This Monday, November 11, Bitcoin (BTC) experienced an unprecedented upward movement, gaining exactly $8,343 in a dozen hours. Many analysts predicted a Bitcoin pump during the fall, and their predictions turned out to be correct. Is this the start of a memorable bull run?
Bitcoin price gains more than 30% in one week and approaches $90,000
This is undoubtedly the information that marked the crypto ecosystem this 3-day weekend: the price of Bitcoin (BTC) literally soared. While on November 9, its price hovered around $76,000, 72 hours later, BTC price is around $89,000nothing to cross the $90,000 mark.
Since the announcement of Donald Trump's victory in the US presidential elections on November 6, the cryptocurrency market is booming. The rise in the price of Bitcoin is the best example of this, since it simply increased by more than 30% in not even a weekreaching its ATH for the occasion.
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In addition to the upcoming inauguration of Donald Trump as the 47th President of the United States, the American senatorial elections also delivered their verdict. The Republican Party, of which Donald Trump is the leader, captured several seats to the detriment of the Democratic Party. As a result, the Republicans now have a majority in the Senate.
Regarding the elections for the House of Representatives, the second component of the United States Congress, the results are not yet official. However, the Republican Party is very close to winning, since they only need 4 seats to win to obtain the majoritycompared to 15 for the Democratic Party.
These 2 elections remain important since it is the United States Congress which votes in favor or not of a pro crypto bill. In recent years, because of the parity of seats between the Democratic and Republican parties, negotiations to establish regulations for cryptocurrencies and blockchain were unsuccessful.
With a Congress entirely won over to the Republican cause, the situation could well change, and the crypto community seems to have understood this well.
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Altcoins and Spot Bitcoin ETFs Outperform, Trading Volumes Explode
ETF issuers have been the main beneficiaries of the recent rise in the price of BTC. Thus, the latter spot Bitcoin ETFs offered in the United States have established new records in terms of net inflows and trade volume.
L’iShares Bitcoin Trust (IBIT) de BlackRock particularly stood out, first recording record net incoming flows of $1.1 billion on November 7, then $763.6 million this Monday.
Similarly, spot Bitcoin ETF trading volume for November 11 peaked at $7.31 billion. A result which had not been achieved since March 14 and constitutes the 6th most important volume since the launch of these ETFs in January on American soil.
In parallel, with 3,120 billion dollarsthe valuation of the cryptocurrency market has beaten a new record. Besides Bitcoin, altcoins also performed. Thus, Solana (SOL) exceeded the $200 mark, and Ether (ETH) exceeded $3,000, even signing an increase of almost 40%, higher than that of BTC.
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Finally, stablecoins, particularly Tether's USDThave also experienced some volatility in recent days. In a few hours, USDT rose from a discounted quote to a high priced quote against the US dollar.
This trend can be explained by the numerous purchases of securities registered on the American stock exchanges and suggests that traders could turn to stablecoins in the event that the rise in cryptocurrencies continues.
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Source : Kaiko Research, SoSo Value
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Surprised by the rise of crypto-assets at the end of the 2010s, I began to closely follow this sector which fascinates me to the greatest extent. When I'm not in football stadiums, rugby stadiums or handball halls, I work on writing relevant articles around cryptocurrencies and more broadly, Web3.
Zacharie Tazrout
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