In this week’s Crypto Long & Short Newsletter, David Mercer of LMAX Group writes on tokenization and capital markets that won’t sleep. Then, Andy Baehr looks ahead to crypto’s “sophomore year.”
After Monday’s drop, Ethereum (ETH) fell below key support levels and hit its lowest price since November. Nonetheless, several market watchers remain bullish, predicting a massive rally for the cryptocurrency this quarter. Related Reading: Bitcoin Daily Close To ‘Dictate The Next Move’, Is Another Price Drop Ahead? Ethereum Drops To Two Month Lows Ethereum started the week with a significant correction, falling from the weekend range to its lowest price in two months. Over the weekend, Ethereum hovered between $3,200 and $3,340 after recovering from last week’s lows. Amid this performance, crypto analyst Ali Martinez pointed out that ETH’s most critical resistance was between $3,360 and $3,450, where 4.37 million addresses bought 6.47 million ETH. The analyst also noted that the cryptocurrency’s key support was between the $3,066 and $3,160 price range, where 4.12 million addresses had bought 4.9 million ETH. Ethereum tested this support zone during the December corrections, bouncing from the zone after the pullbacks. However, the king of Altcoins fell below this key support for the first time since November 9, hitting $2,920 on Monday. After the 12% retrace from the weekend highs, ETH tested its post-election breakout level, confirming the $2,900 price range as support. Ethereum quickly bounced from this level, surging 9% to the $3,100-$3,200 range. Crypto investor Miky Bull considers ETH’s recent performance the “perfect setup for a massive reversal.” The trader noted this could be the reversal that leads to a breakout from Ethereum’s inverse head and shoulders pattern. The second-largest cryptocurrency by market capitalization has been forming a multi-month inverse head and shoulder pattern, as noted by several analysts, with its left shoulder formed around the $2,800 price range. Rekt Capital had suggested that “any pullback close to the $3,000 level could see Ethereum develop a right shoulder.” Meanwhile, Miky Bull stated that the bullish setup targeted the $7,000 mark. ETH Resembles 2021 Trajectory Analyst Crypto Bullet pointed out that ETH’s chart resembled its 2021 behavior. The chart shows Ethereum saw a Double Top pattern during its rally over three years ago. Then, the cryptocurrency fell below the key support zone of $3,100, confirming the pattern. However, it reclaimed this level after consolidating for two weeks, which led to the breakout to ETH’s all-time high (ATH). According to the analyst, Ethereum is repeating this pattern after yesterday’s drop, suggesting that the cryptocurrency’s “worst-case scenario” would be hitting ATH levels again. Daan Crypto Traders highlighted ETH’s historical performance during the start of the year, stating that “the percentages ETH does within its first few weeks of the year are pretty crazy.” Related Reading: Ethereum Price Tests Limits: Can It Conquer the Uphill Task? CoinGlass data shows that Ethereum registered mostly negative weekly returns in the first weeks of 2024 but started a 6-week positive streak as February approached. This could suggest that ETH’s negative performance could be reversed in the coming weeks. Nonetheless, Daan advised investors to look at the quarterly returns for a better overview of seasonality. As of this writing, ETH is trading at $3,230, a 3% increase in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
Ethereum (ETH) has started to climb some levels after it fell to the $3,100 support zone last week. The second-largest cryptocurrency is attempting to break from its downtrend, with some market watchers suggesting it is poised for a massive run in 2025. Related Reading: Is Altcoin Season Here Already? VanEck Answers As Bitcoin Price Struggles Below $100,000 Ethereum Key Levels To Reclaim With only a week left in 2024, several market watchers have started forecasting the crypto market’s potential performance for next year. Despite the recent pullbacks, several analysts have predicted a remarkable performance for Ethereum in 2025. The King of Altcoins has struggled to turn the $4,000 level into support. After breaking past this level earlier this month, ETH has been rejected from this price range three times. Its latest attempt occurred a week ago when Ethereum soared to $4,100 before retracing 7.3%. As Bitcoin (BTC) fell to $92,000, the second-largest crypto continued its freefall to the $3,100 support zone, reaching its lowest price in a month. Since then, Ethereum has hovered between $3,200 and $3,550 but failed to break past the price range’s higher zone for the past four days. However, the cryptocurrency has broken out of its downtrend line and is attempting to reclaim the $3,500 support. A crypto analyst noted that ETH appears to have broken and retested its one-week downtrend after reclaiming the $3,400 support. According to the post, a “clean breakout” of this downtrend could lead the cryptocurrency to a retest of higher levels. Ali Martinez highlighted that ETH’s next big support zone was between the $3,032 and $3,132 price range, with 4.85 million ETH bought by 3.69 million