% price surge if the Puell Multiple breaks out. The metric has crossed its 365-day moving average only three times in five years, and each time, BTC/USD surged significantly. In March 2019, a Puell cross led to an 83% rally. January 2020 saw a 113% surge, and the most recent cross in January 2024 produced 76% gains.
Puell Multiple measures the daily value of mined Bitcoin against its 365-day average, giving insights into miner profitability. When it crosses the moving average, BTC often sees rapid gains. If it breaks above the SMA365 now, history suggests Bitcoin could rise by an average of 90%. This would take BTC from its current $92,000 level to over $174,000. CryptoQuant added that favorable macro conditions—like low interest rates and positive regulatory signals—could boost the chances of this “inevitable” rally.
Source: 1 Week BTC/USDT Chart KuCoin
RSI Signals Bull Market Has Just Begun
Analysts say the most intense upside for Bitcoin may still lie ahead. BTC/USD has gained over 40% in Q4 so far, and the “parabolic phase” of the market may last for around 300 days before hitting a new macro top. Expectations of Bitcoin hitting six figures are growing, but retail FOMO could lead to a significant correction.
Commentator Preston Pysh predicted that many will soon experience Fear of Missing Out (FOMO) as this Bitcoin cycle unfolds. Analyst PlanB also expects the main FOMO wave to hit in early 2025. PlanB referenced the RSI, which tends to stay above 70 in bull runs. As of Nov. 18, BTC’s RSI was at 74.4, suggesting that the bull market may have just begun. An RSI above 70 typically means the asset is overbought, but for Bitcoin, it usually signals the start of explosive growth periods.
Bitcoin stands on the edge of history. If key metrics like the Puell Multiple continue to break out, a 90% rally may follow. With macro conditions favorable and RSI indicating strong momentum, BTC may soon make its way to six figures. The next few months will be crucial as Bitcoin moves toward new heights, potentially hitting $174,000.
Read more: Bitcoin Price Prediction 2024-25: Plan B Forecasts BTC at $1 Million by 2025
Trump-Bakkt Rumors Cause 37,000% Surge in Solana Memecoin
BAKKT/USD hourly price chart. Source: TradingView
A new BAKKT memecoin launched on Solana surged 37,000% within 24 hours, fueled by rumors of Trump Media’s Bakkt acquisition.
Why Did BAKKT Memecoin Rise So Much?
A report by the Financial Times suggested Trump Media may acquire Bakkt, creating hype. Developers quickly launched the BAKKT memecoin to take advantage of the news. The token saw $162.54 million in trading volume on the first day, but liquidity was only $1.18 million. Low liquidity led to extreme price swings as small buy or sell orders caused big changes in price.
The surge in BAKKT reflects how the market reacts to news-driven narratives. Trump’s rumored involvement sparked interest, but the low liquidity raised concerns about potential pump-and-dump schemes. Opportunistic traders often launch tokens tied to headline events, making them attractive for speculative gains, but risky for anyone unaware of the volatile nature of these tokens.
Read more: Trending Memecoins to Watch This Week as Crypto Market Sees Record Highs
BAKKT Part of the Trump Memecoin Craze
The BAKKT pump follows other Trump-themed tokens, which have seen similar hype cycles. Tokens like “TRUMP2024” and “Department of Government Efficiency (D.O.G.E)” have gained attention but also experienced sharp corrections. The Department of Government Efficiency token jumped 350% after Trump’s election win but lost 65% soon after. This pattern shows the high risk associated with Trump-themed tokens. Though gains can be rapid, they rarely last, and investors should expect steep corrections.
BAKKT's rise also highlights the role of sentiment in the memecoin market. Unlike established cryptocurrencies, memecoins often rely on news, influencers, and hype. Investors should remember that while these tokens can offer quick returns, they can also lead to significant losses if the buzz fades.
BAKKT’s sudden rise shows the power of news in the crypto market. The Trump connection drove interest, but low liquidity means caution is needed. Whether BAKKT can sustain its gains remains uncertain, and investors should be wary of potential corrections. Memecoins tied to political or celebrity events may offer short-term gains, but they remain speculative at best.
Read more: Dogecoin Soars 80% in 1 Week as Trump Introduces 'DOGE' Department, Backed by Musk and Ramaswamy
AI and Big Data Tokens Surge 131% Amid Bitcoin Rally
AI and big data crypto tokens are surging as Bitcoin’s bull run fuels confidence across the market. These tokens are nearing all-time highs after recovering from declines earlier this year.
Market capitalization and volume of AI and big data tokens, 30 days. Source: CoinMarketCap
AI Tokens Recover Lost Value
Since June 8, AI and big data crypto projects have seen their market cap rise by 131.4%, reaching $42.1 billion. Key projects like Near Protocol, Internet Computer, and Render led the growth. Earlier in 2024, the market had declined from a $45 billion peak in March to $18.2 billion in June. But in the last six months, AI tokens made a comeback and are set to break their $45 billion record soon. This growth shows renewed investor confidence as AI continues to attract attention within the tech space.
Other AI projects, like Bittensor and Artificial Superintelligence Alliance, also contributed to the recovery. These tokens provide solutions focused on machine learning, blockchain, and decentralization. AI tokens now represent 1.36% of the $3.09 trillion crypto market cap. The surge aligns with Bitcoin’s rally, regulatory clarity, and renewed investor confidence. Many investors see AI tokens as part of the next wave of blockchain innovation, and their current growth reflects rising optimism in the technology.
Market capitalization and volume of AI and big data tokens, one year. Source: CoinMarketCap
AI tokens differ from traditional cryptocurrencies by focusing on machine learning and data processing. Investors have been more interested as AI becomes a more critical aspect of both blockchain and technology industries, and the renewed growth hints at bigger things to come for these projects.
Read More: Top 15 AI Crypto Coins to Know in 2024
Conclusion
AI and big data tokens have rebounded strongly alongside Bitcoin. With their market cap nearing all-time highs, these tokens may soon surpass previous records. As confidence grows, AI projects are well-positioned for continued growth amid favorable conditions. Bitcoin's journey toward six figures seems increasingly likely if key metrics like the Puell Multiple continue to align. Favorable macro conditions and strong RSI add to the case for a major rally, possibly pushing BTC to $174,000. Meanwhile, BAKKT's dramatic rise illustrates how influential news can be in crypto, though its low liquidity makes it a risky bet. Investors should tread carefully, especially with tokens driven by political hype, as their gains can vanish as quickly as they appear.
Read more: Top AI Crypto Projects Across Leading Sectors in 2024
