The trading frenzy triggered by Trump's victory continues to heat up.
On Monday, Bitcoin soared with an astonishing increase of over 10%, strongly surpassing $89,000, reaching a high of $89,575.96. Ethereum rose 6.4%, exceeding $3,300, while Solana (SOL) increased by 6.7%, breaking through $220. Investor enthusiasm is at an unprecedented high; according to data from Bitpush, the total market capitalization of cryptocurrencies has surpassed $3.1 trillion for the first time since November 2021 (the peak of the last bull market).
ETF trading volume continues to hit new highs.
Since the election, the inflow of funds into spot cryptocurrency ETFs has been continuously rising.
With Bitcoin first soaring above $88,000, BlackRock's spot Bitcoin ETF also set a new daily trading volume record. According to Bloomberg data, BlackRock's spot Bitcoin ETF daily trading volume reached $4.5 billion.
Citigroup strategists emphasized in a research report that cryptocurrencies are one of the 'few Trump trades that have not yet pulled back.'
By New Year's Eve, Bitcoin prices could reach $125,000.
Legendary trader Peter Brandt stated that Bitcoin could reach $125,000 before New Year's Eve.
Brandt pointed out on platform X that Bitcoin often repeats its strong market performance pattern when prices rise. He analyzed the current trend of Bitcoin breaking through its historical highest point and predicted its price could reach $125,000 based on Bayesian probability theory.
Currently, for Bitcoin, besides the strength of the U.S. stock market, there is also a frenzy of promotion from BlackRock, making it a perfect time with favorable conditions. Unless a major black swan event occurs, it's hard to see a pullback!
What empowerment will continued BTC breakthroughs bring?
1: Bitcoin's strong advance will first be reflected in Ethereum; this can also be said to have strongly saved Ethereum, as the community was recently quite critical.
2: Altcoins closely follow Bitcoin's trend, which is self-evident. Every time Bitcoin reaches a new high, altcoins will inevitably showcase dazzling hundredfold coins, requiring the smart money of whales and large investors to follow!
3: Projects extending from Bitcoin mainly focus on those that are about to go live; for instance, Babylon is staking Bitcoin, and its early promotion and narrative are all built on Bitcoin's foundation! When the leader is thriving, how can such close projects not rise?
As a Bitcoin staking project, Babylon will be in a favorable position, with ample room for growth!
The two hottest narrative directions in the Bitcoin ecosystem for 2024 are expanding Bitcoin's programmability and staking for yield. Bitcoin's scalability solutions are currently in a blooming stage, with various explorations, but in the staking narrative, the 'big and small kings' have already emerged.
Babylon has become mainstream in the Bitcoin staking narrative, thanks to its features such as user asset self-custody, sharing Bitcoin security for PoS chains, and earning staking rewards. In the first phase of the mainnet staking that started on August 22, Babylon reached the limit of 1,000 BTC in just 7 blocks, causing network gas fees to soar to over a thousand satoshis per byte.
Babylon previously announced that it has raised a total of $26 million in financing, with investors including well-known institutions such as Binance, OKX, ABCDE, Polychain Capital, Hack VC, Framework Ventures, Polygon Ventures, and IOSG Ventures.
In the latest round of financing, Babylon successfully raised $70 million. This latest investment was led by Paradigm, with participation from Ventures, Hack VC, Polychain Capital, Bullish, and MANTLE. The newly acquired funds will accelerate Babylon's mission to achieve a secure and decentralized economy based on Bitcoin.
Summary
This time, Bitcoin has reached new highs, generating a lot of buzz, but I believe that more of the profits are not from retail investors, but from whales and institutions; retail investors are even getting trapped in short positions! This is the test of human nature and greed in the secondary market! The primary market will alleviate much of the psychological burden! Babylon, as a Bitcoin staking project, will inevitably catch the wind and rise high, making a remarkable impact!
