As a seasoned investor with years of experience under my belt, I find myself constantly scanning the crypto market for promising opportunities. Today, I’d like to share some insights about five digital assets that caught my attention: Ethereum (ETH), Bitcoin (BTC), Cardano (ADA), Ripple (XRP), and Polkadot (DOT).
Bitcoin (BTC) has leapt to yet another record peak, touching $89,604 before dipping slightly, with investors aiming for $90,000 and even $100,000 next. The enthusiasm following Trump’s election victory remains undiminished, and Bitcoin might reach $100,000 by year-end if its upward trend persists. In the last 24 hours, Bitcoin has risen nearly 8%, while over the past week, it has soared an impressive 29%.
Various digital currencies persisted in their rise, with Ethereum (ETH) maintaining its dominance above $3,000. ETH has surged nearly 5% over the last day and an astounding 38% over the past week. Notable risers also include Solana (SOL) and Dogecoin (DOGE). SOL has experienced a growth of more than 37% during the past seven days, while DOGE has skyrocketed by an unparalleled 126%.
The crypto market cap is also up by 7.57% and currently sits at $2.95 trillion.
Speaking about BTC’s surge to a new all-time high, ChangeNOW CMO Pauline Shangett stated,
The rapid surge of Bitcoin towards almost $90,000 demonstrates the market’s optimism, driven by growing institutional investments and broader economic conditions. This upward trend brings Bitcoin close to the significant benchmark of $100,000, which may serve as a tough barrier or the starting point for a new phase in digital currencies.
Bitcoin (BTC) Vaults To New All-Time High
Bitcoin (BTC) reached a new record peak, as the remarkable surge of the cryptocurrency market persisted post Donald Trump’s election victory. In the past 24 hours, BTC has climbed nearly 9%, momentarily touching $89,604 before experiencing a slight dip, falling back below $89,000. Other significant digital currencies like Ethereum (ETH), Dogecoin (DOGE), Cardano (ADA), Toncoin (TON), Ripple (XRP), Shiba Inu (SHIB), Chainlink (LINK), and Polkadot (DOT) have also experienced substantial growth over the same period. Susannah Streeter, Head of Money and Markets at investment platform Hargreaves Lansdown, attributes this crypto boom to the increased enthusiasm in the market following Trump’s victory.
“His pledge to go all in on crypto has sent Bitcoin to fresh heady heights. He’s made an about-turn on supporting the industry and is now vowing to turn the US into the crypto capital of the world. Bitcoin speculators are betting on a more clement regulatory environment and have expectations that the authorities may build up a reserve crypto fund, helping lift ongoing demand.”
Trump additionally vowed to dismiss SEC Chairman Gary Gensler, whose firm stance on cryptocurrency led to regulatory actions against numerous significant cryptocurrency companies. Notably, analysts at Citibank pointed out that among Trump’s investments, crypto remains one of the few yet to experience a decline, as expressed in their memo.
As an analyst, I believe one factor contributing to this situation is the expectation that, given Trump’s administration’s perceived crypto-friendliness, there might be increased regulatory clarity regarding cryptocurrencies in the United States. This hope among investors is driving optimism and potentially influencing market trends.
Analysts observed that inflows into Bitcoin Spot ETFs and Ethereum Spot ETFs reached all-time highs after the recent surge in value.
In the two days after the election, there was a net inflow of approximately $2.01 billion into Bitcoin ETFs, along with $132 million into Ethereum ETFs. We believe that these ETF investments play a significant role in determining the returns for both Bitcoin and Ethereum.
Buy Everything You Can
Stocks related to Bitcoin, such as Robinhood and Coinbase, saw significant growth after Bitcoin’s record-breaking high. Analyst Gautam Chhugani suggested that investors should consider investing in cryptocurrency and accumulate as much as possible, pointing out that a more favorable regulatory climate is expected under the Trump administration. The analyst from Bernstein continues to stand by their forecast of Bitcoin reaching $200,000 by 2025’s end.
“We believe risk-reward is favorable over (the) next 12 months.”
Nevertheless, certain experts advise prospective investors to exercise caution when investing and steer clear of suspicious individuals and fraudulent cryptocurrencies. In this regard, Anthony Yeung, the Global Head of Strategic Development at Crypto Security company CoinCover, has emphasized the importance of vigilance.
Investing in Bitcoin can seem alluring due to its volatility, but it’s crucial for potential investors to educate themselves about the potential risks, especially during a bull market. A key trend to watch is the link between increased market participation and an upward trend in malicious activities. Given Bitcoin’s projected growth this week, newcomers should be extra vigilant about these threats.
Short Sellers Suffer Heavy Losses
In the meantime, individuals who wagered against Bitcoin (BTC) and other cryptocurrencies faced significant losses when market values increased. On Monday, short traders endured another round of heavy defeats as crypto and related stocks climbed during pre-market trading, with Coinbase experiencing a 16% increase. Some opponents to MicroStrategy incurred over $1.2 billion in losses between November 6 and November 8, and approximately $6 billion overall. By November 8, the combined short-selling losses for Coinbase, crypto mining company Riot Platforms, MARA Holdings, and blockchain farm operator Bitfarms totaled around $1.2 billion.
