The week was monumental for Bitcoin, as it reached back-to-back records throughout the entire week. This fueled what experts believe is the beginnings of a bull market.
Altcoin investors did not miss out as many top projects started moving again after several months in dormancy. Memecoins, however, have been the main beneficiaries of this current trend. Amongst the top 99 altcoins NEIRO led with CRO and RAY.
The overall market capitalisation of cryptocurrency has increased from $2.4 trillion to $2.7 trillion since the beginning of this week.
Bitcoin’s dominance on the market fell to its lowest monthly level of 51.63 % in November, but then rebounded to 55.30 % by Nov. 8.
BTC started the week at around $70,000 and broke through it after the election, when Donald Trump won the Oval Office.
On Nov. 7, the flagship broke through $76,000 and then hit a record high of $75,683 by Friday. It had now entered into a phase where it was determining its price.
The Federal Reserve, which had previously cut its rate by 50bps in September, announced that it would reduce the interest rates to 25 basis points.
The back-to-back reductions have created a favorable environment for high-risk assets such as Bitcoin, even though they did not affect the market significantly.
Bulls look forward to Trump’s inauguration, which will take place in late January. There have been speculations about how high this bellwether could fly before the United States Administration begins to work towards what is expected to be an industry-friendly crypto environment.
The analysts at Bitget Research think $100,000 is achievable citing a rise in open interest on the futures markets, whereas experts from digital asset manager Copper.co have also suggested a target of this magnitude backed up by current market excitement.
Fadi Aboulfa, the head of Copper.co’s research, thinks the target can be reached before January 20, when the new crypto-president is officially sworn into office.
The demand for Bitcoin spot ETFs, which attracted over $1 billion on November 8, alone, is a key driver.
Gert Van Lagen, a prominent trader and investor who has over 100,000 followers on X, added to this bullish outlook by telling them that BTC is close to breaking free of the re-accumulation area that started last year.
BTC, according to his words, will be aiming to reach the $100k level in the next few weeks. This could increase to $200k by the end of May 2025.
In a post on X, CryptoRus (a pseudonymous trader) said that six-figure price increases are expected by the end the year. He cited historical rallies after elections in 2016 and 2020.
Bitcoin, at the time of writing, was trading for $76,193 with a 7.5% gain in the last seven days. It found strong support around the $75,500 area.
The altcoins that gained the most this week are:
Neiro
Neiro (NEIRO), which was trading at $0.002357 as of press time, has risen 45.6% in the past 7 days.
After falling for five days in a row from October 31, the meme coin rallied to a high of $0.00246 by November 8 when its market capital exceeded $1 billion.
CoinMarkeCap
The majority of gains were made after Coinbase International Exchange, Coinbase Advanced and NEIRO listed permanent futures options. This rekindled traders’ interest in pursuing more profits through leveraged trades.
IntoTheBlock also shows a 266% increase in net flows for large holders over the last seven days.
Neiro, the Dogecoin-inspired meme coin with a dog theme was first discovered after Vitalik Buterin liquidated all his Neiro.
The meme coin was listed in multiple exchanges, including Binance Crypto.com HTX OKX, among others. This has increased its credibility.
Cronos
Cronos (CRO), a company that specializes in the production of semiconductors, saw a weekly gain of 45.8%. Its market capitalization grew to $3 billion on November 8, its highest level for five months.
On November 8, the altcoin’s daily trading volume grew by 455%, and was hovering at $172 Million when I wrote this.
CoinMarketCap
Altcoins had been in a downward trend since the beginning of March. This ended when the project announced its collaboration with Google Cloud, the technology giant becoming a primary validater for the project just one day after it announced a new roadmap.
CRO is poised to gain more profits as Bitcoin rallies and the CRO community are both aware of the new developments.
Raydium
Raydium’s (RAY), market capitalization was $1.28 Billion at time of writing. It was up by 41.2% in the past 7 days.
Altcoins’ monthly gains were even more impressive at 188%, making them the biggest gainers amongst the top 100 cryptos by market capital.
CoinMarketCap
RAY had reached its highest level in 31 months earlier, on November 8, reaching $5.04 — a value last seen Jan. 19, 2020.
Most of the gains over the last week were seen on November 7 when crypto exchange Coinbase International announced that they would be listing perpetual futures contracts for RAY by Nov. 14.
Raydium is also one of the top applications within the Solana ecosystem. It has contributed the bulk of Solana’s DEX volumes over the last week.
The post Bitcoin reaches $100k milestone: NEIRO CRO and RAY Top Weekly Gainers could be updated as new information becomes available.
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