Dogecoin

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<p>On November 19, 2024, Bitcoin recorded a new all-time high, reaching $93,970.91. This peak, occurring at a time when the crypto market is booming, reflects the resilience and ongoing appeal of this asset for institutional and retail investors. In a context marked by significant variations among major cryptos, this jump reflects market optimism, but also the growing impact of macroeconomic factors and innovations like exchange-traded funds (ETFs).</p>
<h2 id="h-a-record-that-redefines-market-standards">A record that redefines market standards</h2>
<p>The <a href="https://www.cointribune.com/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> has reached a new milestone at $93,970.91 before falling to $92,113. It thus breaks its previous record by nearly $500, set a week earlier. This leap represents a 3 % increase in just 24 hours, consolidating its position as a benchmark asset in the crypto world. Thus, this success is realized in a context of the rising prominence of the BlackRock spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), which recorded $446 million in volume on its first option trading day. “This initial volume is significant and reflects massive interest in these new financial products,” <a href="https://cryptoslate.com/bitcoin-registers-new-all-time-high-inches-away-from-94000/" target="_blank" rel="noopener noreferrer nofollow">indicates</a> Eric Balchunas, senior analyst at Bloomberg.</p>
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<p>The market has also been boosted by investor optimism, reinforced by favorable technical signals. With a call-to-put ratio of 0.17, the overall sentiment remains decisively bullish, contrasting with other cryptos struggling to maintain their momentum.</p>
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<h2 id="growing-divergences-within-the-crypto-market">Growing divergences within the crypto market</h2>
<p>While Bitcoin reached new heights, Ethereum showed stagnant performance, stabilizing around $3,128.78, with a weekly decline of 5 %. This underperformance highlights a historical divergence between the two assets. Indeed, “every asset is now following its own trajectory,” commented Ki Young Ju, CEO of CryptoQuant. Moreover, he adds that the correlation between Bitcoin and Ethereum has hit a three-year low, with a coefficient of only 0.3.</p>
<p>In contrast, Dogecoin exhibited a staggering progression, surging 10.7 % in one day to reach $0.42, its highest level since 2021. With a nearly perfect correlation (0.99) with Bitcoin, Dogecoin capitalizes on the market’s upward momentum, while Solana continues to stand out with a 2.7 % increase. These movements indicate a growing fragmentation of crypto trajectories, reflecting varied investor behaviors and distinct fundamentals.</p>
<p><em>The Bitcoin record sheds more light on the central role of financial innovations, such as <a href="https://www.cointribune.com/en/bitcoin-we-tell-you-everything-about-etfs/" target="_blank" rel="noopener noreferrer nofollow">spot ETFs</a>, in attracting interest in cryptos. However, the increasing divergence between Bitcoin, Ethereum, and other altcoins raises questions about the future of the historical correlation that has long united these assets. This situation could signal a new maturation phase for the market, where each asset distinguishes itself by its own fundamentals.</em></p>

Bitcoin Hits $93,970.91 : A New All-Time High

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