With the results of the new U.S. presidential election revealed, cryptocurrencies represented by Bitcoin have rapidly risen, becoming one of the most outstanding asset classes in recent times. On the night the presidential election results were announced, Bitcoin broke through its historical high of $74,000, then quickly surpassed the psychological barriers of $80,000 and $90,000, with funds flooding in, driving Bitcoin's bull market to unfold at an astonishing speed.
Trump's multiple positive statements and commitments regarding Bitcoin and the cryptocurrency industry before the election made the election results a direct catalyst for this price surge.
(The New York Times) reported that the cryptocurrency industry invested $130 million in this U.S. political election, lobbying through various channels. Trump's attitude towards Bitcoin and the cryptocurrency industry has also changed significantly. At the same time, institutional funds have been flooding in on a large scale. Just in the third quarter of this year, several large institutional investors actively laid out cryptocurrency assets. Undoubtedly, they are the main beneficiaries of this surge in cryptocurrency assets.
A long-time cryptocurrency industry insider stated that the real bull market for cryptocurrencies has arrived. In the short term, this round of explosive growth is merely compensating for the value suppressed by the unfavorable regulatory environment and uncertainty in the past. In the long term, compared to the past prejudice of being 'out of the mainstream' regarding cryptocurrencies, with deep participation from institutional long-term funds, Bitcoin has become a mainstream asset recognized by institutions and the public, like stocks and commodities.
However, for retail investors, the dangers of Bitcoin should not be ignored. On November 13, the day Bitcoin set a new high, Coinglass data showed that the total liquidation amount across the cryptocurrency network reached $847 million, with long positions liquidating at $520 million and short positions at $326 million, affecting over 250,000 people, which can be described as a double kill for both bulls and bears.
This round of Bitcoin's explosive growth is highly consistent with the current presidential election situation in the United States. A week before the presidential election, Bitcoin hovered between $68,000 and $69,000. On the night of November 5, as Trump's election situation gradually became clear, Bitcoin also surged rapidly. On November 6, after the news of Trump's victory settled, Bitcoin rose to a historic high of over $74,000.
Subsequently, Bitcoin broke through important round numbers like $75,000, $80,000, and $85,000 consecutively. After a slight pullback on November 12, it continued to rise, reaching a historical high of $93,000.
Although Bitcoin's recent price performance has been remarkable, it does not completely exceed the market's expectations. This surge in Bitcoin's price is closely related to the situation of the U.S. presidential election, as candidate Trump has repeatedly expressed public support for Bitcoin and other digital currencies. This round of price spikes has brought Bitcoin's market value close to $1.8 trillion, surpassing silver to become the eighth largest asset by market capitalization in the world.
The once Meme Coin Dogecoin has also gained popularity following Trump's election announcement that Musk would lead a new government efficiency department D.O.G.E., which shares a name with Dogecoin. Its market value has surpassed that of the century-old car manufacturer Ford.
As the political winds shifted, funds also began to move. According to a report by cryptocurrency research firm CoinShares, institutional funds flowing into related digital assets after the election exceeded $1.98 billion, with net inflows for five consecutive weeks. Since the beginning of this year, institutional funds entering this field have totaled over $31.3 billion.
Undoubtedly, these institutions that have significantly increased their holdings have reaped substantial profits recently, as the spot Bitcoin ETF has surged by 40% since September due to the aforementioned factors.
Bull markets can easily lead to losses but also to gains. Whether you can maintain wealth ultimately depends on whether you know when to sell and whether you are willing to sell. We will remind you when necessary, so pay attention to us in a timely manner.
The meme market is not over yet. After the pnut weekend adjustment, there is still room for speculation this week. This coin is undoubtedly a hotspot in the second half of this year, and there is a lot of fomo overseas because pnut has enough narrative. Plus Musk!
Bitcoin's rune ecosystem, such as dog, has also risen significantly, and the community is circulating that it will soon be listed on Binance's futures market, though it is unknown if this is true.
Fortunately, there were chips in the early stage, held for a quarter!
Layout these 3 popular MEME coins!
DOGE
As the global stock market gradually stabilizes and the cryptocurrency market matures, market sentiment is slowly recovering stability. Against this backdrop, DOGE's price is expected to find support and lay a foundation for future increases.
From a technical analysis perspective, DOGE's current retracement has approached half of its previous increase, and it may form a bottom support in this area in the short term. If market sentiment continues to improve, DOGE is likely to experience a rebound.
WIF
Dogwifhat (WIF) is a popular meme coin based on Solana, stirring waves in the cryptocurrency space with its outstanding performance.
The combination of strong community attention and the efficiency of the Solana blockchain can increase its appeal in the ever-evolving cryptocurrency space, forming a strong bullish price trend pattern. It seems that in the coming days, it is expected to continue its upward momentum.
BONK
Due to the plan to destroy 1 trillion BONK, BONK has reached a new high and plans to destroy another 1 trillion BONK before Christmas in December.
User iamkadense posted on X that 7.7 trillion BONK have been destroyed, and the daily destruction amount is still increasing. In addition to the recent destruction of 100 billion BONK, another 1 trillion BONK will be destroyed during BONKmas. The community may not stop here. These destroyed tokens will come from applications in the Solana ecosystem that utilize BONK for one or more functions. Token destruction can be considered a long-term positive, so everyone can keep an eye on it.