addresses. Meanwhile, Ethereum’s next big resistance wall is between $3,640 and $3,740, where over 2 million addresses bought around 4.3 million ETH. To Martinez, “a sustained close outside this no-trade zone will determine the direction of ETH’s trend.” Will ETH Follow 2021’s Performance? Analyst Ted Pillows pointed out that “the first four months after U.S. elections are often highly bullish for ETH.” Per the chart, Ethereum registered massive gains in the first third of the year after the 2016 and 2020 US elections. In 2017, Ethereum started the year with a 31.92% increase in the first month, while it recorded a 78.51% surge in January 2021. In both years, ETH hit its peak monthly performances between March and April, seeing 214% and 44% returns in 2017 and 2021, respectively. If Ethereum repeats this historical performance, its price could surge above its all-time high (ATH) of $4,878 in January and continue to climb during the rest of Q1. Crypto trader Immortal noted that Ethereum’s recent performance resembles its 2020-2021 price action. According to the chart, ETH saw a significant rise in early 2021 before consolidating in its new range. This was followed by a breakout and a massive drop to retest consolidation zone. Related Reading: Solana Recovery Momentum Set The Stage For $194 Resistance Breakout However, when ETH reclaimed its breakout levels in 2021, the cryptocurrency continued rallying toward its previous ATH of $4,300, eventually hitting its current ATH at the end of the year. The trader notes that ETH is retesting the consolidation range after last week’s dip, which signals that the cryptocurrency could soar in the coming weeks if it follows a similar path. As of this writing, Ethereum is trading at $3,501, a 6.3% increase in the last 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com
SUI momentum continues after recording a new all-time high (ATH) on Friday morning. The cryptocurrency surged 4.5% to near the $5 barrier for the second time this week, fueling investors’ optimism about the token’s future price action. Related Reading: Ethereum: Analysts Eye $4,100 Target As ETH Reclaims Key Support Level SUI Nears $5 After New ATH SUI has been one of the leading cryptocurrencies this bull run, rising over 521% year-to-date (YTD) and nearly 182% since Q4 started. The token also outperformed the market throughout the Q2 and Q3 retraces, registering massive gains while most altcoins struggled. As the crypto market started to gain steam in preparations for the US elections, SUI saw a brief consolidation period after surpassing its March ATH. The token hovered between the $1.7-$2.3 price range before continuing the “price discovery” mode in November. The post-US election pump propelled the cryptocurrency’s price past the $3 barrier and near the $4 mark before retracing. Nonetheless, SUI’s momentum resumed on December 5 when it hit the $4.5 mark, fueled by Bitcoin’s first-ever surge above $100,000. The token’s rally continued this week, with SUI registering a 14% increase in the last seven days, which led to its latest $4.92 milestone on Friday morning. SUI’s remarkable performance also drove the token to the top 15 cryptocurrencies by market capitalization after flipping Polkadot (DOT). SUI’s Price To Peak In June? Amid SUI’s performance, several analysts noted that the token, often called “Solana’s “killer,” seems to be repeating SOL’s 2021 path. Market watcher Mags compared the two charts, suggesting investors won’t be ready for SUI’s upcoming movements. During the 2020-2021 cycle, Solana saw a massive rally that drove its price to its previous ATH. Its price action saw SOL gain steam at the end of 2020 and surge to its first major high of the year in May 2021. Then, Solana consolidated for a few months before resuming its run, peaking at $259 in late November 2021. According to Ali Martinez, SUI’s performance earlier this year resembled Solana’s initial climb last cycle, jumping to its $2.3 high before consolidating for a few months. Now that it has broken past its March ATH, SUI continues to move similarly to SOL, which could suggest that the token is poised for a massive surge soon. If it continues this pattern, the cryptocurrency could hit the $5 mark in the coming days after a brief consolidation in the $4.5-$4.8 price range. Trader Crypto Rand highlighted that SUI is in “full bullish momentum,” also forecasting it will hit the $5 mark soon. Related Reading: Analyst Sounds The Alarm As Solana (SOL) Retests $210, Rebound Or Retrace Next? Another pseudonym crypto trader predicted that the token could be near the $8 barrier by early 2025 and hit the $16 mark by Q2, following SOL’s path. Based on the chart, SUI could see its rally extended until June 2025, when it would hit its peak around the $40 mark. As of this writing, SUI is trading at $4.79, a 50% surge in the monthly timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
