Bitcoin Price: US$ 88,703.61 (+10.33%)
Ethereum Price: US$ 3,371.59 (+5.92%)
U.S. spot Ether exchange-traded funds (ETFs) saw their largest inflow to date, reaching $294.9 million, driven by a broader crypto market rally following Donald Trump’s election victory. Ethereum’s momentum continues to grow, with analysts predicting that the new administration’s pro-crypto stance could further benefit Ether, which is catching up to Bitcoin and Solana in this bull cycle. Meanwhile, Tether launched an open-source wallet development kit (WDK) on November 11, designed to integrate non-custodial wallets for both human users and digital agents like AI, enabling seamless support for USDT and Bitcoin. The modular and scalable WDK is compatible with a wide range of platforms, reinforcing Tether’s continued dominance in the stablecoin market, where it holds a 68% share. With Republicans poised to win control of the U.S. House of Representatives and secure a government trifecta with Trump’s victory, there is potential for stalled crypto-related bills to gain traction in the upcoming Congress, signalling a more favourable regulatory environment for cryptocurrency in the U.S.
On November 11, the total crypto market capitalisation reached a record high of $3.12 trillion, nearing France’s GDP, fuelled by a significant surge in Bitcoin’s price to $89,500. Bitcoin’s market cap alone surpassed $1.77 trillion, positioning it above Spain’s GDP, and analysts expect Bitcoin’s dominance to remain strong as the market approaches $4 trillion. Meanwhile, China-based Nano Labs, a crypto mining-chip designer, announced it would accept Bitcoin as payment for its goods and services, reflecting a shift toward embracing digital currencies in the tech sector. While the company’s shares rose slightly following the announcement, they remain down significantly from their peak, highlighting challenges despite the growing trend of crypto adoption by businesses. This development coincides with a noticeable relaxation in China’s stance on crypto as authorities acknowledge the value of Bitcoin and other cryptocurrencies. In September, a Chinese court recognised Bitcoin’s scarcity and value, while Hong Kong’s regulator approved Bitcoin and Ether ETFs, signalling a more open approach to crypto. Looking ahead, a survey of large cryptocurrency investors indicates that the market’s bull run is expected to peak in the second half of 2025, with Bitcoin anticipated to reach between $100,000 and $150,000. Solana is particularly favoured, with many investors predicting its value could exceed $600, while sentiment on Ether remains mixed, with some expecting modest gains and others foreseeing it reaching up to $7,000.
Bitcoin has entered a strong price discovery phase, with analysts forecasting potential six-figure price targets as BTC’s bullish structure continues into 2024. Peter Brandt, using Bayesian probability, suggests Bitcoin could reach $125,000 by New Year’s Eve, while other traders predict a peak of $158,000 driven by technical factors like a golden cross completion. However, Bitcoin’s CME gap between $77,800 and $80,600, formed after a 5% rise, is expected to close, potentially causing a short-term dip. Historical patterns suggest BTC could eventually surpass $100,000. An anonymous analyst speculates a local top around $85,000 before further gains, possibly setting the stage for a new all-time high by early 2025.
Meanwhile, Solana’s SOL surged 35%, reaching its highest price since 2021, driven by increased smart contract activity and a rise in total value locked (TVL) to $7.6 billion. Despite concerns over reliance on memecoins, the network’s DEX volumes and user engagement suggest SOL could reach a new all-time high, fuelled by solid growth in decentralised applications. Bitcoin’s recent surge is primarily attributed to the post-halving supply shock, according to Onramp Bitcoin co-founder Jesse Myers, rather than external factors like Donald Trump’s election. Bitcoin’s supply-demand imbalance, compounded by the introduction of Bitcoin ETFs and dwindling available supply, is expected to drive prices higher, with analysts predicting another post-halving price bubble.
Source: https://cointelegraph.com
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