As a seasoned cryptocurrency analyst with years of experience under my belt, I find myself constantly intrigued by the ever-evolving landscape of digital assets. The recent price movements of these coins are nothing short of fascinating, and I’m always eager to dissect each move, interpret the trends, and predict future possibilities.
Bitcoin (BTC) soared to a record peak of $76,943, surpassing its previous high of $76,191 set just days ago, as markets maintained their upward momentum in the wake of Donald Trump’s election. Additionally, BTC saw a significant increase in trading activity, with a volume of $128 billion exchanged over the past 24 hours. Trump has expressed ambitions to establish the U.S. as the global leader in Bitcoin and may consider replacing current SEC Chair, Gary Gensler, who has taken legal action against various crypto companies.
Bitcoin has surged nearly 10% over the last seven days, while other significant cryptocurrencies have also seen an upward trend. Notable gainers include Ethereum (ETH), Solana (SOL), Cardano (ADA), Chainlink (LINK), Stellar (XLM), Injective (INJ), and various others. Despite the price rise, the total crypto market value experienced a decline of 1.04%, settling at approximately $2.51 trillion.
Speaking about BTC’s surge to a new all-time high, ChangeNOW CMO Pauline Shangett stated,
The surge of Bitcoin prices to an unprecedented peak demonstrates growing enthusiasm within the market, particularly after President Trump expressed positive views on cryptocurrency. His declaration to turn the U.S. into a leading force in Bitcoin has ignited investor confidence, and speculation about possible regulatory adjustments is fostering conditions conducive to growth in this sector.
Crypto Surges As Industry Braces For Monumental Shift
As an analyst, I’ve observed that Bitcoin (BTC) has just hit a record high, and it seems the victory of Donald Trump in the elections is fueling optimism about crypto-related stocks. This surge could be indicative of potential changes in regulatory stance under the new administration. Companies like Coinbase (COIN), for instance, saw a significant rise, ending the day at $254 after a 31% jump. Similar trends were seen with Robinhood, MARA Holdings, and MicroStrategy, which reported increases of 19%, almost 19%, and over 13% respectively. Even cryptocurrencies beyond BTC and ETH showed significant growth, while Uniswap (UNI) experienced a substantial increase of 35%.
Coinbase CEO Brian Armstrong expressed optimism about crypto moving forward, stating,
We’re planning to pursue an economic course centered around liberty, drawing from our core strengths like minimal government intervention, adherence to legal principles, a system that rewards talent and hard work, financial responsibility, and a strong belief in the power of free markets over government control.
Trump Win Ignites A $300B Surge In Crypto
The value of the cryptocurrency market has risen significantly by $330 billion due to heightened investor enthusiasm, fueled by expectations of a pro-cryptocurrency administration taking office. Currently, the total market capitalization stands at an astounding $2.51 trillion. The major players in the crypto world, Bitcoin (BTC) and Ethereum (ETH), have spearheaded this surge. In the wake of the election, Bitcoin reached a new record high and has since climbed to an impressive $76,943 as of today.
As a crypto investor, I’ve noticed a surge of optimism within our community following Trump’s election victory. This optimism is largely driven by his connections with influential figures like Elon Musk. The anticipation among us is that under Trump’s presidency, regulatory restrictions might lessen, providing more freedom for the crypto sector to flourish. It’s also worth mentioning that the Republican party has been vocal about their criticism towards the U.S. Securities and Exchange Commission’s (SEC) management of the crypto market, which could potentially lead to a more favorable environment for cryptocurrencies.
Fed Chair Jerome Powell Not Stepping Down
The Federal Reserve made another reduction in interest rates, signaling a careful adjustment in their monetary strategy. This action was taken after Chair Jerome Powell dismissed talk of his resignation, emphasizing the Fed’s independence from political interference by the President. By lowering rates again by 0.25%, the Federal Reserve is showing it intends to further fine-tune its monetary policy in line with the 0.5% cut made in September.
In other words, Jerome Powell made it clear that he wouldn’t resign if asked by President-elect Donald Trump, stating that the president doesn’t have the power to dismiss or demote him according to the law.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) hit an unprecedented peak of $76,943 recently, fueling the ongoing market surge after the election. This digital currency has seen nearly a 10% increase over the past week, and analysts predict it could reach $80,000 by year-end. As you can see in the graph, BTC experienced a slight dip following its new record high but is currently trading close to $76,000. Additionally, there was a significant surge in Bitcoin trading activity within the past 24 hours. The Fed’s decision to decrease interest rates by 0.25% has further boosted market confidence. This move brought the key rate down to 4.50%, following a 0.50% cut in September. After the Federal Open Market Committee meeting, Federal Reserve Chair Jerome Powell expressed optimism about economic growth.
