Crypto market capitalization: $2.92 trln (+0.99%)
Dominance: BTC – 59.3%, ETH – 13.8%
Fear and Greed Index: 79 (Extreme Greed) vs. 75 in the previous session
Bitcoin continued to make new all-time highs on Monday, November 11, with the rally gaining momentum over the weekend. Last week’s highlight was Trump’s landslide victory in the November 5 US presidential election. Investors were waiting with bated breath for the outcome of this race as both Harris and Trump were pro-bitcoin, although Harris flipped in favor of the crypto community just weeks ahead of the election date.
Trump, on the other hand, is known to be a longstanding and fervent crypto advocate, and he managed to tap into a far broader base, pledging to make the US the crypto capital of the planet and the Bitcoin superpower of the world. This message strongly resonated with the 40% of American adults who own crypto, as per a report from Security.org. Trump’s unequivocally pro-bitcoin stance almost certainly contributed to his decisive victory, which saw him capture all of the seven battleground states, win 312 electoral college votes (vs. 226 for Harris), 74.8 mln popular votes (vs. 71.2 mln), while also winning control of the Senate and looking poised to take the House as well. For understandable reasons, Trump’s epic win has been termed “the Trumpquake.” As we can see, the market is buying into this quake hand over fist.
Ethereum also outperformed last week, although it was overshadowed by the massive upturn in BTC. Notably, ETH broke past the strong $3k resistance level, also building bullish momentum in the aftermath of Trump’s victory and the prospect of another Fed rate cut in December. ETH saw its best weekly performance since May, but remains well below its ATH of $4,721.07. At the time of writing, Ethereum was hovering near $3,202.
Other outperformers in the crypto space last week include Solana (SOL), which surged past $200, and Dogecoin (DOGE), up a whopping 29% over the past 24 hours. Ripple (XRP), Cardano (ADA), Chainlink (LINK), Polkadot (DOT), Aptos (APT), and others have also logged strong gains and surged past crucial resistance levels.
Technically, BTC has been bullish over the past seven sessions and continues to trend higher as positive sentiment persists. The uptrend began last Tuesday as bitcoin broke out of the 20-day SMA and closed at $69,458 on the day before the elections. After Trump’s victory, BTC rallied 8% on Tuesday, breaching $70k and settling at $75,175. However, the flagship crypto currency faced tough resistance at $76k, with the bullish mood souring on Thursday. The price action broke above $76k on Friday and closed at $76,470. Over the weekend, BTC rose to $80,474. The key crypto currency was up 15.8% on the week and 33.3% over the past month. After the recent breakout at $80k we see the next resistance level near $84,547. If this level fails to hold, support lies near $70k. By the time of writing, BTC was trading at $82,349. Longer-term, if the Trump rally gains traction, we could see $100k by year-end in the absence of major negativity.