As a seasoned investor with decades of experience under my belt, I have seen bull markets and bear markets come and go. The crypto market is no exception, and it seems we are currently navigating through some turbulent waters.
Bitcoin (BTC) and the cryptocurrency market have experienced a steep fall following a decrease in optimism after a period of substantial growth. BTC saw a rise of more than 30% since the US election due to President-elect Donald Trump’s favorable view on cryptocurrencies. Having reached an unprecedented high of $93,434, BTC dipped below $90,000 and currently stands at a decline of over 3%, hovering around $87,200. Similarly, Ethereum has faced a considerable setback, dropping by more than 6%, and finding it challenging to maintain its position above $3,000.
A significant decline was observed in multiple cryptocurrencies such as Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), Toncoin (TON), Chainlink (LINK), Polkadot (DOT), Uniswap (UNI), Dogewhatever (WIF), Render (RNDR), and others. The total market capitalization, which peaked at $3.2 trillion, has dropped by 3.16% and is now at approximately $2.88 trillion. In response to this pullback, ChangeNOW’s Chief Marketing Officer Pauline Shangett commented…
The remarkable increase in Bitcoin’s value to record highs demonstrates enthusiasm for cryptocurrency due to expected supportive policies and regulatory transparency under the new government. Yet, the subsequent drop indicates that the market is still vulnerable to selling off profits and broader financial influences.
Crypto Industry Pushes For Changes
The digital currency sector is actively pursuing various bold strategies to increase the use of digital assets, hopeful for a more cryptocurrency-supportive government under President Donald Trump. Crypto businesses were already expecting a less restrictive approach with the new administration. Trump’s clear victory and the projected Republican control of Congress could potentially lead to substantial changes in crypto regulations. Trump had expressed his support for cryptocurrencies, and analysts believe he has the power to follow through on this promise. The industry has several objectives, such as executive orders enabling crypto companies to access banking services and appointing pro-crypto individuals to key positions like the new Securities and Exchange Commission Chair. Mike Belshe, CEO of BitGo, commented on this, stating:
After experiencing a government that was quite pessimistic, we are eager to break free from this stalemate. It seems to me that the American electorate has spoken loudly and unequivocally, expressing their desire for change.
Certain industry requirements can be fulfilled promptly, but others, like establishing regulatory guidelines and cryptocurrency legislation, might take an extended period. Trump had proposed establishing a crypto advisory panel, though it’s uncertain who would be part of the group. Kava Calvert, head of US policy at Coinbase, expressed this viewpoint.
‘Everybody in Washington is asking and thinking about who is going to lead these agencies. It’s important I think for companies like Coinbase, but also all the smaller startups… to have a point of view.”
Markets Cool As Investors Wait And Watch
Initially, Bitcoin (BTC) dipped slightly below $87,000 following remarks from Federal Reserve Chair Jerome Powell suggesting no immediate need for interest rate reductions. This statement somewhat dampened BTC’s recent surge in value. Meanwhile, K33 Research noted a significant drop in the premium for CME Bitcoin futures compared to the spot market. These contracts are often used by U.S. investors to invest in the original cryptocurrency directly.
It appears that markets are starting to calm down. A possible indication of this could be the gradual reduction in the gap between future prices, suggesting a shift towards less risky investments.
Since November 5, Bitcoin (BTC) has experienced a significant jump of more than 30%, primarily due to Donald Trump’s election win and his favorable stance towards cryptocurrencies. This digital asset is considered part of a group often referred to as “Trump trades.” Yet, investors are questioning how much momentum the rally still holds. Trump has pledged to establish a welcoming regulatory environment for crypto and position the U.S. as a leading hub for the industry. However, uncertainty persists regarding the timeframe and practicality of some of his commitments. Following the election, there was an increase in investments into Spot Bitcoin Exchange-Traded Funds (ETFs), with a total of $4.7 billion being poured into them. These Spot Bitcoin ETFs, including those issued by BlackRock and Fidelity, collectively manage assets valued at $94 billion. Jim Davies, CEO of Crypto Valley Exchange, stated…
Currently, what’s happening is more about guesswork in the market. You can anticipate significant fluctuations and unclear indicators as we patiently await policy decisions from the United States.
Crypto Market Capitalization Surges Past $3 Trillion
The total value of cryptocurrencies worldwide climbed over $3 trillion after Donald Trump’s election win in the U.S., as investors anticipated more favorable regulations and a rise in crypto usage. According to CoinGecko, the market cap nearly hit $3.2 trillion, surpassing previous highs from 2021 when economic stimulus during the pandemic fueled increased speculative investments in cryptocurrencies.
Typically, when Bitcoin surges ahead (breaks out), other altcoins tend to follow suit, resulting in a gradual shift of capital. This movement usually leads to an overall growth in the total market capitalization.
Despite the rising trend in cryptocurrencies, certain sectors within the crypto market have not experienced parallel growth. For instance, the average sales for NFTs have been static at around $2,000 since May. DBS Bank, which operates a digital exchange, has observed an uptick in trading activities but noted that investors tend to shy away from less mainstream areas of the market. David Hui, the Chief Commercial Officer of DBS Digital Exchange, stated this, pointing out that while trades have seen significant growth, investors have shown reluctance towards more obscure segments of the market.
As a researcher, I haven’t observed a significant trend among my clients of moving their assets into less common investment platforms or decentralized exchanges.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) dipped beneath $90,000 in the late hours of Thursday, as investor enthusiasm waned following a remarkable surge after the end of the U.S. elections. The leading digital currency reached an unprecedented peak of $93,434 before slipping back to $90,000. After this level, BTC continued to slide, dipping momentarily below $87,000 before rebounding to its current price of approximately $88,000. Currently, Bitcoin is down nearly 2% and trading around the $88,100 mark.
Prior to the election, some investors had placed wagers that the cost of bitcoin would surpass $80,000 or even reach $100,000. The worth of these wagers has since increased.
Experts predict that Trump may indeed fulfill his pledge to create a national Bitcoin reserve, an idea that market analysts view as potentially realistic. Industry professionals believe this move would give credibility to the classification of Bitcoin as a legitimate financial asset.
“Something like that from the White House could go a long way towards fixing the problem.”
Over the weekend, Bitcoin’s bullish momentum softened slightly after its November 5 surge, with a minor uptick on Friday and Saturday pushing it over $76,000 to reach $76,619. A resurgence of optimism emerged on Sunday as Bitcoin climbed nearly 5% and surpassed the critical $80,000 milestone, settling at $80,152. The new week started with buyers in control as Bitcoin rose by 9.43%, finishing the day at $87,706. On Tuesday, sellers made an effort to push Bitcoin below $80,000, driving it down to an intraday low of $82,709. However, Bitcoin rebounded from this level and climbed back above $85,000, ending the day at $87,210, recording a small dip of 0.57%.
Yesterday, I witnessed a surge in buying activity as Bitcoin (BTC) breached the $90,000 mark and established a new high before retreating slightly, ending the day at $90,150. However, on Thursday, BTC dipped into the red, falling by 3.13% and sliding below $90,000 to settle at $87,324. Currently, we’re seeing a slight recovery with BTC up almost 1%, trading at $88,141 as buyers aim to push the price back above $90,000.
If the market continues its bullish trend, Bitcoin (BTC) might dip down to approximately $85,000 or even as low as $80,000. Despite recent fluctuations and decreases in the past few trading periods, analysts predict that BTC will surpass $100,000 by year’s end.
Ethereum (ETH) Price Analysis
Since reaching a peak of $3,443, Ethereum (ETH) has experienced a significant drop and is having trouble maintaining its position above $3,000 due to increased selling activity. Similar to other cryptocurrencies, ETH saw a substantial increase following the election, breaking through both its 20-day and 50-day moving averages. By Friday, it surpassed $2,850 and closed at $2,963, just under its 200-day moving average. On Saturday, ETH broke above the 200-day moving average and $3,000, increasing by 5.59% to close at $3,128. Although it faced volatility on Sunday, buyers managed to push ETH up nearly 2% to $3,185.
On Monday, a surge in optimistic trading caused ETH to climb nearly 6% to reach $3,373. It peaked at $3,443 on Tuesday, but the upward momentum faded due to mounting selling pressure, causing ETH to dip back to $3,246. The following day saw a significant increase in market turbulence as both buyers and sellers battled for control. In the end, sellers took charge, driving ETH down by 1.66% to $3,192. A wave of pessimism swept through the market on Wednesday, pushing ETH down over 4% to $3,059 as sellers aimed to force the price below $3,000. At present, the session shows a slight decrease in ETH’s value as sellers aim to push it below $3,000 while buyers strive to keep it above this level.
If Ether (ETH) falls below $3,000, it might further decrease to around $2,850. Conversely, if buyers take charge again, Ether could bounce back towards $3,400. Overcoming this barrier could signal a resumption of Ether’s upward trend, potentially pushing its price up to $3,500.
Solana (SOL) Price Analysis
The upward momentum of Solana (SOL) has slowed, as it grapples with the challenge of breaking through the $225 barrier, with market forces seemingly pushing the price down towards $200. The rally for SOL commenced on November 6, propelling it past its 20-day Simple Moving Average and settling at $186. Despite encountering strong resistance, SOL managed to surpass $200 over the weekend, recording a slight growth on Saturday and experiencing an increase of approximately 5% on Sunday, pushing the price up to $210. The optimism among bulls intensified on Monday as SOL rose by 5.76%, reaching $222.