Ethereum (ETH) has seen a significant 4.7% recovery in the last 24 hours, reclaiming a crucial support zone. This performance has fueled a bullish sentiment among some market watchers, who consider the cryptocurrency to break above a key resistance level in the coming days. Related Reading: Bitcoin Sees First Close Above $100,000, But Is A Big Correction Coming? Ethereum Reclaims Key Support Nearly a week ago, Ethereum jumped above $4,000 for the first time in nine months, nearing its march-high and the long-awaited $4,100 resistance level. However, the cryptocurrency’s rally was momentarily paused after the crypto market saw a significant pullback. Earlier this week, ETH retraced nearly 10%, dipping below the $3,500 mark as Bitcoin retraced to $95,000. After the retrace, the second-largest crypto by market capitalization has steadily climbed back, recovering the $3,800 support zone on Wednesday afternoon. ETH’s price then rose another 2% in the early hours of Thursday to trade above the $3,900 level again. As Ethereum reclaimed this key zone, Crypto analyst Carl Runefelt noted that the cryptocurrency was trading back above its ascending support trendline, which it had lost during the market correction. Additionally, the King of Altcoins was retesting a six-day downtrend line in the 4-hour chart, which would target a surge toward $4,000 after a successful breakout from the $3,940 mark. Ethereum broke above this resistance in the following hours, surging to a daily high of $3,985 before retracing to $3,945. Per the analyst, holding above this level could propel ETH’s price to $4,100 in the coming days. ETH To $5,000 Soon? According to some analysts, despite reclaiming the $3,900 zone, Ethereum still needs to turn another multi-year resistance into support successfully. Analyst Alex Clay recently pointed out that ETH has been retesting the $9,350 level since 2021, unsuccessfully turning it into support over the past few years. Ethereum has faced rejection at this resistance level on four different occasions. However, when ETH broke and held this level, it rallied toward its all-time high (ATH) of $4,878 around three years ago. Crypto analyst Jelle suggested that Ethereum is preparing for massive moves as it recently broke out of a multi-year pennant. ETH-based Exchange-traded funds (ETFs) have seen a massive surge since the post-election rally. As Farside Investors data shows, ETH ETFs have seen over $500 million in inflows this week and over $1.3 billion since this month started. This signals increased demand from institutional players, adding to the cryptocurrency’s momentum. Related Reading: Analyst Sounds The Alarm As Solana (SOL) Retests $210, Rebound Or Retrace Next? Moreover, the Donald Trump-backed DeFi project World Liberty Financial Initiative (WLFI) acquired around $10 million in ETH yesterday. Lookonchain said the WLFI wallet bought 2,631 ETH at $3,801 per token. To Jelle, this “looks like ETH season just got the ‘go ahead’ nod from institutions.” If Ethereum reclaims the $3,950 resistance into support, there will be “very little standing in the way of new all-time highs from here,” the analyst added. He forecasted that Ethereum could hit $5,000 after breaking out and that 2025 will be a “comeback year for ETH.” As of this writing, ETH is trading at $3,951, a 4.7% surge in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
Following the recent waning price performance of Dogecoin, the largest meme coin in the past few days, speculations and uncertainties about DOGE’s potential to hit a new all-time high in the short term have emerged within the crypto community. Record-Breaking Run For Dogecoin May Be Postponed Technical analyst and investor Master Kenobi has offered insights […]
Following Gary Gensler’s departure announcement from the Securities and Exchange Commission (SEC), new reports claim that re-elected US president Donald Trump is set to unveil his pick for the new SEC chairman in the coming days. Related Reading: Spot XRP ETF Race Heats Up As WisdomTree Files S-1 Application With SEC A New Crypto Era […]
Just seven weeks before Donald Trump takes office, the crypto industry’s expectations of a friendlier administration and better regulations in the next four years continue to rise. Coinbase’s Chief Policy Officer (CPO), Faryar Shirzad, suggested that after January 20, 2025, legislation related to the digital assets sector will quickly pass through the new US Congress. […]
Worldcoin (WLD) has seen a nearly 40% surge in the last week, briefly testing the $3 mark. The cryptocurrency hit a 4-month high after nearing the upper zone of a multi-month range. Its recent performance has fueled investors’ optimism about a possible breakout, which could send the token to new highs. Related Reading: Bitcoin Could Drop Below $90,000 If It Doesn’t Break This Level, Rally On Pause? Worldcoin Hits 4-Month High Worldcoin has seen a considerable decline since hitting its all-time high (ATH) of $11.74, retracing around 75% from its March high. During the Q3 retraces, the cryptocurrency lost the $3 support, diving below the $2 mark after August’s “Black Monday.” Since then, WLD has hovered between the $1.3-$3.2 price range, consolidating below the $2.5 for the past couple of months. Following the November Post-election rally, Worldcoin has surged around 75% in three weeks, reclaiming the $2 zone. Earlier this week, the cryptocurrency’s momentum propelled WLD above the $2.5 resistance level for the first time in three months, turning it into support the following