Investors who deal with Bitcoin believe that the regulatory landscape will become more favorable and anticipate that governments might establish a cryptocurrency reserve fund. This expectation fuels continued interest in Bitcoin.
Bitcoin (BTC) Price Analysis
As an analyst, I’ve observed a persistent upward trajectory in Bitcoin (BTC) prices, which recently peaked at an all-time high of $89,604 before experiencing a slight dip. Currently, BTC is experiencing a 9% increase over the past 24 hours and a remarkable 30% surge within the last week, suggesting that the bull run remains robust. This upward trend in Bitcoin could potentially spark a positive ripple effect across other cryptocurrencies such as Ethereum (ETH), Solana (SOL), Sui (SUI), and Aave.
As a researcher, I’ve observed an intriguing dynamic with Bitcoin. When its value increases, it seems to instill a sense of confidence in its potential success among investors. This perceived success likelihood, in turn, drives up its value even more. Therefore, when Bitcoin’s price rises, it often signals a trend that could potentially lead to further increase in value.
At the moment, the surge in prices isn’t just about Bitcoin (BTC). Other digital currencies are also breaking through their resistance levels. To understand the optimism in the market, simply examine the price trends. On Tuesday, BTC broke past its 20-day Simple Moving Average (SMA), leading to a strong rise on Wednesday, pushing the price beyond $70,000 to close at $75,175 – an increase of over 8%. However, bullish feelings lessened on Thursday as BTC saw a minimal gain of 0.80%, ending the day at $75,776. On Friday, there was a slight upward movement again, with BTC crossing the $76,000 mark to close at $76,470.
The start of the weekend saw a slight rise in price on Saturday. But on Sunday, buyers took over, propelling Bitcoin above $80,000 to close at $80,152 after a 4.61% growth. On Monday, a strong bullish feeling emerged, causing Bitcoin to surge by 9.42% to a new peak of $88,398 before falling back to $87,706. In the current session, Bitcoin reached another all-time high of $88,746, then experienced a slight dip and is now at $87,971.
Apart from Donald Trump’s presidency, Bitcoin’s (BTC) rise is largely due to an unprecedented increase in institutional investment. According to CoinGlass statistics, Bitcoin ETFs experienced net inflows of approximately $1.61 billion last week. Given this trend, will BTC surpass the $90,000 mark? Analysts predict a temporary decline, with technical indicators suggesting an overbought market. However, in the long run, investors are optimistic and anticipate BTC to surpass $90,000 after a short-term correction. If bears aim to reclaim power, they must drive BTC below its 20-day Simple Moving Average (SMA). A fall below this line could lead to a significant sell-off, potentially pushing BTC down to around $66,000. For now, the bullish sentiment prevails.
Ethereum (ETH) Price Analysis
In this current trading period, Ethereum (ETH) has experienced a dip, halting slightly below $3,400. Traders are attempting to lower the price towards $3,000 as they sell off. On Wednesday, ETH saw a substantial surge as it became clear that Trump would win, rising more than 12% and breaking past the 20-day and 50-day moving averages, as well as surpassing $2,700 to close at $2,723. The bullish trend continued on Thursday, with ETH pushing above $2,800 and ending the day at $2,841 after a 6.41% increase. On Friday, ETH rose to $2,963 following a 2.26% rise, but was unable to break past the 200-day moving average, which served as a dynamic barrier for further growth.
On Saturday, ETH surpassed its moving average and climbed 5.59%, rising above $3,000 to settle at $3,128. The following day, Sunday, witnessed heightened volatility as ETH ran into resistance near $3,200. Sellers aimed to push the price downward, but buyers managed to counter and boost ETH to nearly 2% higher at $3,185. The new week started with a surge in bullish optimism as ETH moved past $3,200, settling at $3,373 after a near 6% increase. However, the current trading session has seen ETH dipping 1.17%, now trading at $3,334. Despite the overall bullish trend, analysts anticipate a short-term correction. This prediction is reinforced by the Relative Strength Index (RSI) being in an overbought state. Sellers will aim to drag ETH below $3,000, a level with strong support, or down to $2,850.
Solana (SOL) Price Analysis
During today’s trading, Solana (SOL) has seen a small decrease after it failed to maintain its position above $220. On Wednesday, SOL experienced a significant surge, jumping over the 20-day Simple Moving Average and closing at $186. The bulls held strong on Thursday, pushing SOL up to $196 following a 5.23% increase. However, bullish confidence dwindled on Friday due to intense resistance at $200, causing significant selling pressure. Despite this, buyers managed to push SOL up by 1.76% to $199. On Saturday, there was high volatility as buyers tried to push SOL above $200 and sellers tried to lower the price. Ultimately, SOL saw only a minimal increase of 0.01%.
