As an analyst with a decade of experience in the financial markets under my belt, witnessing Bitcoin’s meteoric rise to $81,800 is nothing short of extraordinary. The euphoria among investors and analysts alike is palpable, and rightfully so. This surge has been fueled by a perfect storm of positive news, from the US presidential election to the gradual acclimation of investors to higher prices over an extended period.
On the Asian markets on November 11th, Bitcoin reached a record peak of approximately $81,800, as per data from CoinGecko during morning trades.
Over the past week, this move has resulted in an impressive 18% increase in value for the asset. Since it was priced at $67,500 on November 5th, its current worth has grown by a substantial $14,000.
The majority of these achievements are a result of the significant win that Donald Trump had in the U.S. presidential election held a week ago.
Investors and Analysts Euphoric
BTC even gained $5,000 over the weekend when traditional markets are closed, and crypto trading is usually quiet. The latest pump means that Bitcoin has surged by 93% since the beginning of 2024 and a whopping 400% since its bear market low of $16,000 in November 2022.
According to on-chain expert James Check, we’ve moved into the “exuberance phase” since Bitcoin is breaking new pricing ground. He further explained that the eight months of price consolidation enabled investors to adapt to increased costs, creating a strong base for growth.
#Bitcoin has entered the Euphoria zone, by convincingly breaking through the previous cycles ATH
However, it is doing so with a relatively cooled down MVRV Ratio
Over the course of eight months, investors adapted to increased prices, establishing a robust base for future launches.
— _Checkmate (@_Checkmatey_) November 10, 2024
According to Jason Yanowitz, co-founder of Blockworks, “The period of extreme optimism and excitement kicked off on November 5th with the presidential election.” He further described it as a “truly wonderful phase.
While everyone seems to be earning, the swindlers haven’t appeared just yet. Savor these moments, for they won’t last long.
Currently serving as both Chairman and CEO at Marathon Holdings, Fred Thiel expressed regret over the German government’s action to sell Bitcoin when its value was approximately $53,000. Remarkably, his company is currently in possession of more than 27,000 Bitcoins, which continue to increase daily. “The Bitcoins we acquired this year have seen a significant rise in value,” he stated.
Considering Bitcoin reached an all-time high of approximately $80,000 today, it’s intriguing to ponder the reaction from German officials, given they sold almost 50,000 Bitcoins at around $53,000 per BTC in July. This sale translates to a significant difference of roughly $1.3 billion.
Glad $MARA is HODLing over 27,000 BTC and growing every day!! The…
— Fred Thiel (@fgthiel) November 10, 2024
Economist Alex Krüger stated on November 11 that a robust bull market for Bitcoin, fueled by both current and underlying factors, can sustain high levels of leverage despite frequent flushes or corrections, as he noted extreme levels of continuous Bitcoin purchasing on the platform Coinbase.
Total Cap Hits Cycle High
The ongoing increase in Bitcoin’s value has propelled the entire cryptocurrency market capitalization to an all-time high of $2.92 trillion, a figure last reached during the November 2021 bull market surge when it momentarily exceeded $3 trillion.
Although numerous alternative cryptocurrencies (altcoins) have experienced significant growth, Bitcoin continues to hold a commanding market share of more than 59%, as per Tradingview. This suggests that the “altseason,” characterized by increased popularity and value surge of altcoins, has not yet begun, despite many altcoins registering double-digit gains over the weekend.
Currently, popular cryptocurrencies that have seen significant growth within the last day primarily consist of memecoins such as DOGE, WIF, FLOKI, and SHIB. Each of these digital tokens has surged by more than 20%.
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2024-11-11 09:31