Leading cryptocurrencies catapulted Monday as the rally sparked by Donald Trump's victory entered top gear.
Cryptocurrency | Gains +/- |
|
$Bitcoin (BTC.CC)$ (CRYPTO: BTC) | +10.40% | $89,128.08 |
$Ethereum (ETH.CC)$ (CRYPTO: ETH) | +3.44% | $3,307.99 |
$Dogecoin (DOGE.CC)$ (CRYPTO: DOGE) | +22.73% | $0.355 |
Price (Recorded at 8:15 p.m. ET)What Happened: Bitcoin sailed past $89,500 as the leading cryptocurrency's record-breaking trajectory showed no signs of exhaustion.
The market heavyweight rose more than 31% over the last week, bringing its November gains to 24.82%, the best since 2020.
Ethereum, the second-largest cryptocurrency, also maintained its bullish momentum, spiking to levels last seen on July 25.
More than $669 million locked in futures contracts were wiped out of the market in the last 24 hours, with leveraged shorts bleeding $369 million.
A further $1 billion in short positions would be liquidated if Bitcoin hits $91,000.
Bitcoin's Open Interest rose 6.44% in the last 24 hours to $52.32 billion, indicating an influx of fresh money into the derivatives market.
Market sentiment remained in the "Extreme Greed" zone, according to the Cryptocurrency Fear and Greed Index, signaling that the market could be due for a correction.
Top Gainers (24-Hours)
Cryptocurrency | Gains +/- | Price (Recorded at 8:15 p.m. ET) |
Cronos (CRO) | +73.86% | $0.2164 |
BitTorrent [New] (BTT) | +27.36% | $0.000001231 |
Worldcoin (WLD) | +26.62% | $2.74 |
The global cryptocurrency market capitalization approached $3 trillion, following a jump of 7.72% in the last 24 hours.
Like cryptocurrencies, the stock market continued to revel in Trump's victory. The $Dow Jones Industrial Average (.DJI.US)$ jumped 304.14 points, or 0.69%, to close at a record high of 44,293.13. The S&P 500 gained 0.10% to end at 6,001.35, while the tech-heavy Nasdaq Composite added 0.06% to hit 19,298.76.
The benchmark 10-year yield on U.S. sovereign bonds rose over 2 basis points to 4.334%.
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Analyst Notes: Widely-followed cryptocurrency trader, known by the alias Symbiote, projected Bitcoin to reach $100,000 in 55 days after the election, based on historical trends.
"Right after that, BTC might go sidelined, and alt season will begin. $100 in right altcoins will become $100,000 in a few," the trader predicted.
$BTC will hit $100k in ~55 days after the U.S. Election!
Right after that $BTC might go sideline and altseason will begin
$100 in right alts will become $100,000 in a few days...
Here is the list of the best 10 alts with over 100x potential pic.twitter.com/qs1zxClSEP— symbiote (@cryptosymbiiote) November 11, 2024
Another influential cryptocurrency analyst, Rekt Capital, reminded everyone about Bitcoin's +106% rally in 2020 after breaching its 4-year cycle resistance.
"If Bitcoin were to repeat a +106% move in this current 2024 Candle 4, it would end the year at $96500," the analyst remarked.
#BTC
The 2020 Candle 4 rallied +106% after breaking its respective 4-Year Cycle resistance ($13856, black)
If Bitcoin were to repeat a +106% move in this current 2024 Candle 4, it would end the year at $96500$BTC #Crypto #Bitcoin pic.twitter.com/sI8IHv2QPH— Rekt Capital (@rektcapital) November 11, 2024
