Crypto Price Analysis 11-14 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, RIPPLE: XRP, DOGECOIN: DOGE, UNISWAP: UNI, IMMUTABLE: IMX

As a seasoned market observer with over two decades of trading under my belt, I must say that this week has been quite a rollercoaster ride for crypto enthusiasts like myself. The unpredictable nature of these digital assets never fails to keep us on our toes!

On Wednesday, Bitcoin (BTC) broke its previous record by shooting past $90,000, and the overall crypto market experienced a resurgence as significant cryptocurrencies rose. Specifically, BTC hit an unprecedented high of $93,409 late in the day, while the Bitcoin Dominance Index, which tracks its market share, reached 61%, a figure not observed since early 2021. Meanwhile, Ethereum (ETH) made a comeback Wednesday evening, maintaining its position above $3,000 and currently trading at approximately $3,231, showing an almost 2% increase.

As a researcher, I’ve noticed substantial increases across various cryptocurrencies, with Solana (SOL), Dogecoin (DOGE), Ripple (XRP), Cardano (ADA), Toncoin (TON), Chainlink (LINK), and Polkadot (DOT) leading the pack. The cumulative market cap of these digital assets has risen by 2.98%, currently standing at a staggering $2.98 trillion. Moreover, the Fear and Greed Index, a measure of market sentiment, has escalated to ‘extreme greed’, suggesting an overwhelmingly bullish outlook among investors in the crypto space.

Talking about BTC’s surge to a nw all-time high, ChangeNOW CMO Pauline Shangett stated,

The surge in Bitcoin’s price over $90,000 indicates growing trust from both institutional and individual investors. This positive trend, reinforced by a Bitcoin Dominance Index of 61%, implies that investors view BTC as a reliable safe-haven during global market turmoil. The recent jump to $93,409 signals a new phase in mainstream cryptocurrency adoption, as more and more investors turn to digital assets. With Ethereum maintaining its position above $3,000 and broader market indicators reflecting extreme enthusiasm, we could be entering an extended period of bullish trends.

Bitcoin (BTC) Sets New All-Time High

Bitcoin (BTC) soared beyond $90,000 to establish a record peak of $93,409 as it continued its upward trend following a temporary dip. This price surge is linked to U.S. President Donald Trump’s supportive stance towards cryptocurrencies and his plans to relax regulations that some believe have hampered the crypto market. He has even stated his ambition to make the United States the global leader in cryptocurrency. During his first term, the Trump administration introduced substantial corporate tax reductions, leading to an increase in market liquidity.

Trump unveiled his own cryptocurrency project called World Liberty Financial. Yet, its debut was met with limited enthusiasm as only a small percentage of the tokens were purchased by investors. Regarding the potential benefits of a Trump administration on the crypto market, Carl Szantyr, Managing Partner at Blockstone Capital, emphasized, “Despite the initial lukewarm response to Trump’s cryptocurrency project, we can anticipate a positive influence of a Trump presidency on the crypto space.

Changes in the political climate might lead to more defined rules for cryptocurrencies, potentially triggering strategic moves like establishing a national Bitcoin reserve and expanding the mining industry.

Bitcoin Market Dominance Reaches Highest Level Since 2021

Since the U.S. elections, Bitcoin (BTC) has experienced a remarkable upward trend, peaking at an unprecedented high of $93,409 before dipping back to its current rate. When Bitcoin rises, other cryptocurrencies often see a substantial increase in value as well. However, alternative coins have struggled to match Bitcoin’s momentum, causing the Bitcoin Market Dominance to climb to 61%, a level not seen since 2021 based on TradingView data. The Bitcoin Dominance Index represents the proportion of the total value of the Bitcoin network to the combined worth of all cryptocurrencies globally.

Gemini Faces Backlash For False Bitcoin Alert

Gemini, a cryptocurrency exchange, experienced significant backlash when they erroneously announced that Bitcoin (BTC) had reached $110,000. After users received an email about the supposed surge in BTC price, Gemini issued an apology. In truth, Bitcoin had only briefly touched an all-time high of $93,409 before dipping back to its current levels.

It appears that Gemini has accidentally triggered a price alert and email because their system made an error. The current price of bitcoin is being reported as over $100K, but unfortunately, this information is incorrect at the moment. We apologize for any confusion caused by this false alarm, and we’ll reach our goal soon.

Experts link the extraordinary price increase to the “Trump Effect,” as investors foresee a more favorable digital currency landscape under a Trump presidency. Simultaneously, cryptocurrency trading platforms are dealing with pricing blunders, leading them to transmit incorrect alerts or display faulty prices. These mistakes can be traced back to technical malfunctions, human oversights, or system misalignments, causing immense bewilderment among investors.

