Bitcoin broke records in the past week. It reached an all-time record of $93,477, on November 13. After its rapid rise, Bitcoin slowed down with a slight 3% drop, remaining steady at $88,500.
BTC rallied this week on the back of several bullish catalysts, but Donald Trump’s election victory was the main driver.
The crypto industry is expected to benefit from Trump’s reelection by a favorable regulatory climate.
He pledged that the US would become the “crypto-capital of the world” and create a Bitcoin national reserve.
Cynthia Lummis (a Senator and close ally to Donald Trump) suggested in a post on X that this initiative would be possible within the 100-day period of Trump’s administration, with the support of both parties.
Experts speculate that other countries could adopt this strategy if the United States follows through with its plan. This would likely lead to a spike in Bitcoin’s demand, and possibly drive up the price.
BTC was also boosted by Trump’s nomination of Elon Musk, CEO of Tesla and Vivek Ramaswamy as the Republican candidate to head the newly created Department of Government Efficiency.
Crypto sector thinks this will strengthen the crypto movement within Trump administration.
Bitcoin has also seen a spike in demand from institutions this week. Over $2.3 billion was netted and there was only one day of negative flows.
The speculation surrounding the resignation of Securities and Exchange Commission Chairman Gary Gensler also added to the optimism at the end the week.
The rally was hampered by the fact that the United States Federal Reserve indicated further rate reductions might not be realized, as expected, in contrast to the market’s expectations.
Moreover, it was reported that Bhutan’s Royal government, who held more than $1 billion worth of BTC, had sold 367 Bitcoins for about $33.5million.
This dampened the market’s sentiment. Bitcoin prices fell and stabilized at $88,500.
However, experts argue that it is just one of many small corrections to be expected along the way towards the $100 milestone.
MicroStrategy’s CEO Michael Saylor is confident BTC will reach six figures, and has dismissed speculation that BTC could retrace towards the $60,000.
Only days before, CryptoQuant’s CEO Ki Young Ju warned that Bitcoin might close this year at less than $59,000. He cited an overheated market for futures as the main reason behind his bearish forecast.
Saylor sees, however, no imminent “threats”, that could push prices down to this low in the short term.
Bitcoin is expected to reach $100 000 by the end of December.
Crypto analyst Bluntz says that the pullback in late week found its bottom at around $86,256.
After a short period of consolidation, he believes that BTC is likely to target $100,000 as the next significant resistance level.
Matthew Sigel said that BTC is on a path towards $180,000 with periodic corrections along the way.
Chimp the North, a pseudonymous expert who has not been identified publicly, projected that the target would be $140,000 by 2024. The cycle high was $210,000 by 2025.
At the time this article was written, the overall crypto market cap had reached a high of $3.1 trillion. However, it has since fallen to about $3 trillion.
Memecoins dominated the top charts of the altcoin market for the first part of the week.
Top gainers this week:
Peanut the squirrel
Peanut the Squirrel took the number one spot, with a 1,688% increase in the last 7 days.
It was launched just last month, but the meme coin already had a value of more than $2 billion. The token has surpassed older competitors such as Brett, Popcat and MEW in its brief existence.
CoinMarketCap
After its Binance listing, the biggest push was made for memecoin.
Pê
The Pepe coin (PEPE), which was trending on social media throughout the week, was up by over 95%.
Authur Haes, a prominent name in the crypto-currency industry, is a supporter of this token.
CoinMarketCap
PEPE enjoyed the recent market excitement sparked Bitcoin’s rally. However, its listing on Coinbase & Robinhood helped the token reach a record high on November 14.
Whales also have accumulated significant amounts of tokens over the past week.
Dogecoin
DOGE was the first and largest meme coin in the industry, with an estimated market capital of $53 billion. Its price rose by a bit over 82% during this past week.
CoinMaketCap
Dogecoin’s popularity was fueled by the general market mood, but the price spiked after Musk confirmed that he would be heading the Department of Government Efficiency (D.O.G.E. ), which is not directly related to cryptos, yet is still abbreviated D.O.G.E.
The post PNUT Jumps 1,688% This Week; BTC Remains Stable on Path to $100K will be updated as new information becomes available.
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