$GOAT is in the news again as the total market capitalization of global cryptocurrencies increased today to $3.08 trillion. This fantastic achievement further highlights the increasing expansion and utilization of digital assets. In the last 24H, the market witnessed a commendable trading volume of $177.36 billion. Bitcoin (BTC) still leads with a 59.8% market share for cryptocurrencies, and Ethereum (ETH) comes second at 12.2%.
Daily Summary on November 20, 2024$GOAT $ADA $BONK $APT $BRETT $BTC $ETH $DOGE $SOL $XRP#dailysummary #DeFi #Crypto pic.twitter.com/wg4o5qmn7q
— PHOENIX – Crypto News & Analytics (@pnxgrp) November 20, 2024
We can speak about the massively positive attitude regarding the market’s current position since the Index is 77, indicating “Extreme Greed.” This is slightly lower than yesterday’s 84 but indicates rather bullish sentiment nonetheless. The index has stood at 89 in the past week, making it one of the most bullish weeks. However, traders should approach cautiously as such markets tend to generate greed and reverse at the worst time possible.
Bitcoin: The King Maintains Its Reign
Bitcoin dominates, currently trading at $93,249. It has a high overall value of assets within decentralized finance at $165.03 billion in total value locked (TVL). This shows the current status of BTC’s long and short ratio is 50.34 % for longs and 49.66% for shorts, which seems to indicate that traders are cautiously optimistic.
At the same time, liquidations in Bitcoin stood at $83.08 million, thus highlighting its position as the market’s reference point.
Ethereum: Steady Growth Amid Low Gas Fees
Ethereum also trades at $3,125 and is considered one of the cornerstones of the crypto market. Its gas fees are just 8 Gwei, which is reasonable for the current DeFi and NFT users. ETH liquidations have reached $30.33 million and are second in the most liquidated cryptocurrencies after BTC.
$GOAT’s Stellar Performance: 14.02% Bounce Steals the Spotlight
$GOAT received much attention and boasted of a peak 14.02% bounce back after it had a fall of 7.94%. This recovery only denotes that $GOAT has the capability to trend and gain speculative attention. People know the reasons behind these movements are not definitive, but such a strong price move can be linked to positive news or investors’ increasing adoption of the $GOAT.
Other tokens also exhibited good solidity while on an upward trend; Cardano (ADA), for instance, experienced a mere 0.60% dip and then took a 12.70% rebound. Likewise, BONK rose by 12.17% after experiencing a 7.23% decline. These include gains that indicate general bullishness in altcoins and an overall positive market outlook.
Liquidation Activity: Volatility Highlights Market Risks
The 24-hour liquidation information exposes high fluctuations, particularly of the big-ticket items. The number was most significantly marked by Bitcoin, which sustained $83.08 million of the liquidation due to high trading volume and price swings. Next was Ethereum, with $30.33M in liquidation, while Dogecoin (DOGE) notched a total of $ 25.58 M.
Solana (SOL), which took $11.47 million, showed market presence based on DeFi and NFTs activities. XRP from Ripple was also significantly liquidated at $9.54 million. Such numbers clearly illustrate the dangers of leveraged trading in a market as volatile as cryptocurrency.
Looking Ahead: Greed Fuels Optimism Amid Market Resilience
With the Fear and Greed Index slightly above the extreme greed, traders are optimistic about a near-term increase. However, such sentiment tends to be a counter-indicator, indicating a potential pullback. Even today, there are 31,091 active cryptocurrencies, so the market is still heterogeneous, consistently making a profit and having risks.
In today’s market, Bitcoin and Ethereum remain on top as the leading Cryptos, though today, $GOAT made an inspiring comeback as other Altcoins such as ADA and BONK began to stage a comeback. Despite this, the strength of DeFi at $165.03 billion in TVL furthers the crypto market’s stability at its core.