- BTC price broke through $79,000, setting a new record high, up 3.77% in 24 hours.
- ETH price broke through $3,100, up 6.77% in 24 hours.
- In the past 24 hours, the entire network was liquidated for $349 million.
The Crypto Fear & Greed Index enters ‘Extreme Greed’ sentiment at a score of 78 as the crypto market reflects the highly bullish sentiment of pro-crypto candidate, Donald J. Trump’s victory in the US Presidential elections. One of the biggest factors is the fact that BTC set 5 new ATHs this week and ETH price surged after weeks of stagnation.
BTC Sets New ATH and ETH Breaks Past $3,200
BREAKING: $79,000 #Bitcoin 🚀 pic.twitter.com/zYsn2mr2x1
— Bitcoin Magazine (@BitcoinMagazine) November 10, 2024
In detail, BTC broke through $79,000, setting a new record high, up 3.77% in 24 hours. Meanwhile, ETH broke through $3,200, up 6.77% in 24 hours. In the past 24 hours, the entire network was liquidated for $349 million, of which $255 million was liquidated for short orders and $93.8068 million was liquidated for long orders.
With Bitcoin establishing new ATHs almost daily, major optimism for a heavily bullish Q4 rally continues to intensify. A majority of seasoned crypto analysts and traders now expect the pioneer crypto asset to hit a six-figure mark between $100,000 and $150,000 by the end of Q4 and trigger a bullish altseason to follow suit in Q1, 2025.
Factors Fueling Bullish Crypto Market Uptrend
This powerful upward trend is no doubt greatly connected to the US Presidential victory of pro-crypto candidate Donald J. Trump’s victory along with other supporting factors like the US FED rate cut and the market printing for USD and USDT. This immediate shift in the market has led many to believe that the long-awaited supercycle has begun for the crypto market.
Another bullish factor driving the market’s bullish outlook is the crypto market’s entry into the ‘golden pocket’—a promising trading period between U.S. Election Day and Inauguration Day where traders are known to have made incredible gains in previous Bitcoin bull cycles. As BTC continues to show strong support, the market eagerly awaits a break to $80,000.