It was a monumental week for Bitcoin as the world’s largest cryptocurrency printed back-to-back highs throughout the week, fuelling the start of what many experts claim is the beginning of a major bull run.
Altcoin traders did not lose out on the fun as a lot of top-tier projects began moving after months of dormancy, although memecoins have been the biggest beneficiaries of the current uptrend. Among the top 99 altcoins, NEIRO, CRO and RAY led the gains.
Since the start of the week, the overall cryptocurrency market capitalisation went from $2.4 trillion on Nov. 1, to roughly $2.7 trillion at press time.
Bitcoin’s market dominance slipped to a monthly low of 51.63% on Nov. 7 but rebounded back to 55.30% the following day.
BTC began the week around the $70,000 mark and smashed past it right after election day as Donald Trump secured his seat in the Oval Office.
The flagship breached $76,000 for the first time on Nov. 7 and subsequently hit an all-time high of $76,683 on Friday, as it had entered a price discovery phase.
As the market celebrated Trump’s return to office, the Federal Reserve announced a 25 basis point reduction, following its previous 50bps cut in September.
Although it did not move the market in a noticeable manner, the back-to-back cuts have set a favourable backdrop for risk assets like Bitcoin.
Right now, bulls are looking forward to Trump’s inauguration in late January, and speculations have surfaced regarding how high the bellwether can fly before the new United States administration starts working towards what the industry expects to be a crypto-friendly environment.
Analysts at Bitget Research believe $100,000 is feasible citing an uptick in futures market open interest, while experts at digital asset custodian Copper.co pointed to a similar target backed by the current market enthusiasm.
Fadi Aboualfa, head of research at Copper.co, believes the six-figure target could be hit before the crypto president is sworn in on January 20.
One of the key drivers is record demand for spot Bitcoin ETFs which saw over $1 billion in inflows on Nov. 8 alone.
Prominent trader Gert van Lagen added to the bullish outlook, telling his over 100,000 X followers that BTC was close to breaking out of a re-accumulation zone that began last year.
According to him, BTC’s next target in the coming weeks would be close to the 100k mark which could extend to $200,000k by May 2025.
Meanwhile pseudonymous trader CryptoRus, in a Nov. 7 X post, said six-figure prices are coming by the end of the year, citing historical post-election rallies in 2020 and 2016.
Upon writing, Bitcoin was selling for $76,193 and was up over 7.5% in the past seven days, finding strong support near the $75,500 region.
Coming to the altcoin market, the leading gainers for the week were:
Neiro
Neiro (NEIRO) rose 45.6% over the last 7 days exchanging hands at $0.002357 at press time.
The meme coin fell for five consecutive days from Oct. 31 before rallying to an all-time high of $0.00246 on Nov. 8 as its market cap surpassed $1 billion.
Source: CoinMarkeCap
Most of the gains came after Coinbase International Exchange and Coinbase Advanced listed perpetual futures trading options for NEIRO, reigniting interest among traders to pursue more gains through leveraged trading.
Further, whales have also turned their attention to the meme coin as IntoTheBlock shows a 266% surge in large holder netflows over the past seven days.
Neiro the dog-themed meme coin inspired by Dogecoin first came to light after Vitalik Buterin sold all of his Neiro holdings.
Since then, the meme coin has been listed on multiple exchanges including Binance, Crypto.com, HTX and OKX among others, which has added to its credibility.
Cronos
Cronos (CRO) saw weekly gains of 45.8% as its market cap soared to $3 billion, its 5-month high on Nov. 8.
The altcoin saw its daily trading volume surge 455% on Nov. 8 hovering over $172 million when writing.
Source: CoinMarketCap
The altcoin had been on a bearish trend since March which ended after the project announced its partnership with Google Cloud as the tech behemoth became a primary validator for the project, just a day after a new roadmap was announced.
With the community currently about the upcoming developments CRO seems primed for more gains as the timing of the developments coincided with Bitcoin’s current rally.
Raydium
Raydium (RAY) was up 41.2% over the last 7 days with its market cap seated at $1.28 billion at the time of writing.
The altcoin’s monthly gains stood even higher at 188% making it the leading gainer among the top 100 cryptocurrencies by market cap.
Source: CoinMarketCap
RAY reached a 31-month high of $5.04 earlier on Nov 8—a level last seen on Jan. 19, 2022.
The majority of the gains seen over the past week came on Nov. 7 after crypto exchange Coinbase International revealed that it would list perpetual futures futures for RAY on Nov. 14.
Raydium has also emerged as one of the most successful applications in the Solana ecosystem, contributing the majority of Solana’s DEX volume over the past week.
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