Crypto Today: All Bitcoin holders in profit, TRON partners with Chainlink, DOGE miners in $145M buying spree


 

  • Bitcoin price reached a new all-time high of $75,120 on November 6 as markets reacted to Donald Trump’s victory in the 2024 US presidential election.
  • The global cryptocurrency sector valuation (TOTALCAP) grew by $190 billion (7.31%) within the daily time frame as bullish momentum spilled over into the altcoin market. 

 

Bitcoin, Dogecoin and XRP market updates 

  • Bitcoin’s 7.3% gain on November 6 marks its highest single-day rally since August 8 when the crypto market surged 11% on expectations of the first US Fed rate cut in four years. 
  • According to IntoTheBlock data, 100% of all 19.8 million addresses holding BTC are now in profit as the pioneer cryptocurrency enters a price discovery phase. 
  • Dogecoin market capitalization briefly exceeded XRP on November 6, with Ripple Labs having declared support for Kamala Harris with an $11 million donation during the election season.
  • Derivative market trends show strategic traders have mounted $28 million worth of XRP short positions around the $0.55 level, signaling that XRP could struggle to breach that $0.55 resistance despite the broader market rally. 


Chart of the day: Bitcoin’s $75,120 ATH rally puts all BTC traders in profit 


Former President Donald Trump was declared winner of the 2024 US presidential election overnight. Trump’s victory sparked a major rally across global risk asset markets, including the cryptocurrency sector, on November 6. 

The chart below shows that after Bitcoin’s record-breaking price action in the aftermath of the election verdict, all current BTC holders are now in profitable positions. 

Bitcoin Global In/Out of the Money data, November 6, 2024 | Source: IntoTheBlockBitcoin Global In/Out of the Money data, November 6, 2024 | Source: IntoTheBlock

IntoTheBlock’s Global In/Out of the Money data groups all current BTC holders according to their entry prices. At the time of publication on November 6, all 19.8 million addresses holding BTC are now in profit.

When such a large number of investors are in profitable positions, the majority are likely to be unwilling to sell. 

This could clear the path for more upside, potentially driving BTC toward the $80,000 mark if the post-election frenzy across US markets persists in the days ahead.

Market updates 

 

  • Crypto bettors who wagered on Trump win have racked up massive profits. According to data culled from Arkham Intelligence, an anonymous whale wallet was spotted booking gains in excess of $29 million. 
  • In his congratulatory statement, Ripple CEO Brad Garlinghouse  has called on Donald Trump to replace SEC chief Gary Gensler within 100 days of resuming office. 
  • Justin Sun’s TRON DAO has announced a partnership with Chainlink (LINK) to integrate oracle price data deeds and enhance security for its native DeFi applications.

On-chain updates 

  • Dogecoin miners have acquired 750 million DOGE in 120 days despite prices rising 104% within the past month.

IntoTheBlock’s miner reserves metric tracks real-time balances held in wallets controlled by recognized miners and mining pools. As seen in the chart below, Dogecoin miners held a total of 5 billion DOGE in their cumulative reserves as of July 5.

Since then, the miners have entered an accumulation spree amid growing positive sentiment from Elon Musk’s involvement in Trump’s victorious political campaign. 

The latest data shows as of November 5 that miners’ reserves have now skyrocketed towards 6 billion DOGE, the highest since May 30.  This reflects an increase of 750 million DOGE in the miners’ balances, worth approximately $145 million, over the last 120 days.  

Dogecoin Miners Reserves, May 30 - Nov 5, 2024 | Source: IntoTheBlock

When miners keep accumulating their block rewards during a major market rally, strategic investors consider it a bullish signal for two key reasons. 

First, it signals that the majority of key stakeholders within the DOGE community are still anticipating more price upside in the near term. 

More importantly, miners storing up their block rewards means fewer newly mined coins flowing into the market supply, paving the way for rapid price upsings. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin soars to a new all-time of $75,407 as Trump wins US presidential election

Bitcoin soars to a new all-time of $75,407 as Trump wins US presidential election

Bitcoin soared over 7% to a new all-time high of $75,407 on Wednesday as Donald Trump was elected as the 47th President of the United States, the candidate that was seen as more favorable for crypto markets due to his pro-crypto stances.

More Bitcoin News
Shiba Inu: Looking at June high as Trump lead in US election propels crypto

Shiba Inu: Looking at June high as Trump lead in US election propels crypto

Shiba Inu’s price rally extends as Donald Trump takes the lead to become the next US president. The meme coin price is close to a descending trendline that, if broken, would signal a further rally ahead.

More Shiba Inu News
BTC breaks all-time high of $73,777 as Trump takes the lead

BTC breaks all-time high of $73,777 as Trump takes the lead

Bitcoin breaks above its all-time high of $73,777 on Wednesday, buoyed by Donald Trump's poll lead. At the same time, Ethereum is nearing its key resistance level, with a strong close above it, potentially signaling upward momentum.

More Cryptocurrencies News
Bitcoin and crypto market jump following Trump's lead in early election results

Bitcoin and crypto market jump following Trump's lead in early election results

Bitcoin is up 5% in the early Asian session on Wednesday and is fast rising after estimated election results from a few states pour in. According to estimates, Republican candidate Donald Trump has won Florida, Tennessee, Missouri, Alabama and Oklahoma. 

More Bitcoin News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

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