1 week ago
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Bitcoin (BTC) catapulted to another all-time high, reaching $89,604 before declining marginally, as bulls set their eyes on $90,000 and $100,000. The euphoria over Trump’s win shows no signs of waning, and BTC could hit $100,000 before the end of the year if the bull run continues at its current pace. The world’s largest cryptocurrency is up almost 8% over the past 24 hours and a staggering 29% over the past seven days.
Other cryptocurrencies continued their upward trajectory, with Ethereum (ETH) consolidating its position above $3,000. ETH is up almost 5% over the past 24 hours and an astonishing 38% over the past week. Other significant gainers include Solana (SOL) and Dogecoin (DOGE). SOL is up over 37% in the past week, while DOGE is up an unprecedented 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,
“Bitcoin's swift rise to an all-time high of nearly $90,000 is a testament to the market’s bullish momentum, fueled by increased institutional interest and macroeconomic factors. With this rally, Bitcoin is closing in on the psychological milestone of $100,000, which could act as a strong resistance level—or the threshold for a new era in digital assets.”
Bitcoin (BTC) Vaults To New All-Time High
Bitcoin (BTC) hit another all-time high as the cryptocurrency ecosystem’s unprecedented rally continued following Donald Trump’s victory. The flagship currency is up almost 9% over the past 24 hours and hit $89,604 only hours ago before declining marginally to slip back below $89,000. Other major altcoins, including Ethereum (ETH), Dogecoin (DOGE), Cardano (ADA), Toncoin (TON), Ripple (XRP), Shiba Inu (SHIB), Chainlink (LINK), and Polkadot (DOT), also registered substantial gains over the past 24 hours. Susannah Streeter, the Head of Money and Markets at investment platform Hargreaves Lansdown, stated that crypto’s surge is due to growing euphoria in the crypto market following Trump’s win.
“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 also promised to remove SEC Chair Gary Gensler, who had taken an aggressive approach to crypto and brought enforcement action on several prominent crypto firms. Citi strategists noted that crypto is one of the few Trump trades yet to retrace, stating in a note,
“Part of the reason is due to the anticipated crypto-friendly nature of Trump’s administration, which investors hope will translate into regulatory clarity in the US.”
The analysts also noted that spot Bitcoin ETFs and spot Ethereum ETFs had recorded some of their largest-ever inflows following the electron.
“Specifically net inflows for Bitcoin and Ethereum ETFs in the two days following the election were $2.01 billion and $132 million. We continue to see ETF flows as one of the main drivers of BTC returns.”
Buy Everything You Can
Bitcoin-related stocks, including Robinhood and Coinbase, also registered substantial increases following BTC’s rally to a new all-time high. Analyst Gautam Chhugani urged investors to invest in crypto and “buy everything they can,” noting there will be a friendlier regulatory environment under a Trump administration. The Bernstein analyst remained confident of their prediction of BTC hitting $200,000 by the end of 2025.
“We believe risk-reward is favorable over (the) next 12 months.”
However, some analysts cautioned new investors to be cautious while investing and avoid bad actors and scam tokens. Anthony Yeung, Global Head of Strategic Development at Crypto Security firm CoinCover, stated,
“Bitcoin's volatility makes it attractive to new investors, but people should take the time to educate themselves about the risks of any bull market. One of the most important trends investors should be aware of is the correlation between new market entrants and the rise in malicious activity. With bitcoin expected to rise even further this week, new investors should be particularly wary of these threats.”
Short Sellers Suffer Heavy Losses
Meanwhile, traders who bet against Bitcoin (BTC) and other cryptocurrencies suffered heavy losses as markets surged. Short traders took another hammering on Monday as crypto and crypto-related stocks surged during pre-market trading, with Coinbase up 16%. Some traders who bet against MicroStrategy lost over $1.2 billion between November 6 and November 8 and $6 billion. The total short-selling losses on Coinbase, crypto miner Riot Platforms, MARA Holdings, and blockchain farm operator Bitfarms amounted to $1.2 billion as of November 8.
“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.”
