MARKETS week ahead: November 18 - 24
Last week in the news
The Fed “is not in a hurry” was the sentence which marked the previous week on financial markets and impacted its sentiment. The US Dollar continued to gain for the second month in a row, pushing the price of gold to the lower grounds. Gold ended its worst week within the last three years at the level of $2,56K. The US equity markets dropped during the week, both on news that the Fed might postpone interest rate cuts and on the nomination of a new administration in the US. The S&P 500 dropped to the level of 5.870. The US Treasury yields continue to eye higher grounds, ending the week at 4,44%. The only market which continues to perform with strong surplus is the crypto market. BTC reached another ATH, during the week, marking the 92K.
The Fed Chair Powell's speech at Dallas during the previous week was the most important for financial markets during the previous week, as the Chair noted strong US economic growth, based on which, the Fed is not “in a hurry to lower interest rates”. Market reacted to this statement, by bringing equities lower and Treasury yields to the higher grounds. As for US macro data posted during the previous week, the Inflation figures for October showed core inflation at 3,3% y/y and inflation rate at 2,6% y/y, which was in line with market expectations. The Retail Sales further surged in October by 0,4%, while the Industrial Production dipped by -0,3%y/y in October.
Palantir, a company developing software for military use, spotted the most market attention during the previous week. The stock is currently trading some 45% higher from the moment the company posted much better than expected quarterly results. On the other hand, the company officially published that it will change its listings to Nasdaq, on November 26th. Analysts are estimating that a switch to Nasdaq would increase stocks availability to retail investors.
The news that hit the aluminium market during the previous week came from China. Namely, China officials announced that the Government will cut its export tax rebate policy on aluminium, starting from December 1st. The purpose of these tax rebates was to make China's products more competitive on the global market, making China's products more cheaper. China is by far the largest producer of aluminium, with an yearly output of 40 million tonnes.
There is no need to specifically mention that the BTC price surged to the levels above the 90K in a post-election, however, the surge in XRP price deserves special attention. Namely, during the previous week a news came that the State Attorneys and the DeFi Education Fund made charges against the SEC for unconstitutional overreach in terms that the SEC overstepped its boundaries when it comes to its actions against digital asset exchangers. Although the lawsuit is not directly connected to Ripple, still, a positive outcome will have implications on SEC`s pending appeal against Ripple, which is a company standing behind the XRP token.
Crypto market cap
A crypto-friendly new US administration pushed further the value of the crypto market during the previous week. Total crypto market capitalization is nearing $3 trillion, ending the week at the level of $2.995. This represents an 11% increase just for this week, with a total cash increase of 304B on a weekly basis. Daily trading volumes also increased to the level of 351B on a daily basis, which is a surge from 278B traded a week before. Total crypto market capitalization increase from the end of the previous year currently stands at 1.357B, which represents a 83% surge from the beginning of this year.
BTC was the coin that was driving the market, however, this week XRP deserves special attention. During the week, XRP gained an incredible 100% increase in value, which could be treated as sort of never-seen result within the one week on the crypto market. What happened? As per news reports, US State Attorneys and the DeFi Education Fund sued SEC for overstepping its legal boundaries with actions against digital asset exchangers. Although this lawsuit does not relate directly to XRP, still, a positive outcome will have positive consequences for this coin and its founder, a Ripple company. Market reaction was immediate, bringing XRP 100% higher, adding $ 33B to its market capitalization. Aside from this event, BTC was generally the coin which gained the most in nominal terms during the week. Total BTC market capitalization was increased by 202B or 12.7% on a weekly basis. On the other side ETH remained relatively flat during the week, with a modest loss of 2.2B of its market cap. A Elon Musk related coin - DOGE, continued with strong gains second week in a row, adding a new 13.6B to its market cap, increasing it by an additional 33.6%. This week Cardano was also among significant gainers, with an market cap increase of 6.2B or 30.4%. Solana was also on the list of gainers, however, its weekly gain was relatively modest compared to other coins, with a surge of 2.1B in the market cap, or 2.1%. Stablecoin Tether also had a good week, as it increased the number of coins on the market by 3.36% w/w, adding 4.14B to its total market cap.
Polygon was one of rare coins which actually lost in value during the previous week. The coin dropped by 4.23%, but at the same time decreased the number of circulating coins by 9.3% w/w. Maker and Stellar increased its number of coins on the market by 0.3%, while Filecoin and Polkadot added 0.2% new coins, each.
Crypto futures market
During the last two weeks the crypto market spotted the most attention from investors, while the crypto futures market followed, with some quite interesting developments during the previous week. In line with the spot market, both BTC and ETH futures gained during the week for all maturities. BTC futures were traded higher by some 19% on average, where December 2024 ended the week at price $93.130. Still, the major development was with BTC futures maturing in December 2025 which finished the week at the level of $101.175. This is the first time in the history of the crypto futures market that BTC passed the level of 100K. Certainly, investors are more than convinced that BTC has a bright future.
ETH futures were traded some 4.5% higher on average for all maturities. December 2024 ended the week at the level of $3.129, while futures maturing in December 2025 closed the week at $3.367. These developments are also marking some positive sentiment among investors, considering that ETH futures finally managed to pass the level of 3K for one more time.