If the economy continues to thrive without a steady rise in inflation close to 2%, we have the flexibility to ease off on our restrictive policies at a gradual pace. However, if the job market experiences an unexpected downturn or inflation drops faster than expected, we may need to respond more promptly.
In the past, Bitcoin (BTC) and the crypto market have generally thrived when interest rates are low. The reason behind this is that reduced interest rates often stimulate investors’ desire for higher-risk investments such as digital currencies like Bitcoin.
Examining the Bitcoin price trend, there was a noticeable bearish pattern prior to the elections. However, following the election results, Bitcoin experienced a strong surge and reached new record highs. After experiencing a significant decline on Thursday, Bitcoin continued to fall on Friday, dipping below $70,000 to close at $69,562, marking a 1% decrease. On Saturday, Bitcoin saw a minor increase but turned negative again on Sunday, dropping almost 1% to $68,909. The bearish sentiment grew stronger on Monday as Bitcoin fell below its 20-day Simple Moving Average and reached an intraday low of $66,832. Despite this, it managed to recover slightly and ended the day at $67,882, a decrease of approximately 1.49%.
Initially, Bitcoin dipped on Monday but started recovering from Tuesday as investors’ optimism grew ahead of the elections. This recovery pushed Bitcoin above its 20-day Simple Moving Average and closed at $69,458 with a 2.32% increase. The bullish trend intensified on Wednesday when Bitcoin surged over 8%, moving past $70,000 to close at $75,125 after reaching an all-time high of $76,000. On Thursday, Bitcoin set another all-time high, peaking at $76,943 before dipping and closing the day at $75,776. As we speak, Bitcoin is slightly up, trading just under the $76,000 mark. Analysts predict that Bitcoin will continue its bullish trend and reach $80,000 by year-end. However, given that the Relative Strength Index (RSI) is currently in the overbought zone, there might be a brief pullback before Bitcoin resumes its upward momentum.
Ethereum (ETH) Price Analysis
Ethereum (ETH) is attempting to break above its 200-day Simple Moving Average (SMA) and the $3,000 mark, but it’s encountering significant resistance at these levels. After the elections, ETH has experienced a robust uptrend, surpassing both the 20 and 50-day SMAs as well as key resistance points. However, a week ago, ETH dipped below its 20 and 50-day SMAs due to heavy selling, reaching an intraday low of $2,466 on Friday before rebounding to sell at $2,512. The selling pressure resurfaced over the weekend, causing ETH to drop by 0.79% on Saturday and 1.43% on Sunday, touching a low of $2,410 before closing at $2,456.
On Monday, a bearish outlook prevailed as ETH dipped below $2,400 due to a 2.41% fall, dropping its price to $2,397. However, on Tuesday, the sentiment started changing as ETH rebounded from $2,400 and rose by 1.23%, reaching $2,423. On Wednesday, optimistic sentiments escalated following election results, causing ETH to surge over 12% and breach both the 20 and 50-day moving averages as well as $2,700, settling at $2,723. The bulls remained dominant on Wednesday, pushing ETH beyond $2,850 towards $2,897 after a 6.41% rise. In the current session, ETH is up by 0.80%, having surpassed $2,900 and trading at $2,920. Earlier in the day, ETH peaked at an intraday high of $2,955 before dipping to its present level. If bullish sentiments continue, we might witness ETH breaking past the 200-day SMA and $3,000.
Solana (SOL) Price Analysis
Solana’s price is poised to potentially surpass $200, but it’s encountering strong opposition as both buyers and sellers vie for control over its direction. Over the past week, Solana (SOL) mostly experienced losses, dipping below $170 on Friday and concluding at $166, slightly above the 20-day Simple Moving Average. The price battle between buyers and sellers persisted on Saturday, causing significant fluctuations. Neither group managed to gain a decisive advantage, resulting in SOL remaining at $166. However, buyers gained momentum on Sunday, pushing SOL down to an intraday low of $157. Subsequently, SOL rebounded from this level and rose above $160, closing the day at $162 – a 2.20% decrease compared to the previous day.
This week started off with Solana (SOL) experiencing bearish trends, dropping nearly 3% to fall below $160 and settle at $157. However, market sentiments shifted on Tuesday, causing SOL to rise by almost 6%, reclaiming $160 and settling at $166, just beneath the 20-day Simple Moving Average (SMA). The markets experienced a surge on Wednesday following an election, with SOL rising over 12% to surpass the 20-day SMA, settle at $186, and aim for $190. On Wednesday, SOL breached $190 after registering a significant increase of 5.23%, settling at $196. As of the current session, SOL has risen by 1.30% as buyers attempt to push the price above $200. If SOL manages to break this level, we might see it jump to around $220 or $230. However, with the Relative Strength Index (RSI) approaching the overbought zone, there could be a temporary pullback in the near future.
