Bitcoin (BTC) surged to a new all-time high, reaching $76,943, only a couple of days after it smashed its previous all-time high of $76,191, as markets continued their upward trajectory following Donald Trump’s victory. BTC also reported a surge in trading volume, which rose to $128 billion in the past 24 hours. Trump has vowed to make the US the “Bitcoin superpower of the world” and potentially hinted at firing current SEC Chair, Gary Gensler, who has pursued legal action against several crypto firms.
BTC is now up almost 10% over the past week. Other major cryptocurrencies have also continued their upward trajectory. Major gainers include Ethereum (ETH), Solana (SOL), Cardano (ADA), Chainlink (LINK), Stellar (XLM), Injective (INJ), and others. However, despite the price jump, the overall crypto market cap registered a drop of 1.04% and fell to $2.51 trillion.
Speaking about BTC’s surge to a new all-time high, ChangeNOW CMO Pauline Shangett stated,
“Bitcoin's recent rally to a new all-time high reflects renewed optimism in the market, especially following Trump’s pro-crypto stance. His promise to make the U.S. a 'Bitcoin superpower' has fueled investor sentiment, while speculation around potential regulatory changes is creating a fertile environment for growth in the space.”
Crypto Surges As Industry Braces For Monumental Shift
Bitcoin (BTC) set a new all-time high hours ago, and crypto-related stocks posted significant gains following Donald Trump’s victory in the elections. The surge indicates growing optimism about a potential change in regulatory approach under the new administration. Crypto stocks like Coinbase (COIN) registered a sharp jump, gaining 31% to close at $254. Other major players reported similar gains, with Robinhood registering a 19% increase, MARA Holdings registering an increase of almost 19%, and MicroStrategy registering an increase in excess of 13%. Cryptocurrencies besides BTC and ETH also posted significant increases while Uniswap (UNI) registered a staggering 35% increase.
Coinbase CEO Brian Armstrong expressed optimism about crypto moving forward, stating,
“America is going to follow a path toward economic freedom which is our source of strength, based on limited government, rule of law, meritocracy, fiscal discipline, respecting the free market (not government).”
Trump Win Ignites A $300B Surge In Crypto
The cryptocurrency market cap registered an increase of $330 billion in value as investor interest skyrocketed, buoyed by the prospect of a crypto-friendly administration. The market cap currently sits at a staggering $2.51 trillion. Crypto behemoths Bitcoin (BTC) and Ethereum (ETH) led the rally. BTC surged to a new all-time high in the hours following the election and surged to $76,943 earlier today.
Trump’s victory has sparked significant optimism among investors and energized the crypto community, thanks to his association with figures like Elon Musk. Under a Trump presidency, investors anticipate a drop in regulatory restrictions, allowing greater flexibility in the crypto sector. The Republican party has been quite critical of the United States Securities and Exchange Commission's (SEC) handling of the crypto market.
Fed Chair Jerome Powell Not Stepping Down
The Federal Reserve announced a second rate cut, marking a cautious shift in monetary policy. The move comes as Chair Jerome Powell quashed discussions about his resignation, asserting the Fed’s autonomy from presidential influence. The Fed’s decision to approve a second rate cut of 25 basis points indicates it is continuing to adjust monetary policy following September’s rate cut of 50 basis points.
Meanwhile, Fed Chair Jerome Powell confirmed he would not be stepping down if President-elect Donald Trump requested, adding that the president does not have legal authority to fire or demote him as it is not permitted by law.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) surged to a new all-time high of $76,943 hours ago as markets continued their post-election rally. The world’s largest cryptocurrency is up almost 10% over the past week, with analysts expecting a push to $80,000 by the end of the year. As we can see in the price chart, BTC has come down slightly after hitting its new all-time high and is currently trading just under $76,000. The world’s largest cryptocurrency also reported a spike in trading volume in the past 24 hours. The Fed’s decision to lower interest rates by 25 basis points further buoyed market optimism. The cut brought the benchmark rate down to $4.50%, following a 50 basis point rate cut in September. Following the FOMC meeting, Federal Reserve Chair Jerome Powell stated he was optimistic about economic activity.
