Market Update

Bitcoin at All-Time Highs as Market Adjusts to Trump Election Win

3 minutes 23 days ago

Bitcoin
BTC
PRICE (14D)
$135,000.00
(22%)
Ethereum
ETH
PRICE (14D)
$5,005.00
(24%)
Solana
SOL
PRICE (14D)
$321.80
(18.1%)
Prices in AUD and as of 1:00pm AEDT on Nov. 13, 2024

Key Takeaways
  • Bitcoin (BTC) surpassed $137,000 for the first time on Wednesday. The milestone came on the back of multiple all-time highs being posted in the days after last week’s U.S. election, won by Donald Trump.
  • Dogecoin (DOGE) has been among the top performers since the election, largely due to its ties to Elon Musk, who was heavily involved in Trump’s election.
  • Net inflows for spot Bitcoin and Ethereum ETFs have increased considerably, signalling increased levels of demand for these two leading cryptocurrencies.

Trump Election Wins Sparks Bitcoin Rally

After U.S. election voting closed last Tuesday night (EST), Bitcoin’s price broke through to all-time highs above $112,500 ($73,500 USD). In the days thereafter Trump was declared the election winner, BTC consistently grinded higher, making more record highs along the way.

The most recent of these price milestones came on Wednesday morning (AEDT) when BTC briefly crossed $137,000 ($89,500 USD). Of note, BTC dominance has hovered around 60% for most of this week, near three-year highs.


Dogecoin Riding The Trump Rally

Dogecoin (DOGE) has been one of the top performers in the past week, likely due to the coin’s longstanding association with Elon Musk, who was heavily involved in Donald Trump's presidential campaign. On Wednesday, the Trump campaign confirmed that Musk will co-lead the Department of Government Efficiency (DOGE), an initiative Musk had suggested Trump pursue in the event he wins the election.


Growing Demand For Bitcoin & Ethereum ETFs

Spot Bitcoin ETFs in the U.S. posted their strongest week of net inflows since March, adding $3.39B ($2.2B USD)—and this week’s figure is on track to top it.

Elsewhere, on Tuesday, spot Ethereum ETFs in the U.S. recorded their largest daily net inflows since launching in July. The net inflows of $451M ($295M USD) were nearly triple the previous record from early August.


Stablecoin Supply Hits New Heights

The combined market cap of all stablecoins continues to climb and is now at $280B ($183B USD). Such a trend indicates that more capital is coming ‘onchain’ and being used across the crypto ecosystem for reasons including payments, lending and saving. including payments, lending and saving.


Disclaimer -
This content is for informational purposes and not financial advice. We recommend doing your own research.

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