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This Week’s Summary
Crypto Trends 04 – 10 Nov 2024: Market Analysis and Performance
The crypto market is enjoying a spectacular, rarely experienced bull run following the recent results in the US elections. A landfall win from crypto-friendly Presidential candidate Donald Trump elicited a remarkably positive sentiment in the crypto sector. In fact, the returning President to the White House impacted most financial markets, as many analysts believe in a rapid resurgence of the American economy. Moreover, the US central bank cut the interest rates by 25 basis points, boosting investors’ optimism and opening their pockets.All these events can easily be traced to the total crypto market capitalization, which increased by nearly $500 billion over the past seven days. Should this rhythm continue the market cap could exceed $3 trillion for the first time in history.Bitcoin started the week wobbling between $68k and $70k, waiting for the US elections to begin. As soon as the first results started coming in on Tuesday evening, BTC started slowly increasing in value. On Wednesday, it skyrocketed to $75,000. The growing confidence that Trump was returning to the presidential seat fueled BTC and the market’s rise. And, as soon as the victory was confirmed, the king of cryptocurrencies rose toward $79,000 before setting a new ATH just above $80,000 on Sunday.Ethereum followed the market trend and surged above $3,000 for the first time in 3 months. The second crypto in command is up by over 30% this week, a remarkable ascent. With Bitcoin toppling $80,000, it was only a matter of time for ETH to benefit from this newfound confidence boost. Now, its supporters hope Ethereum can once again reach $4,000 and even set a new ATH.
Altcoins & DeFi
Most altcoins are trading in the green, with some impressive results. For example, XRP is up by 23%, Cardano by 87%, Solana by 28%, BNB by 15%, Toncoin by 16%, Avalanche by 43%, Chainlink by 37%, and Polkadot by 43%.The memecoins are enjoying some of their best days, with double-digit value boosts across the board. For instance, Dogecoin is up by 63%, Shiba Inu by 55%, and Pepecoin by 46%.The Metaverse sector has also seen notable movements in the past week. For instance, Axie Infinity is up by 29%, Stacks by 25%, Render by 29%, Floki by 41%, Decentraland by 32%, and ApeCoin by 20%.The DeFi sector added almost $20 billion to the total value of locked protocols (TVL), which is now $104.20 billion.Crypto Market Analysis – What’s in the News?
Next Week’s Crypto Market Forecast
The crypto market is in full swing and confirms most predictions that there will be a bull run if Donald Trump wins the US presidential elections. It is one of the best periods for the crypto sector in years. Most assets are trading healthily in the green. Meanwhile, big or small traders and investors are having a blast selling stagnant cryptos and refreshing their portfolios with rising stars in the digital coin world. The highly positive sentiment is likely to continue next week and beyond.More By This Author:Ethereum To Outperform Bitcoin, Fund Managers Set $8,000 Target
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