On November 19, 2024, bitcoin recorded a new all-time high and reached $93,970.91. This peak, which comes at a time when the crypto market is in turmoil, testifies to the resilience and continued attraction of this asset for institutional and individual investors. In a context marked by significant variations between the main cryptos, this jump reflects market optimism, but also the growing impact of macroeconomic factors and innovations such as exchange-traded funds (ETFs).
A record that redefines market standards
Bitcoin reached a new milestone and reached $93,970.91 before falling to $92,113. It thus beats its previous record of almost 500 dollars, established a week earlier. This jump represents an increase of 3% in just 24 hours, which consolidates its position as a benchmark asset in the world of cryptos. Thus, this success comes against a backdrop of the rise of BlackRock's spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), which recorded $446 million in volume on its first day of options trading . “This initial volume is significant and reflects the massive interest in these new financial products,” noted Eric Balchunas, senior analyst at Bloomberg.
The market was also boosted by investor optimism, reinforced by favorable technical signals. With a call-to-put ratio at 0.17, the overall sentiment remains decidedly bullish, which contrasts with other cryptos which are struggling to maintain their momentum.
Growing divergences within the crypto market
While bitcoin reached new highs, ether showed a stagnant performance, stabilizing around $3,128.78, and a weekly decline of 5%. This poor performance highlights a historic distance between the two assets. Indeed, “each asset now follows its own trajectory,” commented Ki Young Ju, CEO of CryptoQuant. Additionally, he adds that the correlation between bitcoin and ether has reached a three-year low, with a coefficient of only 0.3.
On the other hand, Dogecoin showed dizzying growth, and jumped 10.7% in one day to reach $0.42, its highest level since 2021. With an almost perfect correlation (0.99) with bitcoin, Dogecoin capitalizes on the bullish momentum of the market, while Solana continues to stand out with an increase of 2.7%. These movements show an increasing fragmentation of crypto trajectories, reflecting varied investor behaviors and distinct fundamentals.
Bitcoin's record sheds more light on the central role of financial innovations, such as spot ETFs, in the appeal of cryptos. However, the growing divergence between bitcoin, ether and other altcoins raises questions about the future of the historical correlation that has long united these assets. This situation could signal a new phase of maturation for the market, where each asset is distinguished by its own fundamentals.
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