Bitcoin (BTC) Price Analysis

After experiencing a temporary dip and some turbulence, Bitcoin (BTC) regained its upward momentum, achieving a fresh record high before dropping below $90,000. The leading cryptocurrency has surged nearly 4% in the last day and over 20% in the past week, as the crypto market maintains its bullish trend following Donald Trump’s win in the US elections. Trump’s promises of benefits for the crypto sector, reduced regulatory burden, and making the U.S. a global leader in cryptocurrency have fueled this upward momentum. Additionally, he has expressed intentions to replace Securities and Exchange Commission Chair Gary Gensler upon taking office.

Starting from the election day, Bitcoin (BTC) surged approximately 8%, moving past $70,000 to reach $75,179. Despite this powerful surge, optimism among bulls decreased in the following days due to a roadblock at $76,000. Consequently, BTC experienced minimal growth on Thursday and ended the day at $75,779. The price breached $76,000 on Friday after gaining 0.91%, ending the day at $76,740. On Saturday, BTC remained relatively stable with a slight increase to close at $76,619. However, optimism among buyers increased on Sunday, causing Bitcoin to nearly climb 5% above $80,000 and settle at $80,152.

On Monday, bulls held the lead as Bitcoin climbed more than 9%, breaking through the $85,000 mark to reach $87,706. However, on Tuesday, markets experienced high volatility that caused the price to drop. Trying to break above $90,000, Bitcoin lost momentum after reaching a peak of $89,386, giving sellers the upper hand. This resulted in a dip to $82,709 before recovery, ending the day at $87,210 with a slight decrease. On Wednesday, Bitcoin regained its upward trend, surpassing $90,000 and setting a new record high of $93,409, only to decline and settle at $90,150. As of the current session, Bitcoin is slightly down, dipping below $90,000 and trading at $89,659.

If sellers maintain dominance, Bitcoin (BTC) might fall to around $85,000. But if buyers start taking over again, they could push BTC back towards its record high. If this happens and BTC surpasses that level, it could potentially reach $95,000 on its path to $100,000.

Ethereum (ETH) Price Analysis

Despite encountering significant selling pressure over Tuesday and Wednesday, causing substantial declines, Ethereum (ETH) persistently stayed above $3,000. Similar to Bitcoin (BTC), the upward trend for ETH started on election day when it soared by more than 12%, moving beyond its 20-day and 50-day Simple Moving Averages (SMAs) to close at $2,723. On Thursday, buyers continued their dominance as ETH experienced a surge of 6.40% to pass the $2,800 mark and settle at $2,897. There was a slight decrease in bullish momentum on Friday, but ETH still managed to record a rise of 2.26% and end the day at $2,963. Over the weekend, ETH climbed above $3,000 and its 200-day SMA after increasing by 5.59% to close at $3,128. On Sunday, there was volatility as both buyers and sellers fought for control, but ultimately, buyers emerged victorious with ETH rising nearly 2% to finish the day at $3,185.

On Monday, a positive outlook emerged for Ethereum (ETH) as it climbed nearly 6% to surpass $3,300 and settle at $3,373. However, sellers became active at the $3,400 mark, causing ETH to slide into negative territory after reaching an intraday peak of $3,443 on Tuesday, dropping approximately 4% to close at $3,246. Attempts to recover were made on Wednesday as ETH rose to $3,338 but lost momentum. This led to sellers pushing the price down by 1.66%, ending the day at $3,192. Currently, buyers and sellers are in a stalemate, with sellers aiming to push ETH below $3,000. If they succeed, ETH could potentially drop to $2,850. Conversely, if buyers regain control, we might see ETH challenging the resistance at $3,400. Overcoming this level could propel ETH to $3,500.

Solana (SOL) Price Analysis

Since Monday, Solana (SOL) has seen considerable price fluctuations as buyers have found it challenging to push the price above $220, while sellers aim to drive it below $200. On Wednesday, SOL spiked past its 20-day Simple Moving Average (SMA), jumping around 12% and closing at $186. Bulls maintained control on Thursday, pushing SOL up by about 5%, closing the day at $196. With sellers active at $200, there was a slight decrease in optimism among bullish traders as they struggled to push SOL above this level on Friday, resulting in a minimal increase of 1.75% and closing the day at $199. However, on Saturday, SOL managed to surpass $200 and ended up at $210 after rising more than 5%.

This week started off with Solana (SOL) increasing approximately 6%, reaching $222, keeping buyers in control. However, on Tuesday, it dipped into negative territory due to resistance at $225, falling nearly 5% to $211. On Wednesday, there was a surge in volatility as sellers tried to push the price below $200, causing SOL to hit an intraday low of $201. Despite this, it managed to recover slightly and ended the day with a 1.69% increase, closing at $215. As of now, in the ongoing session, Solana is marginally up as both buyers and sellers are fighting for dominance.