days. Moreover, the token surged 23% intraday, hitting its four-month high on November 28 after momentarily trading above the $3 mark. Crypto analyst Yuriy suggested that a “big move” is coming for the cryptocurrency. The analyst noted that WLD’s open interest (OI) has significantly surged this month, rising 135% since election day. According to Coinglass data, Worldcoin’s OI jumped from $184 million to $433 million in three weeks, recording its second-highest day on Wednesday. Additionally, it has seen a 9.65% in the last 24 hours and a 12% jump in the past hour, signaling heightened confidence and participation in the cryptocurrency. To Yuriy, the cryptocurrency could follow the steps of Cardano (ADA), which recently saw its price hit a 2-year high. Following its OI increase, the token recovered from its 75% decline and broke out of its multi-month consolidation range, reclaiming the long-awaited $1 mark. WLD’s Breakout To Target $3.5 The analyst explained that, after the recent WLD price action, the $2.8 mark is a crucial support level to confirm, as it served as a significant resistance level earlier this month. As a result, consolidating above this level could propel the token’s price to the next target. The token is nearing a breakout from the 4-month range, which could target the $3.5 price range in the short term. Analyst AMBcrypto pointed out that the $3.5 mark is the next major resistance for Worldcoin, indicating that a breakout from this level “will push it towards the previous high” of $11. Related Reading: Latest Memecoin Sensation CHILLGUY Hits $0.65 ATH, What’s Behind The 80% Rally? As of this writing, Worldcoin trades above $2.9, having surged 31% in the last month. Additionally, the token has seen a 42% increase in daily activity, registering a trading volume of $1.67 billion in the past 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com
Polygon (POL) hit its four-month high today following its 11% daily surge. The cryptocurrency surpassed the $0.60 mark before retracing, sparking a bullish sentiment among investors and market watchers. As a result, a renowned crypto analyst predicted a massive 2,500% rally for POL in the coming months. Related Reading: Toncoin (TON) Rebounds Above $6: Is A Sustainable Rally In Sight? Polygon On-Chain Metrics Turn Bullish Polygon has seen a remarkable performance over the past three weeks, rising around 107% since the November 5 market pump. POL, previously MATIC, has seen its price move from below the $0.30 mark to a four-month high of $0.61. This performance has been fueled by several factors, which have propelled the token’s price by nearly 40% in the last seven days and could stage “one of the most hated rallies,” as Ali Martinez shared on X. The analyst explained that Polygon has been experiencing an “important spike in on-chain metrics” over the last week, which could drive POL’s price to a “wild” price action in the future. Martinez noted that a lot of investors hold Polygon from the previous cycle, where the project’s token hit its all-time high (ATH) of $2.92. However, most of them record losses since only 15.11% of Polygon holders are in the green. Per the post, this is a positive sign for POL’s price action, as most of its investors won’t sell for profit at the current price ranges. The analyst added that on-chain data suggests a new wave of investors are positioning themselves for the rally’s second leg. This was signaled by the recent increase in daily active addresses, transaction volume, and whale activity. POL’s daily trading volume has recorded a 190% increase in the last week, jumping from the $250 million mark to $736 million. Additionally, whales bought over 140 million POL, now worth around nearly $80 million, in the last week and a half, with large-scale purchases significantly increasing since November 5. POL To Hit $15 This Cycle? Martinez suggested that with the whales’ buying spree and the reduced selling pressure, the POL “technicals look very good.” To him, the cryptocurrency is nearing a breakout from a multi-year descending triangle. The analyst explained that Polygon has been consolidating in a descending triangle formation since hitting its ATH almost three years ago. Nearly a week ago, the token “bounced off the triangle’s x-axis,” and had its Moving average convergence/divergence (MACD) “on the verge of a bullish crossover.” This suggested that while sentiment remains overall bearish, “bullish signals are piling up,” indicating a potential rally toward a new ATH. Related Reading: Ethereum Analyst Predicts $3,700 Once ETH Breaks Through Resistance Based on this, Martinez predicted that POL’s breakout could potentially lead to a 2,500% rally in the coming months. A weekly close above $0.7973 could spark a rally to $15.27, he detailed, adding that it could also ignite a 6,200% jump to $36.17. The analyst added that the most important support wall for POL was between the $0.375 and $0.386 price range, broken over a week ago, with little resistance in the higher levels. As of this writing, POL is trading at $0.58, a 75% increase in the monthly timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
Paul Ryan served as Speaker for the House of Representatives prior to Nancy Pelosi.
