Donald Trump's victory in the US presidential election is creating a new wave of optimism in the crypto markets.
Bitfinex analysts predict that Bitcoin could exceed $100,000 by the end of 2024 following Trump's victory, and stated that this rise could also have a positive impact on Ether prices.
Market experts stated that Ethereum has the potential to exceed $3,200 as risk appetite increased after Trump’s victory. According to the election results announced on November 6, Trump won the US presidency for the second time.
Following this development, inflows to spot Ether exchange-traded funds (ETFs) have turned positive again. According to Farside Investors data, net inflows of $52.3 million were recorded on November 6, the first day after the election, and $79.7 million on November 7.
Analysts stated that the renewed appetite of investors and positive ETF inflows will contribute to Ethereum reaching $ 3,200 in the short term. “We expect Ethereum to break out of the price range where it has been accumulating for a long time,” said analysts, emphasizing that Ethereum could also gain upward momentum if Bitcoin’s ratio to the total market value reaches 60%.
Positive Signals for a Rapid Rise in Ethereum
Stating that the Ether price has become more volatile due to spot market purchases after the election, Bitfinex analysts said they expect a new jump in the coming period with increasing open positions.
“Open interest has reached $1.3 million, surpassing the $800,000 level in August,” analysts said, noting that most of these open positions are short-term, according to Cumulative Volume Delta and buy/sell balance data. They suggested that this situation could create a positive momentum in the price of Ether in the coming month.
Bitcoin’s price rose to an all-time high above $76,400 on November 6 shortly after Trump’s victory, indicating that investors’ confidence in cryptocurrencies is increasing.
Stay tuned.