As a seasoned researcher with over two decades of experience observing financial markets, I have seen my fair share of bull runs and bear markets. However, the current surge in cryptocurrencies, particularly Bitcoin (BTC) and Ethereum (ETH), has left me quite intrigued.
TL;DR
- Bitcoin (BTC) hit nearly $82,000, now being the 9th-largest global asset in terms of market cap.
- Cardano’s (ADA) price rose 76%, driven by founder Charles Hoskinson’s latest announcements.
- Ethereum (ETH) gained 28% in the last week, with analysts eyeing a breakout past $3,200.
BTC Keeps Pumping
Over the past few days, following Donald Trump’s victory in the U.S. presidency, the cryptocurrency market has experienced remarkable success. As the 47th President of the United States, Trump made several promises about Bitcoin during his campaign. Somewhat unexpectedly, Bitcoin has been leading the way in recent gains.
On November 11th, its value reached a record high of nearly $82,000, causing its market worth to soar past an impressive $1.6 trillion. As a result, Bitcoin now ranks as the ninth most valuable asset globally, outpacing established entities such as Meta (previously Facebook), Tesla, and more.
Cryptocurrency X is brimming with analysts anticipating more growth for the asset. An analyst known as Checkmate suggested that Bitcoin has breached the “Euphoria zone,” surpassing the all-time high of past cycles with confidence.
As a crypto investor, I’ve observed that the new price peak aligns with a more subdued MVRV ratio. Based on the data from CryptoQuant, the Market Value to Realized Value (MVRV) has been maintaining a level close to an index of 2 for some time now.
Readings lower than the given level suggest that the asset might be in a neutral or underpriced state, implying there could be more potential for price increase. Conversely, readings above 2 may indicate a potential temporary decline due to possible profit-taking by investors.
ADA in the Spotlight
In the last week, Cardano (ADA) has seen an even more significant price increase compared to Bitcoin, with its current trading value slightly above $0.60. This represents a massive 76% growth during that timeframe.
It’s noteworthy that the genuine bull run for it began on November 10, following closely after Charles Hoskinson, its founder, published a lengthy video about it on X. The video covered various subjects, among which was the forthcoming administration of the newly-elected President Trump.
Charles Hoskinson will devote a substantial amount of his time in the coming year to partnering with American lawmakers, aiming to establish a comprehensive and possibly favorable legal structure for the cryptocurrency sector.
The cryptocurrency guidelines ought to be crafted collaboratively by the public, the U.S. cryptocurrency sector, and understanding legislators who are open to considering everyone’s views.
What About ETH?
The cryptocurrency that ranks second in terms of market capitalization initially showed hesitation in participating in the bull market rally following Donald Trump’s election win.
Over the last few days, there has been a significant rise in its value. At one point, it even reached above $3,200. Currently, according to CoinGecko’s data, it is trading at approximately $3,100, representing a 28% surge weekly. However, this is still significantly below its all-time high of over $4,800 recorded in November 2021.
Several experts have pointed out Ethereum’s resurgence, anticipating an even stronger surge in the upcoming timeframe. User Michael van de Poppe predicts that there could be some resistance around $3,200, but once surpassed, he foresees a significant rise. Furthermore, he is optimistic about Ethereum’s ecosystem outperforming significantly in the coming period.
Read More
- Smash or Pass: Analyzing the Hades Character Tier List Fun
- Hades Tier List: Fans Weigh In on the Best Characters and Their Unconventional Love Lives
- Why Final Fantasy Fans Crave the Return of Overworlds: A Dive into Nostalgia
- Sim Racing Setup Showcase: Community Reactions and Insights
- Understanding Movement Speed in Valorant: Knife vs. Abilities
- Why Destiny 2 Players Find the Pale Heart Lost Sectors Unenjoyable: A Deep Dive
- PENDLE PREDICTION. PENDLE cryptocurrency
- How to Handle Smurfs in Valorant: A Guide from the Community
- Valorant Survey Insights: What Players Really Think
- Honkai: Star Rail’s Comeback: The Cactus Returns and Fans Rejoice
2024-11-11 12:33