Cardano (ADA) has seen a massive rally in the last few weeks, surging over 81% in the past fourteen days. As the cryptocurrency continues breaking past key levels, a renowned crypto analyst highlighted its potential 2,000% climb. Related Reading: Analysts Bullish On Dogwifhat (WIF) $5 Target As Price Retests $4 Resistance Cardano To Hit $6 By Q3 2025 Crypto analyst Ali Martinez forecasted that Cardano might hit the $6 mark by September 2025. Earlier this year, the analyst noted that ADA’s chart reassembled a pattern similar to 2020, which suggests that the cryptocurrency could experience a rally like 2020-2021’s bull run. Per the post, ADA broke out from its two-year consolidation in early 2020 before retracing 75% and consolidating for most of the year. By November 2020, the token bounced from the accumulation range and started its massive 4,000% rally, which lasted around nine months. This year, Cardano has seen a similar move during the first leg of the cycle, reaching its year-high of $0.81 before retracing 75% and consolidating between the $0.6-$0.27 price range for the last eight months. Following the crypto market’s recent rally, fueled by Trump’s victory in the US elections and the Federal Reserve’s decision to reduce interest rates by 0.25, Cardano has experienced a massive 50% weekly surge. Martinez previously forecasted that ADA could experience the second leg’s initial jump on November 18, around two weeks after the US elections. However, the cryptocurrency reclaimed the $0.6 support zone and broke above the $0.65 horizontal level earlier today. This performance represents an eight-month high for Cardano, which has been heavily criticized for underperforming against most altcoins. According to the chart, ADA might move sideways around this range for the following days before challenging its year-high price. If ADA continues replicating the last cycle’s pattern, the cryptocurrency could reach the long-awaited $1 by year-end. Additionally, it could surpass its previous $3.09 all-time high (ATH) by Q1 2025 before entering price discovery mode. Martinez suggested that Cardano could rise over 2,000% toward the $6 mark, reaching its top between July and September 2025. ADA Among Today’s Market Leaders While most cryptocurrencies in the top 100 move sideways, ADA has soared 21 % in the last 24 hours. The token surged as the third-best performer today, behind XRP and ALGO. Besides the general economic and geopolitical factors, its recent performance has also been fueled by speculation surrounding Cardano’s potential involvement with Trump’s administration. On Thursday, a member of the World Economic Forum (WEF) and the United Nations (UN), Shawn, shared on X that re-elected President Trump is exploring a federal voting and identity verification system based on blockchain technology. Related Reading: Dogecoin Frenzy Arrives In Korea: ‘Kimchi Premium’ Returns Amid DOGE’s 110% Rally Speculation arose when another X user claimed that Cardano’s founder Charles Hoskinson is “already in talks with the Trump administration,” arguing that “they’ve been working with the state of Wyoming on voting systems for a couple of years now.” Cardano has rallied an impressive 84% in the last month, breaking above the $0.65 mark for the first time since late March and recovering its top 10 crypto spot. As of this writing, ADA trades at $0.67. Featured Image from Unsplash.com, Chart from TradingView.com
Donald Trump and the Republican Party at large had a strong 2024 election, winning the presidency, Senate and House. This almost certainly guarantees crypto legislation will advance and become law sometime in the next two years. It also heralds a potentially softer approach from regulators toward the sector.
What can offshore crypto companies practically do to stop Americans from accessing their services – and what do regulators expect them to do?
Polymarket’s CEO Shayne Coplan believes the recent FBI raid and seizure of his devices may have political motives. On Nov. 13, Coplan took to X to express disappointment at the action, suggesting the current administration was making last-minute efforts to target firms linked to political opposition. He emphasized that Polymarket operates as a non-partisan platform, […]
The post Polymarket CEO Shayne Coplan claims FBI raid was politically motivated appeared first on CryptoSlate.
