Cryptocurrency service provider Matrixport released its latest analysis, noting that Bitcoin’s price surged by $12,546 over the past seven days, surpassing the $81,000 mark—one of the largest dollar gains in its history. This represents an 18.8% increase, and while Bitcoin has experienced higher percentage gains in the past, this dollar rally stands out.
The firm suggests that the market’s bullish momentum is likely to continue, fueled by expectations that Donald Trump will shift US regulatory policies toward a more cryptocurrency-friendly stance. With his inauguration scheduled for January 20th, the market has several weeks to maintain this positive trend.
Meanwhile, Michaël van de Poppe, CIO and Founder of MN Consultancy and a seasoned cryptocurrency trader, points out that large futures positions are open and anticipates a potential market flush in the coming week before Bitcoin resumes its upward trajectory. The analyst emphasized that such flushes present notable opportunities.
#Bitcoin reached $81K.
Amazing times are ahead of us.
However, massive futures positions are open and I think we'll see a flush happening in the coming week before we continue the upward trend.
These flushes are tremendous opportunities. pic.twitter.com/o7xBCvC6uB
— Michaël van de Poppe (@CryptoMichNL) November 11, 2024
Bitcoin Hits New All-Time High Following Trump’s Election Win, Driving Broader Market Surge
Following the US elections this month, the broader market showed a bullish movement, largely driven by Donald Trump’s win. Bitcoin’s price reached a new all-time high (ATH) at the $82,136 level, with the altcoin market also experiencing gains in tandem.
At the time of writing, Bitcoin is trading at $82,060, reflecting a 3.41% increase over the past 24 hours. The coin’s intraday low and high were recorded at $78,790 and $82,136, respectively. Bitcoin’s market capitalization stands at $1.62 trillion, while its market dominance has risen by 0.71%, reaching 58.30%. This price movement aligns with $1.6 billion in inflows into spot Bitcoin exchange-traded funds (ETFs) over the past week, according to SoSoValue data.
Meanwhile, the global cryptocurrency market capitalization increased by 3.94% in the past 24 hours, reaching $2.77 trillion. Additionally, the total market volume surged by 80.44%, amounting to $235.86 billion today, according to data from CoinMarketCap.
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