Crypto prices today saw modest gains in what the market views as the start of a recovery from November’s sharp pullback.
Summary
- The crypto market is showing recovery, with Bitcoin above $90,000 and major altcoins gaining.
- Fed rate cut expectations, a technical reset, and global trade optimism lifted investor confidence.
- On-chain metrics indicate potential stabilization, with whales accumulating and leverage declining.
The total crypto market capitalization rose 3.6% to $3.2 trillion, supported by gains across major assets. At press time, Bitcoin traded at $91,404, up 4.6% in the past 24 hours. BNB reached $895, up 3.6%, XRP traded at $2.20, up 1.3%, and Ethereum rose to $3,038, up 3.8%.
A number of the top 100 tokens, such as Hyperliquid, Mantle, and Sky, saw stronger gains of 6% to 10%. The market is still cautious despite the uptick.
Although it’s still in the “Extreme”extreme fear” range, the Crypto Fear & Greed Index rose seven points from yesterday to 22. Liquidations over the past 24 hours increased 7% to $346 million, while total open interest grew 4% to $135 billion.
The average crypto market relative strength index sits at a neutral 56, indicating a tentative stabilization after a volatile two-week stretch.
Macro factors lift investor confidence
Expectations for a December rate cut have risen again to roughly 85% after new U.S. data showed softer inflation and a cooling labor market. Fed Governor Christopher Waller said the backlog of reports caused by the recent government shutdown will give policymakers a clearer view ahead of the December meeting. Markets interpreted this as further support for easing policy.
Quantitative tightening is also set to formally end on Dec. 1, adding another layer of liquidity to risk assets. In another bullish developments, rumors are circulating that former Trump adviser and Coinbase alum Kevin Hassett is the frontrunner for the next Fed Chair, with betting odds at 67%. This has strengthened the bid across crypto and tech.
Geopolitical sentiment helped as well. Progress around a possible Ukraine settlement has reduced war-related risk premiums, while U.S.–China trade talks appeared to move closer to a new agreement. Global stocks rose on the developments, and crypto followed the move higher.
Bitcoin shows signs of technical correction
On-chain indicators suggest the market may be moving out of a corrective phase. A Nov. 27 analysis by CryptoQuant contributor XWIN Research Japan noted that overheated leverage across Bitcoin futures, spot, and on-chain activity has eased, with long-term capital starting to re-enter.
The MVRV ratio, which has previously indicated the early phases of recoveries, has dropped to 1.54. During the decline, open interest fell from $37 billion to $29 billion, eliminating excess leverage.
While short-term holders experienced losses of over $900 million, often a sign of capitulation near local bottoms, whale addresses with 10 to 1,000 BTC have steadily increased during the decline. This pattern is similar to earlier shifts from mid-cycle corrections to fresh uptrends.
The path ahead remains uncertain. Some analysts expect a push toward $100,000 before year-end, including Galaxy Digital’s Mike Novogratz and BitMine’s Tom Lee.
A failure to hold $88,000 could push BTC back toward $80,000 or, under more severe conditions, lower support zones. For now, early signs of stabilization and rising spot demand point to a market attempting to rebuild momentum as November closes.