The crypto market has seen a massive rally following Donald Trump’s victory in the US presidential elections. For the past week, the sector’s expectations for the newly elected pro-industry administration have grown as a clearer regulatory framework seems within reach. However, some believe the Securities and Exchange Commission (SEC) still needs to do more to […]
The Republican Party has kept the U.S. House of Representatives for the next two years, raising hopes for comprehensive crypto legislation in the next Congress and securing a Republican trifecta for at least the next two years.
After securing a Republican Senate and a pro-crypto White House, crypto firms are now pushing for reforms at the SEC.
Bitcoin (BTC) has performed remarkably over the past week, surging 30% since the November 5 US election. The flagship crypto surpassed its March all-time high (ATH), recording a new high nearly every day for the last seven days. Bitfinex analysts noted that the market remains “relatively stable” despite increased speculative activity. Related Reading: Bitcoin Closing In On $80,000 For Record-Breaking Run After Trump Win Bitcoin ‘Fair Value’ Priced In At Higher Levels Following Donald Trump’s victory last Tuesday, the crypto market has seen a massive rally, surging to a market capitalization of $3.05 trillion. Bitcoin has led the post-election bullish run with a 30% price increase, nearing the $90,000 mark earlier today. According to Bitfinex Alpha report, the rally “highlights the positive reaction to the election outcome, with investors positioning themselves for potential economic stimulus and regulatory shifts.” During the March highs, BTC’s realized profit volume reached its peak of $3.1 billion. Since then, realized profit volumes have gradually decreased, “reaching an equilibrium.” As the report noted, there’s been a reset in supply and demand forces, which indicates, alongside the recent price surge, that “the market is now pricing in a higher ‘fair value’ for Bitcoin.” At the same time, the cryptocurrency continues its price discovery. Moreover, profit-taking above $70,000 has been significantly smaller than the past instances when Bitcoin traded above this range, despite a structural increase in profit-taking. Bitfinex analysts consider this to signal the “entry of a new wave of demand into the market,” backed up by Spot Bitcoin exchange-traded funds (ETFs) buying post-elections. Additionally, it suggests that fresh investor interest “could drive further upward momentum in the near term.” BTC Enters ‘A New Phase’ The report highlighted record-breaking BTC ETFs’ inflows, around $2.28 billion in three days. This performance represented a significant increase from the pre-election de-risking, which saw the crypto-based investment products record their second-largest single-day outflows. According to CoinShares data, Bitcoin ETFs closed the US election week with $1.8 billion in inflows and started this week with $1.1 billion in positive net flow. This performance displays a resurgence in demand for the flagship crypto as the market adjusts to BTC’s new price levels. Bitfinex analysts explained that from March to August, there was significant supply and insufficient sustained buying pressure to absorb it. The recent demand surge suggests a notable shift as buying interest is “absorbing selling pressure at all-time highs and stabilizing market dynamics: Now we appear to be entering into a new phase where the volume of profit-taking when BTC hits an all-time high is notably lower, given the amount of fresh demand entering the market post-election. This demand is helping to absorb the minor selling pressure still present, suggesting a healthier market environment and potential for further upward movement. Related Reading: Solana (SOL) Records 3-Year High As Price Hits $220, Is $260 Next? Meanwhile, Open Interest (OI) in Bitcoin futures and perpetual contracts reached ATH, hitting $45.43 billion. The report explains that this signals an increase in speculative activity but details that the market remains “relatively stable” since OI and BTC prices “are in equilibrium at elevated levels.” Ultimately, Bitfinex anticipates some consolidation soon, with a potential pullback to $77,000. A correction toward this level would close BTC’s CME gap and strengthen Bitcoin’s position to climb even higher levels. As of this writing, Bitcoin is trading at $86,225, a 5% increase in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
Trump's victory presents a unique opportunity to reshape regulation and ensure no future SEC Chair can hamstring the industry again. Expect pushback.
The Republicans will have total control of the executive branch and all of Congress after the GOP was projected to keep a majority in the House.
The election of a pro-crypto President and pro-crypto lawmakers in the United States has brought renewed attention to the crypto markets.
