As a seasoned crypto investor with over a decade of experience under my belt, I must say that the past few weeks have been nothing short of exhilarating. The news of Donald Trump’s presidency and his pro-crypto stance sent shockwaves through the cryptosphere, causing a surge in prices that I haven’t seen since the 2017 bull run.
Approximately two weeks have passed since it was revealed that the self-declared ‘pro-crypto’ candidate, Donald Trump, will be the next U.S. President. This news was warmly welcomed by cryptocurrency investors as prices of all significant assets reached new heights at either local or all-time highs.
As an analyst, I’ve been closely tracking Bitcoin‘s performance, and it’s no surprise to me that it has led the pack in terms of gains. Before the elections, Bitcoin was hovering around the $70,000 mark, with some speculating that this might be its last stand at this level. However, in the ensuing weeks, it embarked on a remarkable surge. Just earlier today, Bitcoin reached an all-time high of $99,500, bringing its gains since Trump’s elections close to 50%.
Thank You, Bears
The primary explanations for this impressive surge in Bitcoin’s price are tied to the introduction of US-based Bitcoin Exchange Traded Funds (ETFs). Launched in January, these ETFs managed to garner close to $5 billion within the first week following the elections. A temporary pause was observed on November 14 and 15, but since then, investors have been actively buying up Bitcoin over the past four trading days.
This week, approximately 2 billion dollars flowed into Exchange Traded Funds (ETFs), with BlackRock’s IBIT being the largest contributor. Currently, the world’s largest Bitcoin ETF boasts nearly 31 billion dollars in Assets Under Management (AUM).
Although many believe that BTC‘s price jump close to $100,000 is primarily due to a strong reason, Santiment proposes another plausible scenario. This analytics platform often discusses the concept of counter-trades, where prices usually move against the general sentiment of the crowd. In this instance, data reveals that skeptics and disbelievers are more active on most social media platforms that Santiment points out as predominantly negative.
As a researcher studying cryptocurrency markets, I’ve noticed an intriguing pattern – they often trend against the prevailing sentiments. So, here’s a heartfelt thanks to all the ‘bears’ and the ‘non-believers.’ Your skepticism and anticipation of market downturns have been instrumental in fueling this historic bull run.
As Bitcoin approaches an all-time high (ATH) of $99,000 for the first time ever, there’s a surge of speculation on social media platforms such as Twitter, Reddit, Telegram, 4Chan, and BitcoinTalk. These platforms are discussing the potential price level of $100K for Bitcoin at an unprecedented rate.
— Santiment (@santimentfeed) November 21, 2024
When $100K?
This significant achievement, often referred to as the catalyst for the 2021 surge in Bitcoin (BTC), nearly became a reality, yet it remains just out of reach. Initially, BTC was almost touching this mark, but has since retreated by approximately $1,000. This raises the query about whether and when another strong push might occur.
Latest findings indicate that fear of missing out (FOMO) remains relatively low at present, often a sign of further opportunities for profit. Yet, the Fear and Greed Index has significantly shifted towards “fear” since then, a pattern that often precedes a correction or adjustment in the market.
For now, the wait continues.
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2024-11-22 14:32