Bitcoin (BTC) Price Analysis
Bitcoin’s (BTC) unprecedented surge has continued as it set a new all-time high, reaching $89,604 before registering a marginal decline and dropping to current levels. BTC is up over 9% in the past 24 hours and a staggering 30% over the past week, as the bull run shows no sign of waning. BTC’s rally can also trigger significant upward momentum in other altcoins, including Ethereum (ETH), Solana (SOL), Sui (SUI), and Aave. While some traders may think BTC’s unprecedented rally has made it overvalued, Bitwise Invest CEO Hunter Horsley disagreed, stating,
“Bitcoin is different. When Bitcoin’s price goes up, people view it as more likely it will succeed, and therefore be even more valuable. And so it’s likely to go up even further.”
The current rally is not limited to BTC, with other altcoins also breaking above their overhead resistance levels. We can gauge the bullish sentiment in the market by looking at the price chart. After pushing above the 20-day SMA last Tuesday, BTC surged Wednesday, rising over 8% to go above $70,000 and settle at $75,175. Bullish sentiment waned on Thursday as BTC registered an increase of 0.80% to settle at $75,776. Friday saw another marginal increase as BTC moved above $76,000 to settle at $76,470.
Source: TradingView
The weekend began with a marginal increase on Saturday. However, bulls took control on Sunday to push BTC above $80,000 and settle at $80,152 after an increase of 4.61%. Bullish sentiment registered a substantial rise on Monday as BTC surged by 9.42% to an all-time high of $88,398 before dropping and settling at $87,706. The current session saw BTC register another all-time high of $88,746 before declining marginally and settling at its current level of $87,971.
Besides Donald Trump’s election victory, BTC’s surge is driven by an unprecedented surge in institutional interest. According to data from CoinGlass, spot Bitcoin ETFs registered net inflows of $1.61 billion last week. So, will BTC push above $90,000? Analysts expect a pullback in the short term, supported by the RSI in the overbought zone. However, in the long term, bulls remain in control, and we could see BTC push above $90,000 after a brief pullback. If the bears want to make a comeback, they must regain control and push BTC below the 20-day SMA. A drop below this level could trigger a mass liquidation and pull BTC towards $66,000. However, bulls remain in control for now.
Ethereum (ETH) Price Analysis
Ethereum (ETH) has registered a drop during the current session, stalling just below $3,400 as sellers look to drive the price towards $3,000. ETH registered a significant rally on Wednesday as a Trump victory became evident, rising over 12% to push above the 20 and 50-day SMAs and $2,700 to settle at $2,723. Bullish sentiment persisted on Thursday as ETH pushed above $2,800 and settled at $2,841 after an increase of 6.41%. ETH rose to $2,963 on Friday after rising 2.26%. However, it could not push above the 200-day SMA, which acted as a dynamic resistance level.
Source: TradingView
ETH moved above the moving average on Saturday, rising 5.59% to move above $3,000 and settling at $3,128. Sunday saw an increase in volatility as ETH encountered resistance around $3,200, and sellers attempted to lower the price. However, buyers took the upper hand and pushed ETH up almost 2% to $3,185. The current week began with bullish sentiment registering a substantial increase as ETH pushed above $3,200 and settled at $3,373 after an increase of almost 6%. However, the current session sees ETH back in the red, down 1.17% and trading at $3,334. While the markets remain bullish, analysts expect a pullback in the short term. This outlook is supported by the RSI currently in the overbought zone. Sellers will look to drive ETH below $3,000, a level where ETH has support, or to $2,850.
Solana (SOL) Price Analysis
Solana (SOL) has declined marginally during the current session after failing to stay above $220. SOL registered a dramatic increase on Wednesday, surging past the 20-day SMA and settling at $186. Bulls retained control on Thursday, pushing SOL to $196 after an increase of 5.23%. Bullish sentiment waned on Friday, thanks to intense resistance at $200 creating considerable selling pressure. However, buyers pushed SOL up by 1.76% to $199. SOL experienced considerable volatility on Saturday as buyers attempted to push above $200 while sellers tried to lower the price. Ultimately. SOL registered only a marginal increase of 0.01%.