Dogecoin (DOGE) Price Analysis
On election day, Dogecoin (DOGE) experienced an impressive 25% surge that surpassed expectations. However, since then, its price has dropped back down to around $0.200 as profit-taking occurred following the price hike. DOGE saw a significant decline after this move, with the meme coin reporting a substantial decrease. Trading in the red during the latter part of the previous week, sellers pushed the price of DOGE down from $0.175. By Sunday, DOGE had fallen below its 20-day moving average and reached an intraday low of $0.141 before regaining $0.150 and ending the day at $0.151.
Dogecoin started off this week with a positive trend, climbing by 4.43% to reach $0.158. The day’s high was $0.179, marking an almost 8% increase. The bullish momentum grew on Wednesday when DOGE surged over 25%, reaching an intraday high of $0.218, driven by a decisive Trump victory. However, it later fell back, dipping below $0.200 to settle at $0.196, resulting in a nearly 17% increase. On Thursday, DOGE dropped close to 2%, reaching $0.192. But in the current session, it has regained its upward trend and is up almost 3%, with buyers aiming to push the price above $0.200.
Given that the Relative Strength Index (RSI) is indicating an oversold condition, analysts predict a slight drop in the near future, after which optimism may return.
Chainlink (LINK) Price Analysis
Currently, Chainlink (LINK) is attempting to break through its resistance level, aiming to surpass the 200-day Simple Moving Average (SMA) and reach approximately $13. This upward trend follows an unexpected surge in value following the election results. Last week, LINK was quite bearish, falling below both the 20 and 50-day SMAs on Friday, marking a 1.21% decrease to close at $11.26. The bearish sentiment continued over Saturday, with LINK dropping by an additional 0.78% to reach $11.17. On Sunday, LINK dipped below a significant support level after a nearly 4% drop, closing the day at $10.76.
This week started off with sellers holding the upper hand, causing LINK to dip nearly 5% to $10.24 on Monday. But starting Tuesday, markets started to rebound, and LINK saw a nearly 6% increase, ending at $10.85. On Wednesday, LINK experienced a rally of over 12%, surpassing both the 20-day and 50-day moving averages and recapturing key levels to settle at $12.18. The bullish trend continued on Thursday as LINK climbed to $12.60. Currently, buyers are trying to push the price above the 200-day SMA and $13, and a successful breakthrough could potentially take LINK to $14.
Dogwifhat (WIF) Price Analysis
Over the last few trading days, Dogewithhat (WIF) has shown a downward trend, even though it saw a significant increase on both Tuesday and Wednesday. This well-known meme coin associated with Solana experienced a bearish trend for most of the previous week, finishing the weekend in negative territory following a dip to $1.96, which was further reduced to $1.07. On Monday, WIF dipped below the $2 mark as it began the week on a losing streak, dropping by about 7% to reach $1.92. However, against the predominant bearish sentiment, WIF managed to recover on Tuesday, gaining 9.46%, reclaiming the $2 level and closing at $2.10.
Yesterday, I observed an upward surge in the price, breaking past both the 20-day and 50-day Simple Moving Averages to reach a peak of $2.48, marking an almost 15% increase. However, encountering strong resistance at higher levels, the asset, WIF, dipped into negative territory today, experiencing a decrease of 0.91%, and settling at $2.38. Attempts by buyers to push beyond the $2.50 mark were unsuccessful during the ongoing session, giving way to sellers who have since driven the price down almost 3%. As a result, WIF is currently trading below both the 20-day and 50-day SMAs at $2.32.
Internet Computer (ICP) Price Analysis
During the past week, Internet Computer (ICP) experienced substantial selling pressure that caused it to fall beneath key support points, reaching a level below $8 and settling at $7.80 by Friday. The bearish trend strengthened over the weekend as ICP declined by 3.59% on Saturday and 4.39% on Sunday, ending at $7.19. On Monday, sellers continued to dominate, pushing ICP down to an intraday low of $6.83. However, it managed to recover from this level, regaining the $7 mark and closing at $7.02. With a bullish market shift on Tuesday, ICP experienced a 4.99% increase, ending the day at $7.37.
As a researcher, I observed a surge in bullish sentiment on Wednesday as ICP surged more than 7%, breaking past the 20-day Simple Moving Average (SMA) to settle at $7.89. However, Thursday saw an increase in market volatility as both buyers and sellers sought to assert control. Buyers aimed to push ICP above the $8 mark, while sellers attempted to drag it below $7.50. This struggle led to ICP reaching a high of $8.12 and a low of $7.53 during the day, with a subsequent drop of almost 1% to close at $7.82. Currently, in this session, sellers seem to be dominating, with ICP down nearly 2% and trading at $7.67.
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2024-11-08 16:12