Ethereum (ETH) registered a remarkable performance following Donald Trump’s victory in the November 5 US elections. The second-largest cryptocurrency by market capitalization has jumped 21.9% in the past three days, reigniting investors’ bullish sentiment for the crypto and ETH-based investment products. Related Reading: Ethereum L2 Project Spark Launches On-Chain Order Book On Fuel Network To Enhance Trading Ethereum ETFs See Third Best-performing Day Amid ETH’s price rally, spot Ethereum exchange-traded funds (ETFs) have recorded their best-performing day in 13 weeks. Launched in late July, ETH ETFs have seen a shaky performance in the past few months. The crypto investment products surpassed experts’ expectations during its first two days. However, ETH ETFs recorded massive outflows amid Q3 market retraces. Ethereum-based products saw their second-largest single-day inflow since launch during the early August correction. As the market recovered from the crash, Ethereum ETFs registered $98.4 million in positive net flows, led by Blackrock’s ETHA. Since then, the crypto products have struggled to break past the $20 million mark, only registering inflows above that range five times in three months. ETH’s current rally has seemingly improved sentiment around the cryptocurrency and the investment products based on it, as it has recorded a notable performance during the last two days. Ethereum ETFs recorded their best-performing day in six weeks, seeing $52.3 million in inflows on Wednesday. Meanwhile, the investment products saw their third-largest single-day performance on Thursday and their best day since August 6, with $79.7 million in inflows. ETH Rallies 16%, Is $3,500 Next? Ethereum has seen a massive 16.6% surge in the last seven days, jumping from the $2,500 support zone to the $2,900 mark lost mid-Q3. The “King of Altcoins” lost the $3,000 support zone in early August, recording a 23% correction during the market retraces. The cryptocurrency struggled to break past the crucial $2,800 resistance level, being rejected from this level for the past three months. However, Republican candidate Donald Trump’s victory in the Thursday presidential elections has given the whole crypto market a renewed push toward the second leg of the bull run. In the last three days, the flagship cryptocurrency, Bitcoin (BTC), has entered price discovery mode, setting its latest all-time high (ATH) at $76,800 on Thursday. Meanwhile, Ethereum saw its price move from the $2,400 range to near the long-awaited $3,000 resistance. Crypto analyst Rekt Capital noted that ETH’s recent performance filled its GME gap, which formed in early August. The gap saw ETH’s price go from $3,000 to $2,700 before crashing on August 5. Related Reading: Solana (SOL) Looks ‘More Bullish Than Before’ After Flipping BNB As 4th Largest Crypto Per the analyst, a weekly close above the current levels, followed by a retest, would confirm ETH’s breakout from the 3-month range. Moreover, reclaiming the $2,900 resistance would “set ETH up for a move to $3,500 over time,” which could further propel Ethereum’s rally toward its yearly high above $4,000. As of this writing, Ethereum is trading at $2,925, a 4.2% increase in the last 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com
The U.S.'s Republican Party seems set to keep control of the House of Representatives, completing its trifecta after flipping the Senate and White House in the 2024 election cycle — confirming odds on betting site Polymarket.
Memecoins are crucial to the blockchain and the cryptocurrency community, and Binance Research highlights their unique value proposition. According to Binance rerport, the rise of memecoins coincides with the expansion of the world’s money supply. As money and capital become readily accessible, risk-on investments like Bitcoin, altcoins, and memecoins become attractive options. Related Reading: Solana Rockets Past BNB To Claim Coveted 4th Spot In Crypto Ranks Although memecoins promise a strong upside, they are also a high-risk investment since they’re highly speculative and have few use cases. However, their recent performance seems to defy the odds—their market cap was up by 22% immediately after the US election. Doge and PEPE coins are two of the top gainers among coins this Wednesday, adding 15% and 11% to their values, respectively. Binance Research: 75% Of All Memecoins Were Launched Last Year According to a November 2024 Binance research, meme currencies are growing in popularity because people are now looking at risk-on investments. The report adds that the global money supply is expanding, and many retail investors are looking at alternative ways to generate wealth. This niche’s market value has tripled since 2022, thanks to these coins’ popularity. Binance’s report also mentioned the regulator’s distrust of Initial Coin Offerings (ICOs). With this order, developers will now consider private venture capital funding (VCs) to promote their projects. Experts call this the “Low Float and High FDV” approach, meaning only a few tokens are available for trading but boast a higher valuation. Memecoins Remain An Accessible Investment Option While the approach benefits developers and early adopters, it may put regular investors at risk. As such, many retail investors look for memes as alternative investment options. These are the primary reasons why meme tokens are popular and highly accessible to all. Binance adds that roughly 75% of all meme currencies were launched last year. The Binance team acknowledged that many found launching these projects easy, but sustaining their operations is challenging. According to the same report, around 97% of all memecoins have died, and the rest struggle but managed to ride on the election hype this year. Related Reading: Why One Analyst Says Now’s The Time To Buy XRP—Before It Hits $14 Memecoins Jump by 22% In A Day, Thanks To Election Hype While these coins are considered community-driven and accessible investments, they’re also highly speculative. Many in the community have placed their bet on a “meme coin supercycle” to coincide with Bitcoin’s run. The bet paid off, and the memecoins’ market cap is now above $73 billion, reflecting a 22% increase. Featured image from xtsupport.zendesk.com, chart from TradingView
The scrutiny comes after a French national profited handsomely on the platform by placing large bets on Trump winning the U.S. election
World Liberty Financial, the decentralized finance (DeFi) project backed by the family of U.S. presidential elect Donald Trump, has made $1 million in unrealized gains following a muted token sale last month.
