Crypto Price Analysis 11-11 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, POLKADOT: DOT, RIPPLE: XRP, TONCOIN: TON, UNISWAP: UNI

As a seasoned cryptocurrency investor with years of experience under my belt, I must say that the current market trends are nothing short of exhilarating. From Ethereum’s continuous rise to Toncoin’s volatility, it seems like every coin is dancing to its own rhythm.

Bitcoin (BTC) soared past the $80,000 mark, reaching an unprecedented new peak of $81,260 in the crypto market. This impressive rise reflects a surge of optimism among investors, with market signals suggesting extraordinary confidence. The high level of investor enthusiasm has caused the Fear & Greed Index to reach its highest point in seven months, scoring 78 out of 100, signifying an environment where risks are considered high but potential rewards could be significant. At this moment, Bitcoin is up nearly 6% and trading at $81,600, setting new record-highs.

As a researcher delving into the dynamic world of cryptocurrencies, I’ve observed a notable surge over the weekend, with markets buoyed by Donald Trump’s victory in the US presidential elections. One of the standout performers was Ethereum (ETH), breaking through the $3,000 barrier, dispelling months of doubt and embarking on a confident bull run. Solana (SOL) also made significant strides, surpassing the $200 mark, while Dogecoin (DOGE) registered an impressive 29% increase in the last 24 hours.

The dramatic increase in Bitcoin’s price beyond $80,000 signifies that investors are more optimistic than ever before, with this bullishness propelled by favorable market conditions and a general willingness to take on risk. Remarkably, we see an extraordinary level of enthusiasm towards cryptocurrencies right now. As Bitcoin tops $80,000 and Ethereum surpasses $3,000, it’s evident that the digital assets sector is poised for ongoing expansion, particularly as institutional investment continues to escalate.

Crypto Markets Surge After Trump Victory

After Donald Trump’s win in the U.S. Presidential elections, the cryptocurrency market experienced an extraordinary growth spurt. This surge propelled Bitcoin (BTC) to unprecedented new records and drove Ethereum (ETH) above $3,000. Various factors have been cited for this market boom, including the rise of pro-crypto politicians in Congress, a possible shift in leadership at the Securities and Exchange Commission (SEC), and the approaching presidential transition period. Experts are keeping an eye on Solana (SOL) and Ethereum (ETH), anticipating significant returns.

The enthusiasm for Bitcoin (BTC) is growing again, even though web searches about it are less frequent compared to the 2021 bull market. However, analysts predict that its upward trend could continue until the inauguration of President Trump in January 2025, suggesting more potential gains ahead.

Crypto Market Enters Extreme Greed Phase

recently, there’s been a significant change in public perception towards cryptocurrencies, as they regain attention. With optimism surging throughout the market, the crypto sector anticipates a wave of enthusiasm, drawing investors into what is commonly referred to as the “Extreme Confidence” stage. This stage signals that market confidence is at an unprecedented peak, with investors extremely hopeful about further price growth. The crypto market’s move towards the “Extreme Confidence” stage is largely attributed to a substantial increase in the value of Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).

Bitcoin has broken through various significant barriers, reaching numerous highs not seen in years and establishing a new record peak. Similarly, Ethereum has shaken off its recent negative trends, soaring above $3,000, bolstering investor trust due to its leadership within the decentralized finance (DeFi) sector. The increase in institutional investment, crypto ETFs, and regulatory certainty under the Trump administration are contributing to the current bull market in cryptocurrencies. However, with Extreme Greed signaling intense optimism among investors, there’s also an increased risk. Historically, such periods of excessive enthusiasm have been followed by substantial corrections due to overvalued asset prices and the formation of bubbles. It’s essential for investors to remain vigilant against pump-and-dump scams during these phases of Extreme Greed.

Standard Chartered Makes Bold Prediction

In my role as a researcher, I’m sharing an insight based on Standard Chartered’s prediction about the future growth of the cryptocurrency market. After Trump’s victory in the US presidential elections, they forecasted that the total market capitalization of cryptos could reach an astounding $10 trillion by 2026. This projection is contingent on the Republicans advocating for significant stablecoin regulations, rescinding SEC guidance restrictive to crypto custodians, and establishing a federal Bitcoin reserve.

