TL;DR

• BTC is down & ETH is up

• BTC under-performed ETH this week 

• Bitcoin dominance is down

• The hot coin we look at this week is $SCRT

Latest & Greatest 📰

Before we dive into both current and new airdrops, make sure to check the latest and greatest news across crypto:

Make sure to follow us on X for continuous updates about all things Crypto, Blockchain and Web3.

BTC & ETH Market Update 📈

Crypto is up this week, with BTC being down 2.5% and ETH up 7.3%:

Bitcoin dominance has decreased over the week, starting from 57.4% to a low of 54.53% and ending at 54.6%. Investor sentiment, regulatory changes, technological advancements, and the overall growth of the cryptocurrency sector shape Bitcoin's market dominance. Its reputation as "digital gold" also enhances its position, making it a key player in the market.

It’s going to be interesting to see whether this trend will continue in the short term, as capital in crypto tends to flow initially to BTC and then further out on the risk-curve, starting with altcoins like ETH and then into mid- or low-cap coins.

Bitcoin is steadily advancing toward the $100,000 milestone, driven by strategic whale accumulation, institutional inflows, and favorable macroeconomic conditions.

Following a dip to $90,742, whales purchased 16,000 BTC worth $1.5 billion, underscoring strong long-term confidence. This mirrors previous accumulation patterns that preceded significant rallies, such as October’s surge from $60,000 to near $100,000.

Institutional interest remains robust, with $103 million in net inflows into U.S. spot Bitcoin ETFs, reversing $548 million in outflows from the prior days.

Key funds like Fidelity’s FBTC and Bitwise’s BITB reflect renewed confidence in Bitcoin’s investment potential. MicroStrategy continues its aggressive accumulation, holding 331,200 BTC with plans to acquire 4% of Bitcoin’s total supply by 2033.

Macroeconomic factors further bolster Bitcoin’s appeal as a hedge against traditional financial instability. Rising debt yields in France and Russia’s currency depreciation highlight global economic uncertainty, increasing demand for Bitcoin’s decentralized, finite nature.

Miners have shifted to net accumulation, signaling confidence in sustained price growth. Historical trends suggest that miner accumulation often aligns with major bull markets.

With immediate resistance at $96,400 and support between $92,777 and $95,634, Bitcoin appears well-positioned to test the $100,000 milestone.

Ethereum (ETH) has surged 5.75% in the last 24 hours, driven by Bitwise Asset Management’s recent ETF filing with the SEC, which includes Ether.

This has fueled optimism around Ethereum’s institutional adoption, alongside a broader market rally. Ethereum’s futures market reached a record $24 billion in open interest, signaling strong bullish sentiment.

Technically, a rebound from the 50-period EMA and a breakout from a cup-and-handle pattern suggest a potential price target of $3,940.

Additionally, Ethereum’s layer-2 solutions, like Arbitrum and Base, have accumulated $11.4 billion in TVL, helping to address scalability issues. Despite Solana’s strong growth, Ethereum’s ecosystem and institutional interest position it for continued growth.

Ethereum (ETHUSD) Analysis:

As of November 29, 2024, Ethereum has broken its medium-term downtrend, with a recent price surge reaching the $3,235 target. The price faces resistance at $3,920 and support at $3,320. Despite low volume at price tops, the overall outlook remains bullish.

Bitcoin (BTCUSD) Analysis:

As of November 29, 2024, Bitcoin (BTC) is trading at $96,292. The short-term outlook shows resistance at $99,000, with a break above potentially triggering further upward momentum. In the medium term, Bitcoin has support around $70,000, and its next key target could be $84,547. The long-term trend remains positive, supported by increasing investor interest and volume.

Expected Trading Ranges:

• Ethereum (ETH): Support at $3,320; Resistance: $3,920

• Bitcoin (BTC): Support at $70,000; Resistance at $99,000.

Market Outlook:

Bitcoin is trading at $96,292, showing strong bullish momentum. Whales have accumulated 16,000 BTC worth $1.5 billion, supporting the upward trend. Immediate resistance is at $99,000, with potential for further gains if broken. Key support is at $70,000, and the medium-term outlook remains positive, with continued upside potential towards $100,000.

Ethereum is trading at $3,578, showing strength after breaking key resistance at $2,644, with support at $3,320 and resistance at $3,920. The price rise is supported by strong growth in layer-2 solutions and a record high in futures open interest. While Solana’s efficient, low-fee network poses competition, Ethereum remains solid, driven by its expanding ecosystem and bullish technical indicators. Traders should watch key support and resistance levels for direction.

BTC/ETH ratio has seen a decrease:

Over the past six days, the BTC to ETH conversion rate has experienced a general decrease. Starting from 29.77 ETH per Bitcoin on November 22, it dropped steadily, reaching 26.63 ETH on November 28. This marks a decrease of approximately 10.7% during this period, despite some fluctuations with minor increases on November 26 and 28.

For deeper insights and updates on Bitcoin and Ethereum, make sure to subscribe to our Premium Newsletter.

Hot Coin: SCRT 🔥

In this week’s newsletter, we dive into Secret Network’s token with the ticker $SCRT.

The price action and volume have been growing consistently and don’t seem to stop any time soon:

What is the project about?

Secret Network (SCRT) is a privacy-focused blockchain platform designed to enable secure and permissionless computation for decentralized applications.

It introduces privacy-preserving smart contracts, called Secret Contracts, which encrypt inputs, outputs, and states by default, ensuring sensitive data remains private while maintaining auditability on a transparent ledger.

As a sovereign blockchain in the Cosmos ecosystem, Secret Network leverages Cosmos SDK and IBC (Inter-Blockchain Communication) to enable interoperability with other chains.

It empowers developers to create privacy-preserving decentralized applications (Secret Apps) in sectors like decentralized finance (DeFi), Web3, gaming, and machine learning.

Why is the project exciting now?

There are four main reasons why we feature this project in this week’s newsletter:

• Strategic Partnership with NVIDIA

• Privacy-First Applications

• DeFi, NFTs, and Gaming Potential

• Interoperability and Ecosystem Growth

Subscribe to WAGMI Premium to read the rest.