“If the economy remains strong and inflation is not sustainably moving toward 2%, we can dial back policy restraint more slowly. If the labor market were to weaken unexpectedly, or inflation was to fall more quickly than anticipated, we can move more quickly.”
Historically, BTC and the crypto markets have responded positively to low interest rates. This is because low rates increase investor appetite for risk assets like cryptocurrencies.
Looking at the price chart, BTC was quite bearish leading up to the elections but has posted a significant rally and set new all-time highs following the results. After registering a substantial drop last Thursday, BTC continued to drop on Friday, slipping below $70,000 and settling at $69,562 after a fall of just over 1%. BTC posted a marginal increase on Saturday but fell back in the red on Sunday, dropping almost 1% to $68,909. Bearish sentiment intensified on Monday as BTC slipped below the 20-day SMA and dropped to an intraday low of $66,832. However, it recovered from this level and settled at $67,882, a drop of 1.49%.
Source: TradingView
However, it recovered on Tuesday as market sentiment began changing on the eve of the elections. As a result, BTC pushed back above the 20-day SMA and settled at $69,458 after an increase of 2.32%. Bullish sentiment intensified on Wednesday as BTC surged over 8% to move past 70,000 and settle at $75,125 after setting a new all-time high at $76,000. BTC set a new all-time high on Thursday, rising to an intraday high of $76,943 before declining and settling at $75,776. The current session sees BTC marginally up and trading just below the $76,000 mark. Analysts expect BTC to remain bullish and push to $80,000 by the end of the year. However, with the RSI currently in the overbought zone, we may see a slight pullback before BTC resumes its upward trajectory.
Ethereum (ETH) Price Analysis
Ethereum (ETH) is looking to push above the 200-day SMA and $3,000 but faces considerable selling pressure at these levels. ETH has rallied strongly following the elections and has surged past the 20 and 50-day SMAs and crucial resistance levels. As we can see in the price chart, ETH slipped below the 20 and 50-day SMAs last week as sellers dominated the market. By Friday, it dipped to an intraday low of $2,466 before recovering and selling at $2,512. However, selling pressure returned over the weekend as ETH dropped by 0.79% on Saturday and 1.43% on Sunday, dropping to a low of $2,410 before settling at $2,456.
Source: TradingView
Bearish sentiment persisted on Monday as ETH slipped below $2,400 after a drop of 2.41% pushed the price down to $2,397. However, sentiment began shifting on Tuesday as ETH recovered from $2,400, rising by 1.23% to $2,423. Bullish sentiment surged on Wednesday following election results, and ETH rallied over 12% to go past the 20 and 50-day SMAs and $2,700 to settle at $2,723. Bulls remained in control on Wednesday, and ETH surged past $2,850 on its way to $2,897 after an increase of 6.41%. The current session sees ETH up by 0.80%, moving past $2,900 and trading at $2,920. ETH reached an intraday high of $2,955 before declining to its current level. Should bullish sentiment persist, we could see ETH push above the 200-day SMA and $3,000.
Solana (SOL) Price Analysis
Solana (SOL) is on the brink of pushing above $200 but is facing considerable resistance as buyers and sellers battle to dictate price movements. SOL spent most of the previous week in the red, dropping below $170 on Friday and settling at $166, just above the 20-day SMA. Buyers and sellers struggled to take control on Saturday, leading to considerable volatility. Ultimately, neither could take the upper hand, and SOL remained at $166. However, buyers took control on Sunday, driving SOL down to an intraday low of $157. SOL recovered from this level to push above $160 and settle at $162, a drop of 2.20% from the previous day.
Source: TradingView
The current week began with bearish sentiment persisting as SOL dipped by almost 3% to go below $160 and settle at $157. The price recovered Tuesday as market sentiments began changing, rising nearly 6% to reclaim $160 and settle at $166, just below the 20-day SMA. Markets surged on Wednesday following the election, and SOL surged over 12% to go past the 20-day SMA and settle at $186, with buyers setting their sights on $190. SOL breached $190 on Wednesday after registering a substantial increase of 5.23% and settling at $196. The current session sees SOL up by 1.30% as buyers look to push the price above $200. If SOL can go above this level, we could expect a jump to $220 or $230. However, with the RSI creeping into the overbought zone, we could see a slight pullback in the short term.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) surpassed all expectations after a staggering 25% increase on election day. However, its price has since retreated and is back under $0.200, with the popular meme coin reporting a substantial cutback following profit booking after its price jump. DOGE was trading in the red during the latter half of the previous week as sellers drove the price down from $0.175. By Sunday, DOGE dipped below the 20-day SMA and fell to an intraday low of $0.141 before reclaiming $0.150 and settling at $0.151.
