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Crypto Explodes With Sector-Wide Price Surge

Bitcoin Breaks Highs The prospects of fresh crypto boom on the back of Trump’s re-election as President are looking more likely today. Bitcoin futures gapped higher by over 5% at the open last night with the market now up more than 20% off the November lows. Across the board in the crypto space, we’re seeing heavy gains today. Dogecoin Soars Elon Musk backed Dogecoin is among the big winners with price spiking higher by over 35% since the open yesterday. Since the election last week, Dogecoin is now up around 90%, fueling similar action in a slew of similar coins as crypto traders ride a wave of optimism. Musk Comments Spark Buying Overnight, fresh calls from Elon Musk to end the US Federal Reserve, have been attributed to the crypto buying frenzy we’re currently seeing. Given Musk’s support for Trump’s election campaign and Trump’s offer for Musk to head up a department aimed at reducing government spending (D.O.G.E), Musk’s comments on social media are being closely watched and will continue to have a big impact on crypto prices. Record ETF Inflows The surge higher in crypto this week is being heralded by many crypto bulls as a sign that the market is entering a new wave of expansion. With Trump in office, the promise of an easier regulatory environment, greater access for institutional capital and wider mainstream uptake, has seen a surge in demand with ETF inflows hitting record highs through recent sessions as institutional traders look to position for the projected rally. Technical Views BTC The rally in BTC has seen the market breaking out above the prior 74,140 area highs. With the market now gapped higher, focus is on a continuation into fresh territory. In terms of potential price targets and resistance areas, we can look at key Fib projection levels with the 1.61% extension at 91,025 and the 2% extension at 100,870 being the main levels to watch. Outlook stays bullish while above 74,140.

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Publication date:

2024-11-11 11:11:07 (GMT)

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