Tron’s founder, Justin Sun, took X to congratulate the newly elected 47th president of the United States, Donald Trump. The pro-industry Republican candidate’s victory has ignited speculation about the sector’s new era, including the future anti-crypto regulators like Securities and Exchange Commission (SEC) chairman Gary Gensler. Related Reading: Spot Bitcoin ETFs Record Second Largest Single-Day […]
The crypto market is rallying 6.8% following the US presidential elections, which made Bitcoin soar to a new all-time high (ATH). As a result, most of the market saw a green daily close, with Solana (SOL) recording a 15.8% surge in the last 24 hours and regaining a key support level. Related Reading: Shiba Inu (SHIB) Gearing Up For Massive Bullish Wave Following 8% Daily Surge, 110% Rally Ahead? Solana Dethrones BNB As 4th Largest Crypto The result of the US elections gave the crypto market the long-awaited boost many investors and market watchers expected. In the early hours of Wednesday, the largest cryptocurrency by market capitalization surged about 8.6% toward its new ATH of $75,358. This surge, fueled by the victory of pro-crypto Republican candidate Donald Trump and a mostly crypto-friendly Congress over US Vice President Kamala Harris, ignited a bullish rally across the market. Solana followed BTC’s lead and jumped over 15% to turn the $180 level into support. Moreover, the cryptocurrency reached its highest price since July, nearing the $190 resistance level. SOL’s daily activity skyrocketed in the last 24 hours, rising 210% to a $10.7 billion daily trading volume. Meanwhile, the cryptocurrency saw a 14.66% increase in market capitalization, surging to an $88.1 billion market cap. As a result, Solana flipped Binance Coin (BNB)’s $85 billion market cap, dethroning BNB as the fourth largest cryptocurrency by this metric. This performance fueled investors’ bullish sentiment on the cryptocurrency, with some market watchers predicting a bullish wave towards Q1’s highs. Is SOL Getting Ready For $400? Solana was deemed one of the strongest cryptocurrencies during Q3’s market retraces, holding above its breakout levels while most altcoins struggled. Following last night’s performance, crypto Trader Koz called SOL’s chart “one of the absolute best-looking charts out there.” The cryptocurrency’s surge above the $180 mark represents a breakout from an 8-month consolidation range that started after Solana hit its yearly high of $202. Similarly, World of Charts considers SOL as ‘looking more bullish than before.” The analyst noted that the cryptocurrency finally broke above the upper line of a bullish flag pattern after nearly breaking above it in late October. World of Charts suggested that after the successful breakout, a massive bullish wave is around the corner. To the analyst, this wave could ultimately send Solana’s price toward a new ATH of $400. Moreover, crypto analyst Jelle highlighted the breakout, stating that SOL is ready to retest the yearly highs. Related Reading: PolitiFi Memecoins Soar: Trump-Themed Tokens Rally 30% Ahead Of US Elections A reclaim of the $200 mark, not seen since March, could propel the cryptocurrency above its ATH of $260 in the coming weeks. However, it is key that Solana holds the $180 mark to continue its bullish ascend, as a rejection from this zone could see SOL’s price pullback to the $160 support. SOL trades at $186.9, a 4.12% and 27.56% increase in the weekly and monthly timeframes. Featured Image from Unsplash.com, Chart from TradingView.com
Analysts for the crypto exchange Bitfinex anticipate a rise in capital inflows following the reelection of Donald Trump in the United States.