- Bitcoin retraced 9.5% after reaching a $99,800 all-time high on November 24.
- MSTR plunged 35% after MicroStrategy purchased $5.4 billion worth of Bitcoins.
- Ethereum picking up momentum as Bitcoin’s rally loses steam.
Bitcoin retraced 9.5% after reaching a $99,800 all-time high on November 24. The cryptocurrency found support at $90,742, according to TradingView’s data. However, crypto analysts consider the $93,000 region a more comfortable level for the flagship crypto ahead of the upcoming holiday season.
In the meantime, one analyst cited MitcoStrategy’s stock (MSTR) as one of the victims of the recent BTC pullback. MSTR plunged 35% after MicroStrategy purchased $5.4 billion worth of Bitcoins at $97,862. Despite the setback, MSTR appears to have found support, with evolving signals suggesting more upward movement for the stock’s price.
Read also : MicroStrategy’s Crazy Buy: 51,780 BTC for $4.6 Billion, Price Doesn’t Matter
Meanwhile, BTC’s loss appears to be a gain for Ethereum, considering ETH’s recent price rally. The scenario suggests a transition towards an altcoin season, with Ethereum picking up momentum as Bitcoin’s rally loses steam. ETH has gained over 4% in the early hours of today’s trading, in contrast to Bitcoin, whose gain is a mere 1.5%, reflecting a shy call, considering the cryptocurrency’s recent performance.
Beyond the individual price movements of the two largest cryptocurrencies, studying their relationship shows a shift in capital flow from BTC to ETH. The ETH/BTC pair has experienced a notable surge in the past week, rallying 16% after declining to its lowest value since April 2021. The ETH/BTC pair traded for $0.3656 at the time of writing.
Scott Bessent’s Appointment Sparks Market Optimism
Despite the crypto market pullback of the past few days, many analysts believe that underlying factors support a more bullish season for the digital assets market. One such factor is incoming President Donald Trump’s appointment of Scott Bessent as the next U.S. Treasury Secretary. Most people consider Bessent a pro-crypto individual, with some describing him as the most pro-crypto treasury secretary ever seen in the U.S.
After recent declines, the global crypto market cap rebounded from $3.03 trillion to $3.16 trillion, fueled by renewed investor confidence. Both mainstream stocks and cryptocurrencies have stabilized following policy announcements and market adjustments.
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