In 2025 and 2026, we anticipate that regulatory and other modifications will solidify the digital assets sector, benefiting all existing players while also paving the way for new entrants to emerge.

A dominance of Republicans in the House enables them to push forward their policies with little opposition from the Democratic side. An administration favorable towards cryptocurrencies could significantly increase institutional support for digital assets, particularly stablecoins, which are predicted to achieve a market capitalization of $1 trillion by 2026.

What The Markets Want From A Trump Presidency

In recent years, Donald Trump expressed skepticism towards cryptocurrencies, even labeling Bitcoin as fraudulent. Yet, his victory in the elections was bolstered by promises favorable to crypto, which attracted substantial investment from the sector. One of the primary hopes for the crypto industry under Trump’s leadership was a comprehensive regulatory revamp, with a pledge to ease restrictive regulations. However, during the Biden administration, the SEC has taken enforcement actions against significant crypto firms, causing industry-wide apprehension. As CEO of Chirp, a decentralized communication firm, Tim Kravchunovsky expressed the industry’s discontent, noting the frustration stemming from this situation.

Those individuals have created an enormous amount of doubt within the entire sector. It’s hard to believe, but there were no definitive instructions or rules to follow.

He pointed out that clashes with the SEC over regulations have caused cryptocurrency to move away from the U.S., potentially placing Washington at a substantial disadvantage in competition. Matt Mena, a crypto research strategist at 21Shares, concurred, expressing the same view.

Adopting a friendlier legal framework might attract projects and entrepreneurs who previously departed due to regulatory concerns. This influx could lead to the creation of countless job opportunities and generate substantial tax income, thereby strengthening the economy and propelling the growth of the cryptocurrency field.

The sector is optimistic about the potential overturning of SAB 121 and the approval of crucial bills beneficial for the industry. SAB 121 currently discourages American lenders from serving as cryptocurrency custodians due to its requirement that they maintain an equivalent amount of cash for their crypto assets. Eliminating this bill could facilitate increased adoption of cryptocurrencies by institutional investors.

Bitcoin (BTC) Price Analysis

Bitcoin (BTC) has soared beyond $80,000, establishing a record peak today, as markets maintain an uptrend following Donald Trump’s election. Over the past week, BTC has experienced nearly a 18% growth, indicating that bulls are dominant in the market, and investor optimism is escalating towards “Extreme Greed” levels. The positive momentum is also reflected in other significant cryptocurrencies, as suggested by one analyst report highlighting substantial gains for these altcoins.

Following Donald Trump’s election win, it was inevitable that a surge in interest would take place, considering his perceived support for cryptocurrencies. And indeed, this is exactly what we are witnessing at the moment.

Richard Galvin, creator of DACM – a company specializing in cryptocurrency investments – foresees ongoing buying interest for some time. Previously critical of crypto, President Trump has pledged regulatory support and, should the Republican party take control of both the House and Senate, legislation favorable to cryptocurrencies would become more probable. During his earlier term, Trump referred to cryptocurrencies as a scam; however, he has since changed his stance, aiming to transform the U.S. into the global leader in Bitcoin and crypto adoption. Additionally, Trump has announced plans to appoint Elon Musk to conduct an extensive review aimed at reducing government waste.

Observing the Bitcoin price trend, we notice it has been on an upward trend since last week, fueled by a bullish market sentiment. This bullish momentum kicked off on Tuesday when BTC broke free from a quiet period to surpass its 20-day Simple Moving Average and reach $69,458 just before the elections. As Donald Trump took the lead and ultimately won, Bitcoin surged on Tuesday, climbing more than 8% and breaching the $70,000 mark to settle at $75,175. BTC encountered a significant resistance level at $76,000, which led to a decline in bullish sentiment on Thursday, as it only managed a slight increase of 0.80% and closed at $75,776. However, it regained momentum above $76,000 on Friday after rising 0.92% and finishing the day at $76,470.

