🚀 Bitcoin at $89,000: Tesla rises to the top with explosive profits!
Welcome to the Daily Tribune for Wednesday, November 13, 2024 ☕️
Hello Cointribe! 🚀
Today is Wednesday, November 13, 2024, and like every day from Tuesday to Saturday, we summarize the news from the last 24 hours that you shouldn't miss!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Partially cloudy ⛅
24h crypto recap! ⏱
💸 Bitcoin: The rush of small investors is on!
Bitcoin is approaching $90,000, having recorded an impressive increase of 108% since the beginning of the year, far surpassing gold which has only progressed by 27%. This meteoric rise is driven by massive institutional investments, although individuals, making up 70% of Bitcoin ETF investors, are also beginning to show interest. Players like Bernstein encourage their clients to invest immediately to avoid missing out on the upward trend, while the United States considers creating a “strategic reserve of bitcoins.”
With the gradual legitimization of this crypto, the interest of small investors is rising, as evidenced by Google searches and downloads of applications to buy Bitcoin.
💰 Bitcoin on the rise: Tesla bags colossal profits
Thanks to the recent surge of Bitcoin to $89,000, Tesla, with its 11,509 BTC stored, sees its crypto reserve reach a valuation of one billion dollars. This strategic investment initiated in 2021, despite fluctuations and a partial sale the following year, seems finally to be paying off. Elon Musk, however, remains indecisive about the way forward: sell to capitalize on these recent gains or hold, hoping for a continued rise in a pro-crypto environment stimulated by Trump's presidency.
Recent transfers of these assets to unknown wallets raise doubts about Musk's intentions, while Tesla’s public support for Bitcoin and its close relationship with the Republican administration strengthen its positioning in the crypto ecosystem. For Musk, waiting could prove rewarding if the Bitcoin surge continues.
🌍 Crypto market cap nears France's GDP: a new economic order?
With a market capitalization reaching $3.1 trillion, cryptocurrencies are approaching France's GDP, driven by a Bitcoin flirting with $90,000. This dizzying rise recalls the peak of 2021, but this time rests on more solid foundations, notably thanks to increased institutional adoption and approval of Bitcoin ETFs in the United States. The crypto market now surpasses some giants like Microsoft, rivaling Nvidia and Apple.
If the crypto capitalization were that of a country, it would rank eighth in the world, just behind the major economic powers. Some analysts anticipate a Bitcoin at $100,000 by the end of 2024, while others think that a diversification into altcoins could dilute its dominance. This boom, symbolizing the maturity of the crypto ecosystem, heralds a deep transformation of the global economic landscape.
🚀 Explosion of memecoins: 80% surge after listing on Binance
This year, the listing of memecoins on Binance triggered a spectacular price surge for about 80% of them. Tokens like Moo Deng (MOODENG) and Popcat (POPCAT) recorded gains of over 200% immediately after their introduction. However, not all have benefited from this momentum, with tokens such as MYRO, MOG, and BOME showing notable declines. Solana dominates the sector, hosting 60% of listed memecoins, while Ethereum hosts 26.7%, demonstrating growing adoption of Solana as a fast and cost-effective platform for these assets.
Moreover, political memecoins related to Donald Trump plunged by over 50% after his election, illustrating these assets' sensitivity to global events. Binance maintains a cautious listing policy and only offers spot and futures trading for just five memecoins.
Crypto of the day: Avalanche (AVAX)
Avalanche is an innovative blockchain that introduces a unique three-chain system (X-Chain, C-Chain, P-Chain) to enable fast, secure, and scalable transactions, optimized for decentralized applications (dApps) and decentralized finance (DeFi). This architecture allows Avalanche to handle a high volume of transactions with near-instant finality, adding value in sectors like gaming, NFTs, and decentralized finance.
Its native token, AVAX, is used to pay transaction fees, secure the network via staking, and participate in protocol governance. In return, AVAX holders benefit from staking yields and can contribute to the network's security while enjoying increased utility in applications built on Avalanche.
Recent performance
Current price: $32.02 (approximately €29.99)
Variation (24h): -14.37%
Market capitalization: $13.03 billion (approximately €12.19 billion)
Rank on CoinMarketCap: #15
Technical analysis of the day: Solana (SOL)
Solana recently broke through a key resistance around $163, marking a bullish turnaround and reaching $225, an unprecedented high since December 2021. After an appreciation of 43%, the price slightly retracted, stabilizing around $212, while remaining above several critical support levels, such as the monthly and yearly VWAP. The overall momentum of Solana remains bullish in the short, medium, and long term, although the gap with its 50 and 200-day moving averages indicates a movement intensity that could signal a coming correction.
On the derivatives side SOL/USDT, open interest and funding show a buying orientation, but signs of selling pressure persist. Liquidation data reveal critical areas below $213 and between $195 and $180, suggesting points of high volatility. If the price stays above $204, a rebound towards $225 seems possible, even a bullish continuation up to $243. Conversely, a break below $204 could pave the way for lower supports, with a first level towards $195 and more marked areas of interest at $185 and $180.
In summary, Solana maintains a well-anchored bullish configuration despite short-term selling pressures. Caution is, however, advised, as the gap with technical benchmark levels could lead to a correction. For investors, key levels around $204 and $225 will represent decisive inflection points for Solana's future trajectory, in a context where volatility could increase.
🔗 Read the complete analysis here.