On Sunday, SOL surpassed $200 following a 5% growth spurt and finished at $210, with bulls taking charge. On Monday, SOL broke through the resistance of $210, attempting to solidify full dominance. By the end of Monday, SOL experienced an almost 6% surge, reaching above $220 and settling at $222. However, in the current session, SOL has slipped into the red, dropping by more than 1%, now trading at $219. If sellers drive SOL below the $200-$210 range, the market may reject the breakout, potentially causing SOL to fall below $200. Conversely, if SOL holds its ground above its current levels, there’s a possibility that the price could soar past $250. Despite the bullish outlook, analysts predict a temporary correction in the near future.
Dogecoin (DOGE) Price Analysis
As a financial analyst, I’ve observed an extraordinary rally in Dogecoin (DOGE) since the weekend. This popular meme coin has soared nearly 40% in just 24 hours, and a staggering 140% over the past week, with sights set on breaching $0.400. On Wednesday, DOGE experienced a significant surge, rising almost 16%, reaching $0.196. However, it experienced a minor dip on Thursday, dropping by 1.93% to $0.192. Yet, bullish sentiments reemerged on Friday as DOGE climbed 4.82%, surpassing $0.200, and settling at $0.202. The bulls maintained control over the weekend, causing DOGE to rise another 8% to reach $0.218.
On Sunday, there was a notable surge in positive market feelings as Dogecoin (DOGE) jumped approximately 27% and ended at $0.277. The bullish trend continued on Monday with DOGE rising by around 26.96%, breaking the $0.300 mark and settling at $0.352. Currently, in this session, DOGE has climbed more than 16% and is trading above $0.400 at $0.407. Analysts believe that Dogecoin will keep its exceptional growth trajectory due to a rise in whale activity. According to blockchain data, approximately 300 million DOGE were taken off from various large exchanges, sparking optimism among traders.
Bittensor (TAO) Price Analysis
On Wednesday, Bittensor (TAO) experienced a notable rise, soaring over 15% and breaking past $500 and its 20-day Simple Moving Average (SMA), reaching a peak of $528. However, the 50-day SMA served as a resistance level, causing TAO to slide on Thursday, losing nearly 4%, settling at $507 without managing to surpass the moving average. By Friday, sellers maintained control, pushing TAO below $500.
Even though there was significant downward pressure on sales, TAO experienced a rebound throughout the weekend. It saw a growth of 3.44% on Saturday and 8.42% on Sunday, surpassing its 50-day Simple Moving Average (SMA) and closing at $560. The bullish outlook remained strong on Monday as TAO climbed above $600 after a 8.37% increase, settling at $607. However, in the ongoing trading session, TAO has dropped slightly more than 1%, with sellers attempting to push the price below $600.
Optimism (OP) Price Analysis
The upward momentum for Optimism (OP) has temporarily halted at $1.80, as it was unable to surpass its 200-day Simple Moving Average (SMA). On voting day, OP saw a substantial surge of around 13%, ending the day at $1.60. Despite this, it couldn’t overcome the 20-day SMA, and there was significant fluctuation on Thursday due to a tug-of-war between buyers and sellers for dominance. In the end, OP only experienced minimal growth as selling pressure thwarted attempts to move beyond the 20-day SMA. Buyers tried to push above the moving average on Friday but were unsuccessful, with sellers gaining control. This led to a drop in OP’s price to an intraday low of $1.51 before it closed at $1.57.
On Saturday, a positive outlook emerged for OP as its price surpassed the 20-day Simple Moving Average (SMA) following a nearly 5% growth, closing at $1.65. Yet, volatility reappeared on Sunday when OP struggled to exceed the 50-day SMA. After experiencing considerable fluctuation, OP bounced back from a low of $1.55 and ended the day at $1.64. Investors reentered the market on Monday as OP surged approximately 11%, moving beyond the 50-day SMA and the $1.70 resistance level, finishing at $1.82. However, in the current trading session, OP is facing downward pressure as it struggles to break above the 200-day SMA. Currently, it’s showing a minor decline of over 1% and trading at $1.80 after dipping from an intraday high of $1.84.
Chainlink (LINK) Price Analysis
Since Wednesday, Chainlink (LINK) has climbed past crucial resistance points and moving averages, but during the current session, its price has slightly dipped. On Wednesday, LINK surpassed $11 and both the 20-day and 50-day Simple Moving Averages, resulting in a 12.27% rise and closing at $12.18. Buyers continued to hold the upper hand on Thursday, driving LINK up to $12.60 after a 3.43% gain. On Friday, LINK breached the 200-day Simple Moving Average and the resistance at $13, reaching $13.68, an almost 9% increase.
On Saturday, attempts were made by sellers to dominate as LINK dipped to a daily low of $13.28. However, it bounced back, gaining 0.74%, and ended the day at $13.78. There was a strong optimistic outlook on Sunday as LINK peaked at an intraday high of $14.88 before sliding back down to $14.27. On Monday, LINK continued climbing higher even under substantial selling pressure, increasing nearly 5% to close at $14.93. However, due to selling pressure at $15, LINK has seen a decrease during the current session, with the price dropping 0.42% to $14.86 after recovering from a low of $14.31 intraday.
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2024-11-12 12:18