The weekend began with BTC posting a marginal increase on Saturday, rising to $76,619 after a 0.19% increase. However, bullish sentiment picked up in a big way on Sunday as BTC went past $80,000, setting a new all-time high and settling at $80,152 after a 4.61% increase. The current session sees bullish sentiment persist as BTC set a new all-time high of $81,600 before declining to its current level of $81,063, up by just over 1%. As we can see in the price chart, the MACD is bullish, indicating buyers are firmly in control. The MACD has surged into the overbought zone, and we could see a marginal drop before BTC resumes its upward trajectory. BTC’s rally will also allow crypto-focused stocks, including Robinhood, Coinbase, and MicroStrategy to extend their gains and spur record inflows into spot Bitcoin ETFs.

Ethereum (ETH) Price Analysis

The price of Ethereum (ETH) climbed above $3,000 after Donald Trump’s election, but it saw a minor drop during the current trading day due to investors cashing in their profits. However, over the last week, ETH has experienced a significant increase of nearly 28%, suggesting a strong positive outlook. Previously, Ethereum had been struggling to exceed $2,700 since August, but as the overall crypto market became more bullish, it managed to slightly increase by 1.09% on Tuesday and regain $2,400, closing at $2,423. On election day, Ethereum experienced a substantial rise of over 12%, surpassing its 20 and 50-day moving averages, $2,700, and ending the day at $2,723.

On Thursday, ETH climbed steadily due to a surge of buyers overpowering sellers, breaking past the resistance level. This bullish trend led to an increase of 6.41%, propelling ETH above $2,800 and settling at $2,897. The following day saw another rise of 2.26%, with ETH reaching $2,963, just shy of the 200-day Simple Moving Average (SMA), which served as a strong resistance point. As the positive sentiment grew throughout the weekend, ETH broke through both the 200-day SMA and the $3,000 mark after an additional increase of 5.59%, settling at $3,128. Sunday witnessed heightened volatility as buyers and sellers fought for control, but ultimately the buyers prevailed, pushing ETH up by almost 2% to reach $3,1883.

During this session, Ethereum (ETH) is experiencing a decline, dropping by 1.63% and currently trading at approximately $3,134. As you can see on the graph, the Moving Average Convergence Divergence (MACD) suggests a bullish trend, implying that buyers are dominating the market. The decrease in price might be due to investors cashing out, as the Relative Strength Index (RSI) is showing signs of being overbought. Despite this dip, analysts predict ETH will continue to stay above $3,000 and regain its upward momentum, with potential targets for buyers at $3,500 if optimism remains high.

Solana (SOL) Price Analysis

During the present trading session, Solana (SOL) is seeing a minor retreat following its surge beyond $200 on Sunday. This widely-used cryptocurrency has seen a remarkable jump of approximately 28% over the last week, with investors aiming to regain dominance and drive the price even higher. SOL exited its bearish trend on Tuesday, recording a 5.59% increase to surpass $160 and settle at $166. The bullish momentum intensified on election day as SOL broke past the 20-day Simple Moving Average (SMA) and $180 after rising over 12%, ultimately settling at $186. On Thursday, buyers maintained control as SOL moved above $190 following a 5.23% increase, closing the session at $196.

On Friday, a decrease in bullish feelings was noticeable regarding SOL, as it met significant resistance at $200 and peaked at an intraday high of $205 before falling back below $200 to close at $199. During Saturday, SOL showed volatility as both buyers and sellers fought for dominance without either side gaining the advantage, with SOL holding steady at $199. However, bulls took charge on Sunday when SOL surged above $200 after a gain of more than 5%, reaching an intraday high of $215 before finishing at $210. Currently, in the ongoing session, sellers are attempting to push SOL’s price back below $200, causing it to drop over 1%.

Polkadot (DOT) Price Analysis

After facing a tough time since August and dropping below key support levels, Polkadot (DOT) has surprisingly broken free from its downward trending pattern, surging above $5 and attracting investor interest. Analysts have long been optimistic about DOT’s future potential, predicting that it would break out of this pattern, and their predictions seem to be coming true now as DOT has climbed an impressive 33% over the past week due to growing bullish sentiments.