Source: TradingView
DOGE began the current week positively, rising by 4.43% and settling at $0.158. The price surged to an intraday high of $0.179 before settling at $0.170, an increase of almost 8%. Bullish sentiment gathered momentum on Wednesday as DOGE surged over 25% to an intraday high of $0.218 thanks to a decisive Trump victory. However, it retreated from these levels, slipping below $0.200 and settling at $0.196, ultimately registering an increase of almost 17%. The price dropped by nearly 2% on Thursday as DOGE slipped to $0.192. However, it is back in the green during the current session and is up almost 3% as buyers look to push the price above $0.200.
With the RSI in the overbought zone, analysts expect a marginal decline in the short term before bullish sentiment resumes.
Chainlink (LINK) Price Analysis
Chainlink (LINK) is testing the overhead resistance as it looks to go above the 200-day SMA and $13 after registering an unprecedented surge following election results. LINK was extremely bearish during the previous week and slipped below the 20 and 50-day SMAs on Friday after a drop of 1.21% to settle at $11.26. Bearish sentiment persisted on Saturday as LINK dropped by 0.78% to $11.17. Sunday saw LINK slip below a crucial support level after a drop of almost 4% and settle at $10.76.
Source: TradingView
The current week began with sellers retaining control as LINK dropped almost 5% to $10.24. However, markets began recovering on Tuesday as LINK registered an increase of nearly 6% to settle at $10.85. LINK rallied over 12% on Wednesday to surge past the 20 and 50-day SMAs, reclaiming crucial levels and settling at $12.18. Bullish momentum persisted on Thursday as LINK rose to $12.60. The current session sees LINK up by 1.40% as buyers look to push the price above the 200-day SMA and $13. A break above this level could see LINK rise to $14.
Dogwifhat (WIF) Price Analysis
Dogwifhat (WIF) has declined over the past couple of sessions despite rising substantially on Tuesday and Wednesday. The popular Solana-based meme coin was quite bearish the previous week and ended the weekend in the red after dropping to a low of $1.96 before settling at $1.07. WIF slipped below $2 on Monday as it started the week in the red, dropping over 7% to $1.92. Despite the overwhelming bearish sentiment, WIF recovered on Tuesday, rising by 9.46%, reclaiming $2 and settling at $2.10.
Source: TradingView
The price rallied on Wednesday, surging past the 20 and 50-day SMAs and settling at $2.40 after registering an increase of almost 15%. However, with strong resistance at upper levels, WIF fell back in the red, dropping by 0.91% on Thursday after reaching a high of $2.48 and settling at $2.38. Buyers attempted to push above $2.50 during the ongoing session but were unsuccessful. As a result, sellers took over and WIF is down almost 3%, trading below the 20 and 50-day SMAs at $2.32.
Internet Computer (ICP) Price Analysis
Internet Computer (ICP) also faced considerable selling pressure during the previous week, slipping below crucial support levels. By Friday, it had dipped below $8 and settled at $7.80. Bearish sentiment intensified over the weekend as ICP dropped by 3.59% on Saturday and 4.39% on Sunday to settle at $7.19. Sellers remained in control on Monday as ICP fell to an intraday low of $6.83. However, it recovered from this level to reclaim $7 and settle at $7.02. With markets turning bullish on Tuesday, ICP registered an increase of 4.99% to settle at $7.37.
Source: TradingView
Bullish sentiment picked up on Wednesday as ICP rose over 7% to move past the 20-day SMA and settle at $7.89. Volatility picked up on Thursday as buyers and sellers attempted to exert influence. Buyers looked to push ICP above $8, while sellers tried to drive the price below $7.50. As a result, ICP rose to an intraday high of $8.12 and fell to an intraday low of $7.53 before settling at $7.82, a drop of almost 1%. The current session sees sellers retain control, with ICP down nearly 2% and trading at $7.67.
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.
