Market picture

The cryptocurrency market surged with excitement as its capitalization jumped 7% in just 24 hours, reaching $2.45 trillion and briefly peaking at $2.48 trillion, matching the highs seen in July. Trading volumes since the start of the day were the highest since early August and have a chance of surpassing those levels.

Bitcoin has been a key driver of the crypto market rally, rising 6.6% over the past 24 hours to an all-time high of $75.4K before retreating to $73.8K at the time of writing. The current move is within a rising channel that has been in place since September. Its upper border is now near $76.6K (above the recent highs), and the RSI is far from overbought, suggesting that there is still upside potential.

Dogecoin rallied 55% from its November 3rd lows to Wednesday afternoon's high, fuelled by Trump's improved chances of victory and anticipation around the election results. In addition to the general positivity for cryptocurrencies, speculators are betting on Musk's potential position in the new administration. The Tesla founder and head of X (formerly Twitter) has maintained the recognition of one of the first meme coins for many years.

News background

Another recalculation saw the difficulty of mining the first cryptocurrency jump by 6.24%. The index reached a record high of 101.65 T. The average hash rate over the two-week calculation period dropped slightly (680 EH/s) but is currently back above 720 EH/s.

The Michigan State Pension Fund announced the purchase of shares in two Ethereum funds for approximately $11 million. The organisation was one of the top five holders of ETHE. This is the first pension fund initiative since the launch of spot ETH ETFs in July. Bloomberg called the Michigan authorities' decision a 'big win for Ethereum'.

According to Arkham, the largest transaction in recent months was sent by the bankrupt cryptocurrency exchange Mt. Gox to two unknown wallets: 34,371 BTC ($2.3 billion).


Trade Responsibly. CFDs and Spread Betting are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.37% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider. The Analysts' opinions are for informational purposes only and should not be considered as a recommendation or trading advice.

Recommended content


Recommended Content

Editors’ Picks

Polygon joins forces with WSPN to expand stablecoin adoption

Polygon joins forces with WSPN to expand stablecoin adoption

WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.

More Cryptocurrencies News
Coinbase envisages listing of more meme coins amid regulatory optimism

Coinbase envisages listing of more meme coins amid regulatory optimism

Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.

More Crypto News
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week. 

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP