The global cryptocurrency market is buzzing. It’s up about 5%, hitting a total of $2.3 trillion. Bitcoin has crossed the $70,000 mark, and traders are feeling optimistic.
Analysts expect bullish price movements after the election. The sentiment is strong, especially with predictions leaning toward a Trump victory.
Here’s a quick look at the current prices:
- Bitcoin (BTC/USD): $70,020.74 (+3.2%)
- Ethereum (ETH/USD): $2,446.49 (+0.7%)
- Solana (SOL/USD): $167.03 (+4.5%)
- Dogecoin (DOGE/USD): $0.1728 (+8.6%)
- Shiba Inu (SHIB/USD): $0.00001802 (+6.5%)
Notable Statistics:
IntoTheBlock data shows large transaction volumes are up by 89.1%. Daily active addresses have grown by 25.1%. Transactions over $100,000 jumped from 5,942 to 8,295 in just one day. Meanwhile, netflows on exchanges have dropped by 60.2%. Coinglass reports that 79,522 traders faced liquidation in the last 24 hours, totaling $218.60 million.
Key Developments:
- As the Markets in Crypto-Assets (MiCA) regulation nears full adoption, Europe aims to become a leader in Web3.
- Bitcoin and Ethereum ETFs saw over $600 million in net outflows ahead of the election.
- Coinbase CEO Brian Armstrong criticized regulatory overreach, stating, “Nothing to capture in small government.”
- A Michigan pension fund invested $10 million in Ethereum ETFs, surpassing its Bitcoin holdings.
Top Gainers:
- Aerodrome Finance (AERO/USD): $1.17 (+10.6%)
- Artificial Superintelligence Alliance (FET/USD): $1.24 (+10%)
- Bittensor (TAO/USD): $456.89 (+10%)
Trader Insights:
With Bitcoin back above $70,000, trader Bitcoin Munger sees strong signals for a post-election price surge. Fred Krueger compared this moment to past elections, noting that three months after the last election, Bitcoin hit a new all-time high.
What’s Next?
Bitcoin's role as an institutional asset class will be a hot topic at Benzinga’s Future of Digital Assets event on November 19. Veteran traders will share their “Presidential Election Crypto Trading Roadmap,” expecting significant market volatility.
This content was partially generated with AI tools and reviewed by Benzinga editors. Market news and data come from Benzinga APIs.