Bitcoin is experiencing a powerful rally, recently reaching $77,000 following a 10% surge in the hours around former President Trump’s election victory and another bump after the Federal Open Market Committee (FOMC) announced a rate cut.
This one-two punch of political and economic news has bolstered optimism for six-figure price targets in Bitcoin’s near future. Equity markets have also rallied, as investors across sectors react positively to developments that could impact portfolios long-term.
🥳 Following up on the +10% Bitcoin price breakout in the hours leading up to (and following) Trump's election victory Tuesday, crypto's #1 asset has now scraped $77K following a second straight FOMC meeting resulting in a decrease in interest rates.
The markets continue to… pic.twitter.com/KwgQ6XKYc8
— Santiment (@santimentfeed) November 7, 2024
In the past 30 days, Bitcoin’s Realized Cap—a measure of its adjusted market cap—has climbed by 3.8% to an all-time high of $656 billion, supported by net capital inflows of $2.5 billion. This marks one of the most substantial inflows since early 2023, reflecting heightened interest and investment in crypto’s top asset.
The #Bitcoin Realized Cap has increased by 3.8% over the last 30 days, which is one of the higher inflow levels since January 2023. The Realized Cap is currently trading at an ATH value of $656B, supported by a net 30-day capital inflow of $2.5B. pic.twitter.com/8mPOlKz7Vw
— glassnode (@glassnode) November 8, 2024
Further illustrating this trend, 24,000 BTC (worth $1.8 billion) have been withdrawn from exchanges over the last 72 hours, a sign of strong investor confidence and long-term holding.
Over 24,000 #Bitcoin $BTC were withdrawn from crypto exchanges in the last 72 hours, worth $1.80 billion! pic.twitter.com/qWadovjzY7
— Ali (@ali_charts) November 8, 2024
Technical indicators are also signaling strength. If Bitcoin holds support above $71,489, MVRV Deviation Pricing Bands suggest a potential peak around $85,360.
If #Bitcoin $BTC maintains support above $71,489, the next local top could be around $85,360, based on the MVRV Deviation Pricing Bands. pic.twitter.com/ilvzI5iNPO
— Ali (@ali_charts) November 7, 2024
El Salvador Is Currently Up Over $24 Million In Profits Since Buying Bitcoin
El Salvador’s commitment to Bitcoin is also paying off. President Nayib Bukele’s November 2022 initiative to purchase one BTC per day has yielded impressive returns; with 722 BTC accumulated at an average price below $42,000, the country is up $24.54 million (81%) on this strategy.
🇸🇻 El Salvador’s bold Bitcoin bet is paying off!
Back on Nov 18, 2022, when $BTC hit $16.7K, President @nayibbukele committed to buying 1 $BTC daily.
Fast forward, they’ve now accumulated 722 $BTC at an average price below $42K, seeing gains of $24.54M (+81%). Their starting… pic.twitter.com/DtAMsKRK54
— Spot On Chain (@spotonchain) November 8, 2024
Meanwhile, institutional interest continues to grow, as U.S. Bitcoin ETFs saw a record inflow of $1.372 billion, led by BlackRock’s ETF, which added $1.169 billion.
Over the last three weeks, BlackRock alone has acquired 77,649 BTC, bringing its holdings to nearly 2.26% of Bitcoin’s circulating supply. The accumulation trend suggests a continued bullish outlook as institutional giants deepen their positions in Bitcoin.
🔥 The 11 US BTC ETFs just recorded a new biggest inflow of $1.372B after 167 days!
This was backed by #BlackRock (IBIT) which saw a massive inflow of $1.169B yesterday – its largest BTC inflow since launch.
In the past 3 weeks, BlackRock has added a net 77,649 $BTC ($5.48B),… pic.twitter.com/cLvGdJ9CRZ
— Spot On Chain (@spotonchain) November 8, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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The post Bitcoin Surges Past $77K Amid Election Victory And Rate Cut, Eyeing Six-Figure Valuation appeared first on The Merkle News.
