Crypto Market Pulse - December 2, 2024
LAST WEEK RECAP:
- U.S. PCE increased 0.2% MoM and 2.3% YoY, both in line with estimates.
- U.S. core PCE increased 0.3% MoM and 2.8% YoY, both in line with estimates.
- U.S. Appeals Court reversed Tornado Cash sanctions.
- US ETH ETF’s inflow on Nov 29th exceeded US BTC ETF inflow for the first time.
- Polkadot 2.0 is expected to be launched in Q1 2025.
- Decentralized perpetual exchange Hyperliquid launched HYPE token.
LEGACY MARKETS – DXY
The dollar was rejected after attempting to break out of the supply zone. It now needs to consolidate around the current level before making any potential moves to the upside, which might likely continue supporting the risk assets market.
LEGACY MARKETS – VIX
The VIX remains subdued, reflecting stable market sentiment and largely unchanged expectations.
BTC WEEKLY VIEW
Bitcoin continues to hover around the 100K level. While it faced a pullback last week, it quickly recovered, indicating that market sentiment remains bullish with strong buyer confidence.
ETH WEEKLY VIEW
Last week, Ethereum showed strong performance with significant volume gain. This momentum was further supported by the overall bullish sentiment in the market, with Ethereum benefiting from rotation into altcoins amid Bitcoin's consolidation.
ETH/BTC
ETH rebounded from its recent lows as the ETH/BTC ratio reached 0.03, driven by increased institutional interest and ETF inflows. Once the downside trendline is broken, the breakout is likely to continue.
TOTAL3 USD MARKET STRENGTH
The rise of TOTAL3 aligned with previous expectations, with healthy growth in both the trading volume and the extent of the increase.
TOTAL3 BTC MARKET STRENGTH
TOTAL3/BTC has broken the trendline and is picking up momentum as it keeps moving up.
SUMMARY
- ETH has gained some upward momentum, which is definitely worth attention.
- Altcoins have met previous expectations of an upcoming rise, and this trend is likely to continue.
DISCLAIMER:
The information in this report is for information purposes only and is not to be construed as investment or financial advice. All information contained herein is not a solicitation or recommendation to buy or sell digital assets or other financial products.
This post was prepared by Kairon Labs Trader Patrick Li and Joshua Van de Kerckhove.
Edited by: Marianne Dasal
Kairon Labs provides upscale market-making services for digital asset issuers and token projects, leveraging cutting-edge algorithmic trading software that is integrated into over 100+ exchanges with 24/7 global market coverage. Get a free first consult with us now at kaironlabs.com/contact