On Tuesday, efforts by buyers to raise prices were thwarted at $225 due to strong selling activity. This led to a loss of buying momentum and SOL dipped 4.69% to $211. The following day, Wednesday, there was a surge in volatility as sellers tried to force the price below $200. However, SOL rebounded from an intraday low of $201, gaining 1.69% and reaching $215. On Thursday, buyers attempted to surpass the resistance at around $223 but lost steam, causing SOL to drop nearly 3% and settle at $209. Currently, in today’s session, sellers are pushing to drive the price below $200 again.
Toncoin (TON) Price Analysis
Toncoin (TON) has experienced a significant drop this week, facing strong selling pressure and market instability. After a bullish weekend that saw TON rise nearly 7%, pushing past the 20-day and 50-day moving averages to reach $5.25, Sunday witnessed increased volatility. The cryptocurrency plunged to an intraday low of $5, then surged to an intraday high of $5.57 before closing at $5.27 following a minor increase. This week began with optimistic sentiment returning as DOT rose by more than 4% and settled at $5.49.
Initially, volatility resurfaced on Tuesday when sellers aimed to push TON beneath $5. However, it dipped to a daily low of $5.09 before rebounding slightly to close at $5.48, showing a minimal decline overall. On Wednesday, bullish optimism grew stronger as TON experienced a 4.25% drop, ending the day at $5.25. Attempts were made by buyers on Thursday to raise TON’s value, which peaked at an intraday high of $5.47. Nevertheless, buyer momentum faltered after reaching this level, enabling sellers to lower the price by 0.85%, settling it at $5.20. During the current trading session, TON continues to trend slightly downwards as sellers seek to push its value below the 50-day Simple Moving Average and $5 mark.
Aptos (APT) Price Analysis
Over the weekend, APT experienced a significant rebound from its 1.04% dip on Friday. The influx of buyers propelled APT to rise by 7.16% on Saturday, exceeding the $10 mark and ending at $10.42. The positive momentum continued on Sunday, with APT peaking at $11.51 before dipping slightly to close at $10.90, marking a 4.58% increase. Monday saw APT soar nearly 26%, as the bullish sentiment intensified further. This surge pushed APT beyond crucial thresholds, ending the day at $13.72.
Initially, bulls had a strong run on Tuesday, but their momentum faltered, giving sellers an opportunity to take charge. This led to APT plummeting nearly 10% to reach a low of $11.49 before rebounding to close at $12.36. On Wednesday, sellers continued to dominate the market, pushing the price down to $11.73, marking a decrease of more than 5%. Buyers made an effort to regain control on Thursday as APT hit a high of $12.35 during the day. Yet, their efforts waned, and APT dropped by over 4% to end the day at $11.23. Currently, in the ongoing session, buyers are trying to push APT’s price back above $12, with a rise of 5.10%, trading at $11.81.
Render (RNDR) Price Analysis
On Wednesday and Thursday, RNDR saw a significant drop following a large increase at the start of the week. The post-election surge for RNDR came to a halt when it encountered resistance at around $5, causing only minor decreases on Thursday and Friday. However, bullish feelings resurfaced over the weekend as RNDR rose by nearly 7%, moving above $5 to settle at $5.30. On Sunday, RNDR surpassed its 50-day Simple Moving Average (SMA) and reached a high of $5.96 intraday before settling at $5.52, marking an increase of slightly more than 6%.
As a crypto investor,
Arbitrum (ARB) Price Analysis
After the US elections, Arbitrum showed optimism and soared beyond its 20-day Simple Moving Average (SMA) on Wednesday, ending the day at $0.549. The next day, it climbed even higher over the 50-day SMA and saw a nearly 2% growth on Friday, closing at $0.592. Over the weekend, Arbitrum continued to rise bullishly, gaining 4.66% on Saturday to surpass $0.60 and finish at $0.619. However, Sunday witnessed increased volatility as Arbitrum reached a high of $0.656 and dropped to a low of $0.595 before rebounding to close at $0.629, marking a 1.61% increase. The bullish outlook became even stronger on Monday as Arbitrum climbed almost 7%, wrapping up the day at $0.672.
On Tuesday, buyers’ pace slowed down significantly as ARB experienced a substantial decrease of 6.07%, dropping to $0.631. The selling pressure continued on Wednesday, causing ARB to reach a low of $0.571 during the day before settling at $0.613, marking a nearly 3% decline. On Thursday, ARB dipped below $0.60 after falling by 5.32%, closing at $0.580. However, in the current trading session, ARB has seen an increase of more than 2% as it aims to regain the $0.60 mark.
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2024-11-15 14:12