Flipster Crypto Weekly (15 November)

15 November 2024

The pressure valve on the crypto markets has been released, with prices surging following last week’s U.S. presidential election. Leading the charge was Dogecoin (DOGE), with memecoins such as PEPE, BONK, FLOKI, and WIF experiencing gains of over 100% at their peak this week, reflecting a wave of memecoin-driven euphoria. The surge suggests an influx of retail investors and traders into the market, further supported by rising Bitcoin search interest on Google Trends. Additionally, Coinbase’s app has climbed to the number one spot in the Finance category and broken into the top 20 overall on the Apple App Store. 

Heatmap of the crypto markets. Most coins put in a positive week. Source: Tradingview

This bullish sentiment extends beyond retail investors, with institutional interest also gaining momentum. AllianceBernstein, a firm managing hundreds of billions in assets, issued a recommendation to its clients on Monday, advising them to “buy everything you can.” 

PEPE

PEPE experienced a sharp rise following announcements of its upcoming listing on Coinbase and Robinhood. This news fueled speculation that increased retail participation on these platforms could drive the token to new all-time highs (ATHs).

BONK

BONK recently broke above its multi-month resistance level at $0.0000278, supported by its highest trading volume since March. While the volume lends credibility to the breakout, the presence of multiple long upper wicks indicates selling pressure, likely from traders taking profits after the cryptocurrency more than doubled in value within a week. In the short term, prices may consolidate, allowing key moving averages such as the 10-day and 21-day to catch up before BONK’s next potential move.

FLOKI

FLOKI has surged past all key moving averages, signaling a potential shift in its trend. However, the appearance of two consecutive long upper wicks suggests the formation of a local top, indicating that prices may consolidate or pause before making their next move.

WIF

Dogwifhat (WIF) surged over 20% following Coinbase's announcement on Wednesday regarding plans to list the token. The news propelled WIF above the critical $3.40 level; however, it now faces significant resistance at $4.20, a historically challenging price level.

To stay up-to-date with the top performers in the crypto market, download and access the Flipster app. Navigate to the ‘Market’ tab and click on ‘Top Movers’ to view a list of the top-performing cryptocurrencies over the past 24 hours. This feature provides real-time insights into the most active and profitable assets.

Bitcoin (BTC)

Weekly performance: +16.48%

Year-to-date (YTD) performance: +109.26%

This week, Bitcoin (BTC) reached new all-time highs, approaching the $100,000 mark. Since breaking past its March highs at $72,000, BTC has gained over 20%. While the favorable macro environment suggests further upside potential, BTC appears short-term extended and may need time to consolidate recent gains. Consequently, we could see Bitcoin—currently the largest cryptocurrency by market cap—trade sideways or experience a more gradual rise in the coming week.

Ethereum (ETH)

Weekly performance: +6.12%

Year-to-date (YTD) performance: +34.75%

Investor and trader reaction to Ethereum's Beam Chain upgrade unveiled at Devcon Bangkok, was notably muted, as prices declined over 10% following Tuesday’s announcement. This setback adds to the network’s challenges, with ETH/BTC trading at multi-year lows while competitors like Solana continue to capture market share—not only through stronger on-chain metrics but also in price performance, as evidenced by SOL/ETH reaching all-time highs.

Solana (SOL)

Weekly performance: +6.81%

Year-to-date (YTD) performance: +106.19%

Solana (SOL) surged over 30% last week, breaking past its March highs on substantial trading volume. This week, the cryptocurrency has successfully held above the breakout level, signaling potential bullish momentum. SOL may consolidate in the near term, potentially building up for its next significant move.

Disclaimer: This material is for information purposes only and does not constitute financial advice. Flipster makes no recommendations or guarantees in respect of any digital asset, product, or service. Trading digital assets and digital asset derivatives comes with significant risk of loss due to its high price volatility, and is not suitable for all investors.