Crypto market snapshot Nov 28: Bitcoin hovers around $96K; XLM, EIGEN up 13%

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Written on Nov 28, 2024

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Ethereum (ETH) surged 7%, trading at $3,611, with an intraday range of $3,385 to $3,687.
Solana (SOL) rose 5% to $240, with a daily range of $228 to $245.
Meanwhile, meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) each rose 5%.

Bitcoin traded near $96,000 on Wednesday, rebounding from this week’s pullback that briefly disrupted its record-breaking run.

The flagship cryptocurrency climbed 3% to $95,766.70, while the broader crypto market, tracked by the CoinDesk 20 index, rose 7%, signaling renewed investor optimism.

Major cryptocurrency movements

Bitcoin (BTC): Up 3%, reaching $95,766.
Ethereum (ETH): Gained 7%, trading at $3,611.
Solana (SOL): Up 5%, at $240.
Stellar (XLM): Jumped 14%, trading at $0.4887.
EigenLayer (EIGEN): Surged 13%, priced at $3.84.

Bitcoin decouples from equity markets

While Bitcoin often mirrors stock market trends, it diverged from the Nasdaq Composite on Wednesday, which fell 0.6%.

The Dow Jones Industrial Average and S&P 500 also declined.

Meanwhile, crypto-linked stocks saw gains: Coinbase rose over 6%, Robinhood advanced 3%, and MicroStrategy climbed 9%, reflecting Bitcoin’s bullish momentum.

Source: CoinMarketCap

Ethereum price today

Ethereum (ETH) surged 7%, trading at $3,611, with an intraday range of $3,385 to $3,687.

Its market cap reached $434 billion, supported by a 24-hour trading volume of $44 billion.

Growing institutional interest in Ethereum continues to drive demand, solidifying its position as the second-largest cryptocurrency by market cap.

Solana gains as optimism rises

Solana (SOL) rose 5% to $240, with a daily range of $228 to $245.

On-chain activity and derivatives data suggest further price increases as traders pay a 23% annualized premium for long positions in SOL futures.

However, market overconfidence could lead to volatility during unexpected corrections.

Top gainers and losers

Top gainers:
- Near Protocol (NEAR): Up 20%, trading at $6.68.
- Stellar (XLM): Surged nearly 14% to $0.4887.
- EigenLayer (EIGEN): Gained 13% to $3.84.
Top losers:
- Mantra (OM): Dropped 5%, trading at $3.46.
- Algorand (ALGO): Fell 2% to $0.2864.

Meme coins and XRP updates

XRP rose 8% to $1.47, with a market cap of $84 billion.

Institutional interest continues to grow, highlighted by WisdomTree’s recent filing for an XRP ETF.

Meanwhile, meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) each rose 5%, trading at $0.4095 and $0.00002573, respectively.

The cryptocurrency market remains predominantly in green, bolstered by cautious optimism as investors monitor ETF developments, corporate interest, and macroeconomic trends shaping the sector’s trajectory.