Weekly comment 25.11-29.11.2024

Monday, November 25
Global equities began the week on a strong note, driven by positive U.S. economic data. The Dow Jones hit a record high, while the S&P 500 extended its rally for a sixth consecutive day, fueled by optimism in tech and consumer sectors. In the crypto market, Bitcoin hovered near $97,500 after briefly testing $99,800 last week. Despite bullish momentum, concerns about market overheating emerged as high leverage and overbought signals were noted.

Tuesday, November 26
Bitcoin faced a pullback, dropping to just under $92,000 as profit-taking set in. Analysts debated whether bulls could still push Bitcoin toward the $100,000 milestone. Ethereum remained resilient, with growing optimism over institutional interest tied to Bitwise’s ETF applications. Stock markets saw mixed movements, with the energy sector benefiting from a mild rebound in oil prices.

Wednesday, November 27
Asian markets showed strength amid strong economic data from Japan, while European equities slipped slightly due to inflationary concerns. The crypto market showed resilience, with altcoins like Solana and Cardano gaining traction. Solana’s derivatives data hinted at potential price recovery, while Cardano benefited from network activity increases.

Thursday, November 28
U.S. markets were closed for Thanksgiving, leading to quieter global trading sessions. Ethereum garnered attention as its futures open interest hit an all-time high, signaling renewed bullish sentiment. Other cryptocurrencies like XRP saw gains due to strategic partnerships and network upgrades.

Friday, November 29
Bitcoin bounced back, stabilizing around $95,000, as traders remained optimistic despite recent corrections. Ethereum pushed higher, supported by growing demand for Layer 2 scaling solutions. In equity markets, U.S. retail and tech stocks gained as consumer confidence data pointed to robust holiday spending prospects. The global markets closed with mixed signals, balancing inflation fears and growth optimism.