As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market cycles and trends. However, the current crypto market, particularly Bitcoin, is like nothing I’ve ever witnessed before. The rapid growth and momentum it has displayed since Trump’s re-election victory is truly remarkable.
On Tuesday, the crypto market temporarily paused, as Bitcoin dropped approximately 1% to $87,440.88. This downturn comes after its remarkable surge last week following Donald Trump’s win in the U.S. presidency. Investors are optimistic about further growth, with several aiming for Bitcoin to surpass $100,000 by the end of the year. On Monday, Bitcoin reached a high of $89,623, according to CryptoCompare figures.
Following the U.S. presidential election on November 5th, Bitcoin has surged past 26%, breaking through earlier highs and moving into a phase of price exploration. Analysts attribute this surge to optimism about a more favorable regulatory climate for cryptocurrencies. Trump’s pledges of clearer regulations have ignited excitement among investors who have long grappled with ambiguity in the sector.
Matt Hougan, Chief Investment Officer at Bitwise Asset Management, shared with CNBC that the combination of a favorable regulatory environment and a market that’s already optimistic should help continue the trend of rising prices.
Mike Colonnese, an analyst at H.C. Wainwright, underscored his optimistic outlook towards Bitcoin, predicting it could climb to six-digit figures by year’s end. Similarly boasting impressive gains recently, Ether experienced a 3% dip today following its 33% surge since the election, but remains on an upward trajectory overall.
In addition, the wider cryptocurrency market, including Shiba Inu and other coins, has experienced corrections recently. Notably, Shiba Inu dropped by 4% following a significant 57% increase over the last week. Conversely, Dogecoin bucked this trend, soaring more than 135% since November 5. This impressive rise can be attributed to its association with Elon Musk, who is associated with Trump’s re-election campaign.
On the social media platform X, prominent figures within the cryptocurrency sphere publicly acknowledged significant achievements. Notably, long-standing Bitcoin proponent Tuur Demeester declared that Bitcoin’s market capitalization surpassed that of silver.
In an unprecedented turn of events, I find myself witnessing a significant milestone in the evolution of digital currencies: Bitcoin’s market capitalization has surpassed the total value of all above-ground silver, a precious metal that has served as a medium of exchange for more than 4,000 years. This historic moment underscores the growing influence and potential of cryptocurrencies in our global economy.
— Tuur Demeester (@TuurDemeester) November 12, 2024
According to the widely recognized crypto market commentary program COin Bureau, it’s been established that Bitcoin currently ranks as the 8th most valuable asset globally in terms of market capitalization.
Just announced: Bitcoin has surpassed silver in terms of market value, making it the eighth most valuable asset globally.
— Coin Bureau (@coinbureau) November 12, 2024
On November 11th, Alex Thorn (Galaxy Digital’s Head of Research) pointed out that Bitcoin experienced its most significant one-day increase ever, emphasizing the robustness of this current market trend.
This list is arranged based on the percentage change per day (from smallest to largest), with the 49th largest percentage change and the largest dollar change at the top.
— Alex Thorn (@intangiblecoins) November 12, 2024
Although Bitcoin experienced a short-term dip today, analysts remain optimistic about its continued rise, as there’s still a significant difference between its previous peak of $72,000 and the projected $100,000 level. The Chief Investment Officer of Bitwise told CNBC that while temporary declines might occur, the general trend remains positive in this new market phase. In other words, even though Bitcoin may have a minor setback today, experts believe its upward momentum is likely to continue.
It appears that the Bitcoin prices at their all-time highs of approximately $72,000 and $100,000 have some space in between, making it challenging to predict what might trigger sellers to enter this market and potentially slow down its progression towards that level. However, it’s important to note that there are no assurances – we may experience pullbacks, but we find ourselves in a new era of the cryptocurrency market cycle. I believe that our optimism is justified, and the overall trend remains positive.
Currently as I type this (12:55 PM UTC on November 12), Bitcoin’s price stands approximately at $85,633, experiencing a drop of about 4.6% over the last 24 hours.
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2024-11-12 17:10