Ripple (XRP) Price Analysis

Similar to SOL, Ripple (XRP) has experienced significant fluctuations this week, even after a strong bull run following the elections. After soaring over both the 20 and 200-day Simple Moving Averages on Wednesday, XRP exceeded its 50-day SMA on Thursday, peaking at $0.579 before falling back to $0.556. On Friday, XRP saw a minor dip but regained its upward momentum on Saturday, reaching $0.559. Bullish feelings grew on Sunday as XRP increased by 5.24%, reaching an intraday high of $0.618 before ending the day at $0.588.

On Monday, I observed that XRP exceeded $0.60, marking a 5.50% rise and ending the day at $0.621. Sellers made an attempt to pull XRP back under $0.60 on Tuesday, but their efforts were thwarted by strong buying activity. Consequently, XRP soared over 13%, crossing the $0.70 threshold and settling at $0.704. The volatility spiked significantly on Tuesday as buyers aimed to break through $0.75, while sellers targeted a drop towards $0.60. This led to an intraday high of $0.749 and a low of $0.640 for XRP, which eventually closed at $0.690 after experiencing a nearly 2% fall. The ongoing session has seen XRP trending slightly downward as both buyers and sellers grapple for control.

Dogecoin (DOGE) Price Analysis

On the weekend, Dogecoin (DOGE) experienced an unprecedented growth spurt. This latest rally outperformed its surge during the election day. On Wednesday, DOGE soared by more than 15%, but saw a slight dip on Thursday as optimism cooled. Yet, investors came back to the market on Friday, causing DOGE to rise nearly 5% and surpass $0.200 to reach $0.202. As the weekend approached, bullish sentiment increased, pushing DOGE up by 8% on Saturday and a remarkable 26.90% on Sunday, settling at $0.277.

On Monday, a positive outlook continued for Dogecoin (DOGE) as it jumped around 27% to surpass $0.300 and reach $0.352. However, Tuesday saw considerable fluctuations in DOGE’s price. It soared to an intraday peak of $0.439 but later dropped to $0.380 after a nearly 8% increase, as sellers aimed to prevent it from breaking the $0.400 barrier. The volatility didn’t subside on Wednesday either, with buyers failing once more to push DOGE above $0.400, resulting in a closing price of $0.399 after almost a 5% rise. As of now, the current trading session shows a slight downtrend as both buyers and sellers vie for control over DOGE’s price movements.

Uniswap (UNI) Price Analysis

Despite an extraordinary surge on Wednesday that propelled Uniswap (UNI) past several significant moving averages and resistance levels to reach $9.30, it failed to sustain its momentum and break the $9.50 barrier. Instead, selling pressure caused a decline of about 4% on Thursday and another 0.57% on Friday, dropping the price to $8.85. However, buyers regained control on Saturday, pushing UNI up by 4.32% to close at $9.23. The following day, Sunday, saw a spike in volatility as both buyers and sellers fought for dominance. Ultimately, Uniswap experienced a minor dip and ended the day at $9.21.

On Monday, UNI dipped to a bottom of $8.77, but later recovered, gaining 1.33%, closing at $9.33. However, Tuesday saw a reversal for UNI as it peaked at an intraday high of $10.77, only to slide afterwards. The selling pressure overtook the buying momentum, causing UNI to plummet by 4% and reach $8.96. Continuing this downward trend on Wednesday, UNI hit a low of $8.25 before recovering slightly to close at $8.62, marking a nearly 4% drop. As of the current session, UNI has climbed by 1.19%, trading around $8.73.

Immutable (IMX) Price Analysis

Immutable (IMX) has registered a substantial decline this week despite going on a post-election rally. IMX rose almost 14% on election day but fell marginally on Thursday as buyers lost momentum. Selling pressure intensified on Friday as IMX dropped just over 2% to $1.19. However, buyers returned to the market over the weekend as the price rose almost 8%, going above the 20-day SMA to an intraday high of $1.41 before settling at $1.29, just above the 20-day SMA. IMX registered a marginal increase on Sunday despite facing significant volatility to end the weekend positively.

This week started with IMX showing a rise of more than 8% to reach $1.41, indicating that buyers held the upper hand. However, momentum shifted on Tuesday when buyers weakened, causing IMX to slide into negative territory, reaching a low of $1.25. The price then rebounded to close at $1.35, marking a nearly 4% decrease. On Wednesday, sellers took control and pushed IMX down by 8.58%, falling below the 20-day Simple Moving Average (SMA) to settle at $1.23. As of now, buyers are attempting to push IMX back above the 20-day SMA and $1.30.

2024-11-14 14:07