New ATH for Bitcoin!
Intra-day, BTC reached a new ATH at 75,358, according to Coingecko, temporarily going above the previous ATH from March, at 73,737. I'd still like to see that ATH maintained till "closing", but we will see... Over 7% for bitcoin is not easy to hold. Otherwise, there is time tomorrow for a decisive move. All alts are on the move too, some more than others.
At the time of writing, this is the situation:
I guess you can imagine why we see these generalized crypto pumps...
Democrats lost... badly, on all fronts (President, Senate, not sure what happened at the House of Representatives yet).
Since they had a bad history regarding enforcing actions on crypto, and Trump at least in political discourse and some actions at least seems to know what crypto is and made enough steps to get closer to this industry during the campaign, it's normal this space as a whole celebrates that he won. Whether that will be a good thing or not for crypto, remains to be seen...
We all know he's a wild card, but to be honest I'd rather have this one wild card instead of a sort of mass brain washing, with massive censorship, freedoms ignored, wake extremism, and so on. I don't know if this other side will be any better. It remains to be seen.
The Democrats won something too... They won future presidential elections without Trump.
But I'll leave politics for those who want to talk more about it. I'd rather not, because in the end, it's not something I prefer bringing up.
Let's focus on crypto... People say the victory of Trump was already included in the short term price action from recent months. I believe this is only partially true. Without the uncertainty of the elections - and particularly that one candidate seemed to be pro-crypto and the other anti-crypto - BTC would have made a new ATH in October easily, in my opinion.
With the elections out of the way and the allegedly pro-crypto candidate and his party winning the elections, there is no immediate stopping for BTC and then alts to chart new territories.
And I do believe there is a sort of urgency in the matter, because without BTC starting to reach for higher grounds sooner, there is less and less time for a proper alt season to unfold.
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The politics are there, but I hope that Trump follows through with a crypto-friendly or at least neutral SEC/FED. Then again, we won't know for sure until he takes office in January to see who he picks. I wonder if we will even have a alt season. I just don't think it will be the same as previous cycles.
I am optimistic regarding the crypto market. I guess it needed to know it is improbable to happen this cycle what happened the last one, to unleash.
YAY!
I must say it's quite epic/memorable that ATH was reached when Trump was on the verge of winning on Election Day. After all it has been hovering around the 60s and 70s for the longest time.
Obviously, they were correlated. Meaning BTC was kept from making a new ATH until elections were finalized.
Hahahaha fishy stuff!
The most important chart for me is the one from Google Trends. It is not great for rest of the cryptosphere; but we are going to get retail investors into BTC.
Well, bitcoin "is king" and its dominance very high. Wait until that starts going down, and we will see how the interests shift too.
Also, the issue with these trends is that bitcoin is one and interest for it highly focused, while crypto are many, and there isn't a clear, unique, magnet for audience.
If you add trend numbers for bitcoin, bitcoin lightning, bitcoin etfs, etc. on one side, and crypto, stablecoins, ethereum, uniswap, solana, memecoins, web3, web3 games, defi, nfts, etc. we might have a different ratio.
What I'm most interested in is the trajectory of the interest. As long as it is rising, I don't care much about the exact ratio.
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Trump made promises but fulfilling those promises is another thing altogether. I'm leaning more towards seeing more innovation being welcome with crypto from the new administration, pushing us a bit further into mass adoption.
Absolutely! The best thing that they can do is being opened to this space, with a good second option to stay out of our way.
Definitely agree with the second option! Crypto should remain decentralized, welcoming all kinds of innovations and furthering the good ones.
I think everyone would rather have Trump at the moment, more of like choosing the lesser evil, plus he won't go on a witch hunt on crypto like Biden did with Gensler.
Let's see if this pump is the beginning of something different.
Unfortunately, many of the choices we are presented in recent history seem to fall in this category. When did we stop having any good choices?
He is still there, head of the SEC. But he might have other priorities for the rest of his term, however long that might be.
Well, breaking the ATH which was heavily defended, is a significant event. I doubt we will move downwards from here. Maybe a small pullback tomorrow, but the previous ATH is now a support instead of resistance. I'd rather see more upside movement before a correction.
In my country, I don't think we've ever had much. The last time we had a credible choice in Nigeria was 2010 and that's 14 years ago. It's all about choosing the lesser terrible choice nowadays.
The fact that Trump is now anti crypto is probably why we're happy he won and not really because of anything much
That shows the power of fundamental (events in the real world or news) analysis over charting. BTC's recent ATH is a good one and I hope it continues. Though in the next couple of hours or so BTC might be trading below $72k. Let's see what Trump will do for crypro now he's won, maybe America will truly become the crypto capital of the world. Thanks for writing.
Looks like many are expecting a pullback... I'm not so convinced. Not on the short term.
Regarding fundamentals, they materialize if Trump's administration will not add more roadblocks to crypto, at least. That would be a major improvement compared to the previous administration and their policy.
A lot of people can now see the effect of Donald Trump on cryptocurrency. My only concern is that I hope he does all he said he will do.
If he fulfills his promise, we are good to go!
He will become full president in January. And then, probably crypto won't be among the first things on his mind.
Personally, I'd be fine if they stay out of our way.