The Fed “is not in a hurry” was the sentence which marked the previous week on financial markets and impacted its sentiment. The US Dollar continued to gain for the second month in a row, pushing the price of gold to the lower grounds. Gold ended its worst week within the last three years at the level of $2,56K. The US equity markets dropped during the week, both on news that the Fed might postpone interest rate cuts and on the nomination of a new administration in the US. The S&P 500 dropped to the level of 5.870. The US Treasury yields continue to eye higher grounds, ending the week at 4,44%. The only market which continues to perform with strong surplus is the crypto market. BTC reached another ATH, during the week, marking the 92K.
The Fed Chair Powell's speech at Dallas during the previous week was the most important for financial markets during the previous week, as the Chair noted strong US economic growth, based on which, the Fed is not “in a hurry to lower interest rates”. Market reacted to this statement, by bringing equities lower and Treasury yields to the higher grounds. As for US macro data posted during the previous week, the Inflation figures for October showed core inflation at 3,3% y/y and inflation rate at 2,6% y/y, which was in line with market expectations. The Retail Sales further surged in October by 0,4%, while the Industrial Production dipped by -0,3%y/y in October.
Palantir, a company developing software for military use, spotted the most market attention during the previous week. The stock is currently trading some 45% higher from the moment the company posted much better than expected quarterly results. On the other hand, the company officially published that it will change its listings to Nasdaq, on November 26th. Analysts are estimating that a switch to Nasdaq would increase stocks availability to retail investors.
The news that hit the aluminium market during the previous week came from China. Namely, China officials announced that the Government will cut its export tax rebate policy on aluminium, starting from December 1st. The purpose of these tax rebates was to make China's products more competitive on the global market, making China's products more cheaper. China is by far the largest producer of aluminium, with an yearly output of 40 million tonnes.
There is no need to specifically mention that the BTC price surged to the levels above the 90K in a post-election, however, the surge in XRP price deserves special attention. Namely, during the previous week a news came that the State Attorneys and the DeFi Education Fund made charges against the SEC for unconstitutional overreach in terms that the SEC overstepped its boundaries when it comes to its actions against digital asset exchangers. Although the lawsuit is not directly connected to Ripple, still, a positive outcome will have implications on SEC`s pending appeal against Ripple, which is a company standing behind the XRP token.
Crypto market cap
A crypto-friendly new US administration pushed further the value of the crypto market during the previous week. Total crypto market capitalization is nearing $3 trillion, ending the week at the level of $2.995. This represents an 11% increase just for this week, with a total cash increase of 304B on a weekly basis. Daily trading volumes also increased to the level of 351B on a daily basis, which is a surge from 278B traded a week before. Total crypto market capitalization increase from the end of the previous year currently stands at 1.357B, which represents a 83% surge from the beginning of this year.
BTC was the coin that was driving the market, however, this week XRP deserves special attention. During the week, XRP gained an incredible 100% increase in value, which could be treated as sort of never-seen result within the one week on the crypto market. What happened? As per news reports, US State Attorneys and the DeFi Education Fund sued SEC for overstepping its legal boundaries with actions against digital asset exchangers. Although this lawsuit does not relate directly to XRP, still, a positive outcome will have positive consequences for this coin and its founder, a Ripple company. Market reaction was immediate, bringing XRP 100% higher, adding $ 33B to its market capitalization. Aside from this event, BTC was generally the coin which gained the most in nominal terms during the week. Total BTC market capitalization was increased by 202B or 12.7% on a weekly basis. On the other side ETH remained relatively flat during the week, with a modest loss of 2.2B of its market cap. A Elon Musk related coin - DOGE, continued with strong gains second week in a row, adding a new 13.6B to its market cap, increasing it by an additional 33.6%. This week Cardano was also among significant gainers, with an market cap increase of 6.2B or 30.4%. Solana was also on the list of gainers, however, its weekly gain was relatively modest compared to other coins, with a surge of 2.1B in the market cap, or 2.1%. Stablecoin Tether also had a good week, as it increased the number of coins on the market by 3.36% w/w, adding 4.14B to its total market cap.
Polygon was one of rare coins which actually lost in value during the previous week. The coin dropped by 4.23%, but at the same time decreased the number of circulating coins by 9.3% w/w. Maker and Stellar increased its number of coins on the market by 0.3%, while Filecoin and Polkadot added 0.2% new coins, each.
Crypto futures market
During the last two weeks the crypto market spotted the most attention from investors, while the crypto futures market followed, with some quite interesting developments during the previous week. In line with the spot market, both BTC and ETH futures gained during the week for all maturities. BTC futures were traded higher by some 19% on average, where December 2024 ended the week at price $93.130. Still, the major development was with BTC futures maturing in December 2025 which finished the week at the level of $101.175. This is the first time in the history of the crypto futures market that BTC passed the level of 100K. Certainly, investors are more than convinced that BTC has a bright future.
ETH futures were traded some 4.5% higher on average for all maturities. December 2024 ended the week at the level of $3.129, while futures maturing in December 2025 closed the week at $3.367. These developments are also marking some positive sentiment among investors, considering that ETH futures finally managed to pass the level of 3K for one more time.
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