Bitcoin briefly hit a fresh all-time high of $76,872 on Thursday before retreating, with financial markets continuing their rally in the wake of Donald Trump winning a second term in office.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin (CRYPTO: BTC) | $75,723.12 | -0.3% |
| Ethereum (CRYPTO: ETH) | $2,879.34 | +7% |
| Solana (CRYPTO: SOL) | $195.34 | +3.4% |
| Dogecoin (CRYPTO: DOGE) | $0.1952 | -3.1% |
| Shiba Inu (CRYPTO: SHIB) | $0.00001896 | -0.4% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume increasing by 83% and daily active addresses rising by 17%.
- Coinglass data reports 102,336 traders were liquidated in the past 24 hours for $320 million, $200 million of which were liquidated short positions.
Notable Developments:
- Bitcoin As America's Gold? How Trump's Bitcoin Act Could Reshape US Reserves
- Polymarket CEO On Election Night: 'It Looked Like A Done Deal' On Platform, But Just Watching TV 'You Would Think It's Neck And Neck'
- Will MicroStrategy's $42 Billion Bitcoin Bet Boost MSTR Stock Further?
- Dogwifhat Struggles To Keep Up With Dogecoin, Shiba Inu: What Is Going On?
- The Trump Effect: A Deep Dive Into How The Crypto Landscape Will Change In 2025 And Beyond
Top Gainers:
| Cryptocurrency | Price | Gains +/- |
| Maker DAO (CRYPTO: MKR) | $1,562 | +17.5% |
| Ethena (CRYPTO: ENA) | $0.508 | +12.8% |
| Cardano (CRYPTO: ADA) | $0.4017 | +11.5% |
Trader Notes: Trader Smileycapital cautioned that "less is more" and predicts a "wealth effect" from increasing valuations in Bitcoin, Ethereum and Solana to trickle down to small-cap cryptocurrencies.
Analyst Ali Martinez expects the start of an altseason soon:
Altseason hasn't even begun!
— Ali (@ali_charts) November 7, 2024
We're in that part of the cycle where #Bitcoin is still outpacing #Ethereum—totally normal at this stage. This could be the ideal time to stack up on altcoins, as history shows that altseason often follows shortly after. pic.twitter.com/jxANVYk8kt
Veteran analyst Benjamin Cowen pointed out that Bitcoin is following a familiar pattern to previous bull market cycles:
#BTC still just doing what it always does at this point in the market cycle pic.twitter.com/jK6F631PuG
— Benjamin Cowen (@intocryptoverse) November 7, 2024
What's Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
- The Future Of Crypto Regulation Under A Trump Administration: 'Headwinds Are Now Tailwinds'
Image: Shutterstock.
