Today, Bitcoin has once again set a historical high, with the peak approaching $90,000. At this trend, we might not have to wait until the end of the year; it could break $100,000 by the end of November.
The total market capitalization of cryptocurrencies has also reached a historical high, with Bitcoin surpassing silver to become the eighth largest asset in the world. Ethereum's performance is relatively weaker but has also risen to $3,300.
Among altcoins, ACT, PNUT, and LUCE have performed particularly well, with some rising several times in just one day. Members of our core group have already doubled their capital.
Why have ACT and PNUT risen so sharply?
Their sharp rise is mainly because they were listed on Binance yesterday.
Binance executive He Yi stated that the listing fees for ACT and PNUT are both zero.
Projects like ACT and PNUT have been selected by Binance because of their high popularity and strong community consensus, which can bring new users to the exchange.
Since Musk said the next four years would be a meme boom, both institutions and exchanges have been quickly adjusting their strategies to welcome the meme craze.
When this consensus forms and becomes a collective force, I believe that at least 20% of the top 100 market cap projects will be meme coin projects.
So why did LUCE surge?
The rise of LUCE is mainly due to the market sentiment driven by the Laser Cat's call.
Currently, the number of addresses holding LUCE is still increasing, indicating that its consensus and enthusiasm are on the rise.
As the leading religious MEME coin, LUCE is also the official mascot of the Catholic Church for 2025.
This project has high popularity and consensus abroad, and discussions about it are increasing.
Previously, Trump attended the annual Catholic charity dinner and criticized Harris for not respecting Catholics.
In the future, Trump may interact with the first holy relic of the Catholic Church in 25 years, LUCE, which could bring greater attention to this project.
The AI sector has also seen a broad rise; is it about to start rotating?
The recent rise in the AI sector may be due to Sam Altman's call driving market sentiment.
Yesterday, OpenAI CEO Sam Altman posted on platform X saying, 'In the past year, Worldcoin has made incredible progress, and I am immensely proud of the team. Overall, I am optimistic about the bright future of cryptocurrencies!'
As a result, the AI sector as a whole has risen, with increases in WLD, IO, ARKM, and RENDER all exceeding 20%.
This indicates that the AI sector may be starting a rotation trend, so it's worth paying attention to whether the subsequent market consensus and enthusiasm can be sustained.
When will the altcoin season officially start?
I think the upcoming performance of Ethereum is crucial and needs to be closely monitored.
If Ethereum can continue to rise, altcoins might experience a surge. However, if ETH underperforms, it will be difficult for altcoin season.
However, based on the current data, the trend remains very strong.
The U.S. Bitcoin ETF has now reached a scale of $84 billion, equivalent to two-thirds of the gold ETF.
Yesterday, the net inflow of Ethereum spot ETFs also exceeded $294.9 million, and Grayscale ETH's net inflow reached $63.3 million, setting a new record for daily inflows.
Bloomberg's senior ETF analyst Eric Balchunas stated that this growth rate is much faster than expected, and Bitcoin spot ETFs could surpass gold within a year.
This indicates that market sentiment is very high, and American investors' capital is pouring into the crypto market.
From the buying volume of large holders, MicroStrategy has spent $2.03 billion to buy 27,200 bitcoins, with an average price of $74,463 per coin.
As of November 10, 2024, they hold a total of 279,420 bitcoins, spending about $11.9 billion, with an average price of $42,692 per coin.
From the stablecoin data, Tether has added another 2 billion USDT on Ethereum.
This means new capital has entered the market, and this money usually first flows into Bitcoin.
According to the current trend, Bitcoin may break $100,000 this month.
Let's see how other analysts view the current trend:
BitMEX founder Arthur Hayes posted on platform X saying that Bitcoin's performance indicates that Trump may print money. He believes that Bitcoin's performance is more convincing than any rhetoric.
Analysts at Standard Chartered expect Bitcoin to reach $125,000 by the end of the year, and SOL will also hit new highs.
Bernstein's analysts suggest that those who have not invested in cryptocurrencies due to regulatory concerns need to change their mindset after Trump's victory.
Bernstein released a bullish report after the U.S. elections, encouraging investors to increase their investments in the crypto industry as soon as possible.
Research director Gautam Chhugani stated that the Trump administration is expected to adopt pro-crypto policies and may appoint a new SEC chairman, bringing a more favorable regulatory environment for the industry.
They expect Bitcoin to reach $200,000 by the end of 2025 and suggest investors buy BTC, ETH, and SOL.
Summary
Overall, the market remains optimistic about Bitcoin's performance in the second half of the year, with a large influx of capital into the crypto market.
However, it should be noted that in the last seven days, the liquidation amount of long positions above $80,000 has exceeded $1 billion, while the liquidation amount above $70,000 has reached as high as $5 billion.
This suggests that the market might experience a pullback, and we could see a spike in contract liquidations. Those with leverage should be cautious about short-term risks.
For some projects that have risen significantly, it is recommended to double the capital out.
Those who haven't entered the market shouldn't blindly chase high prices; a bull market can't only go up without any dips. It's not too late to buy after the next pullback.