Source: TradingView
Bulls took control on Sunday as SOL pushed above $200 after an increase of just over 5% and settled at $210. SOL broke out of the $210 overhead resistance Monday as bulls tried to assert complete supremacy. SOL ultimately registered an increase of almost 6% to push above $220 and settle at $222. However, the current session finds SOL back in the red, down by just over 1% and trading at $219. If sellers push SOL back below $200-$210, the market has rejected the breakout, and SOL could slip below $200. However, if SOL remains above its current levels, we could see the price surge past $250. Despite the bullish sentiment, analysts expect a pullback in the short term.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) has registered an unprecedented surge since the weekend. The popular meme coin is up nearly 40% in the past 24 hours and a staggering 140% in the past week, as it looks to push above $0.400. DOGE registered a substantial uptick on Wednesday, rising almost 16% and moving to $0.196. However, it fell back on Thursday, dropping by 1.93% and settling at $0.192. Bullish sentiment returned on Friday as DOGE registered an increase of 4.82% to go above $0.200 and settle at $0.202. Bulls retained control over the weekend, with DOGE rising 8% on Saturday and settling at $0.218.
Source: TradingView
Bullish sentiment registered a significant uptick on Sunday as DOGE rallied almost 27% and settled at $0.277. DOGE remained bullish on Monday, rising by 26.96% to push above $0.300 and settle at $0.352. The current session sees DOGE up over 16%, having moved above $0.400 and trading at $0.407. According to analysts, DOGE is set to continue its unprecedented rally, driven by a substantial increase in whale activity. According to on-chain data, 300 million DOGE were withdrawn from several major exchanges, creating a wave of optimism among traders.
Bittensor (TAO) Price Analysis
Bittensor (TAO) registered a sharp decline after registering a substantial increase on Wednesday. TAO surged over 15% on Wednesday to surge past $500 and the 20-day SMA to settle at $528. However, with the 50-day SMA acting as a dynamic resistance level, TAO fell back, dropping almost 4% on Thursday and settling at $507 after failing to push above the moving average. Sellers retained control on Friday, pushing TAO below $500.
Source: TradingView
Despite the intense selling pressure, TAO recovered over the weekend, registering an increase of 3.44% on Saturday and 8.42% on Sunday to go above the 50-day SMA and settle at $560. Bullish sentiment persisted on Monday as TAO went above $600 after an increase of 8.37% and settled at $607. However, TAO is in the red during the current session, with the price down just over 1%, as sellers look to drive the price below $600.
Optimism (OP) Price Analysis
Optimism (OP)’s rally has stalled at $1.80 after it failed to push above the 200-day SMA. OP registered a significant increase on voting day, rising almost 13% to settle at $1.60. However, it failed to push above the 20-day SMA and experienced considerable volatility on Thursday as buyers and sellers struggled to establish control. Ultimately, OP registered only a marginal increase as sellers prevented a move past the 20-day SMA. Buyers attempted to push above the moving average on Friday but were unsuccessful as sellers took control. As a result, OP fell to an intraday low of $1.51 before settling at $1.57.
Source: TradingView
Bullish sentiment returned on Saturday as OP went above the 20-day SMA after an increase of almost 5% and settled at $1.65. However, volatility returned on Sunday as OP struggled to push above the 50-day SMA. After facing significant volatility, OP recovered from a low of $1.55 and settled at $1.64. Buyers returned to the market on Monday as OP rallied almost 11% to surge past the 50-day SMA and the $1.70 resistance to settle at $1.82. However, OP is back in the red during the ongoing session as it struggles to push above the 200-day SMA. OP is down just over 1% and trading at $1.80 after dropping from an intraday high of $1.84.
Chainlink (LINK) Price Analysis
Chainlink (LINK) has surged since Wednesday and moved above key resistance levels and moving averages. However, it has stalled during the current session, with the price marginally down. LINK pushed above $11 and the 20 and 50-day SMAs on Wednesday, registering an increase of 12.27% and settling at $12.18. Buyers retained control on Thursday, and LINK rose to $12.60 after a 3.43% increase. Friday saw LINK push above the 200-day SMA and the resistance at $13 and move to $13.68, an increase of almost 9%.
Source: TradingView
Sellers attempted to take control on Saturday as LINK fell to an intraday low of $13.28. However, it recovered to register an increase of 0.74% and settled at $13.78. Bullish sentiment registered a significant increase on Sunday as LINK rose to an intraday high of $14.88 before dropping and settling at $14.27. LINK continued to push higher on Monday despite considerable selling pressure, rising almost 5% to settle at $14.93. However, thanks to selling pressure at $15, LINK has registered a drop during the current session, with the price down 0.42% at $14.86 after recovering from an intraday low of $14.31.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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