Starting from Tuesday, sentiments towards DOT started shifting positively following a 2.93% rise that placed it at $3.86. On election day, DOT experienced a surge of 4.68%, climbing back to $4.11. By Thursday, DOT surpassed its 20-day Simple Moving Average (SMA), reaching $4.17, and on Friday, it moved beyond the 50-day SMA after gaining 3.60%, settling at $4.32. The bullish sentiment strengthened over the weekend as DOT climbed by 7% and exceeded its resistance level at $4.50, reaching $4.60. On Sunday, DOT saw a significant rally of over 13%, breaking through its resistance at $5, peaking at an intraday high of $5.48 before dropping back to $5.24. This impressive surge was primarily due to the 200-day SMA acting as a dynamic resistance level.

During the ongoing trading session, DOT has dropped approximately 4%, as sellers aim to drive the price below $5. Nevertheless, buyers are prepared to regain control and challenge the overhead resistance again. If this level is breached, DOT might soar up to $6 if the bullish trend continues. However, given that the RSI indicates an oversold state, a brief recovery or pullback was anticipated.

Ripple (XRP) Price Analysis

Last week, Ripple (XRP) broke free from its tight trading band, surpassing both the 20-day and 200-day Simple Moving Averages on election day. This surge propelled XRP to $0.542, marking a 5.42% growth. The bullish momentum continued on Thursday when XRP went beyond the 50-day SMA, peaking at an intraday high of $0.579 before dipping and ending the day at $0.556. On Friday, sellers tried to regain control, pushing XRP down to $0.554. However, it rebounded over the weekend, gaining 0.92% on Saturday and settling at $0.559.

On Sunday, optimism around XRP grew significantly as it surged by 5.24%, reaching an intraday peak of $0.618 before sliding down to close at $0.588. In today’s trading, XRP has dropped more than 2% due to selling pressure attempting to push the price beneath its moving averages. Nevertheless, investors anticipate regaining control and pushing the value back over $0.60.

Toncoin (TON) Price Analysis

Toncoin (TON) has joined the broader market’s surge, yet it continues to experience fluctuations, even with buyers taking charge. Prior to the elections, TON experienced high volatility, finding it difficult to surpass the 20-day Simple Moving Average, and the price frequently encountered resistance around $5. Instead of advancing, TON witnessed substantial volatility on Tuesday, peaking at an intraday high of $5.08, dipping to a low of $4.54 before closing at $4.70, showing a minimal decrease. On Wednesday, TON reached $5.03 but subsequently dropped back and ended the day at $4.78, registering an increase of 1.59%. Buyers maintained control on Thursday as TON rose by nearly 3% to finish the day at $4.91.

On Saturday, TON experienced a slight upward trend due to the influence of the 20-day Simple Moving Average (SMA), which closed at $4.92. However, buyers managed to push TON past the 20-day SMA and $5, ending the day at $5.25. The following day saw volatility return, with TON reaching an intraday high of $5.57 and a low of $5 before closing at $5.27, resulting in a minimal increase. In the current session, TON is experiencing a slight uptick as both buyers and sellers vie for control. Buyers aim to maintain control and drive TON over $5.50, while sellers seek to regain control and push the price below $5.

Uniswap (UNI) Price Analysis

On Wednesday, Uniswap (UNI) saw an extraordinary surge of nearly 30%, but the upward trend halted afterward. Initially, UNI had plummeted significantly when it couldn’t surpass $8 in early October. However, it rebounded from a low of $6.61 reached last week, climbing over 6% and settling at $7.18 on Tuesday. On Wednesday, UNI experienced an unprecedented rally that propelled it past the 20, 50, and 200-day Simple Moving Averages (SMAs), $9, and settled at $9.30. Unfortunately, buyers were unable to sustain the momentum as UNI slid back on Thursday, losing 4.27%, and dipping below $9 to settle at $8.90. Sellers held dominion over Friday’s trading as UNI plunged to an intraday low of $8.52 before settling at $8.85, showing a slight decrease in value.

On Saturday, the market saw buyers return, pushing UNI up by 4.32%, surpassing $9 to reach $9.23. But on Sunday, there was a reversal, with bearish sentiments and volatility re-emerging, causing UNI to plummet to an intraday low of $8.70 before recovering slightly to close at $9.21. In the current trading session, sellers are dominating, resulting in a near 3% drop in UNI value, with it currently trading at $8.89.

2024-11-11 12:15