Total crypto-market capitalization has risen by 1.85% during the past 24 hours, to $2.77 Trillion on November 11. In addition, the overall volume of trading has risen 75% in one day to $235 Billion. This reinforces November’s positive momentum.
BitcoinBTCIn the last 24 hour, the price of, the most valuable cryptocurrency in the world by market cap, rose 2.8% to $81,587. It is now just below its all-time record high, which was set at the beginning Asian trading hours during Nov. 11.
Related: $80K BTC price chases gold — 5 things to know in Bitcoin this week
EtherETHThe second largest crypto () fell 0.91% and traded at $3,166 as of the publication date.
Market performance of crypto markets on 11 November. CryptoMarketCap is the source.
Dogecoin was also among the top altcoins.DOGEThe largest memecoin in terms of market capitalization is. soaring 23% The price has increased 151% within the past month and by 240% in the previous day. It is now at a high of more than $0.30.
Look at what’s driving up the cryptocurrency market today.
The crypto market celebrates Trump’s victory
Bitcoin and other cryptocurrency have seen impressive gains since Donald Trump won the election. 2024 US presidential race.
Trump had made bold promises Bitcoin is so popular that some people have even entertained the idea of establishing a national strategic reserve.
Trump’s crypto-friendly regulatory climate will benefit the broader sector, as well. “a plan to ensure the United States will be the crypto capital of the planet.”
In such a market, participants expect Bitcoin to trade higher than ever before as an oppressive headwind that once dominated the largest economy in the world has now become a tailwind.
Also, October’s print is available. Consumer Price Index Key measures of inflation are the Producer Price Index and Consumer Price Index, which traders will be looking at this week.
While the US central bank has mixed signals, it is convinced of inflation. “sustainably moving toward 2%” When they cut interest rates by 0.25% Last week.
The next round of jobless claim data, the PPI and Jerome Powell’s speech on economic forecasts will be released on November 14.
CME Group has released the latest statistics. FedWatch Tool There is a 68.5% chance that the Fed will cut rates again at their next meeting, scheduled for December 18,
Fed’s target rates for November 7, FOMC meeting. Source: CME Group
Market Volatility Liquidates $630M
As the price of major cryptocurrency rose, there were significant sales across the globe. crypto derivatives Over the past couple of days, there has been a significant increase in market activity. The shorts, who were caught by surprise and forced to liquidate their positions quickly due to leveraged trading.
Over $634 million worth of crypto positions were liquidated in the last 24 hours on the market. Of that, $203 millions was lost in the previous 12 hours. Leveraged short BTC positions amounting to $121 millions were also liquidated that day.
Source: Total crypto liquidations CoinGlass: Source of total crypto liquidations
More than 210,940 trades were liquidated. The biggest single liquidation on OKX was BTC/USDT, which amounted to $15.5 million.
Investors flock to crypto investment funds
Crypto market gains are correlated with huge capital inflows into crypto products.
CoinShares is a cryptocurrency. “Digital Asset Fund Flows Weekly” Reporters: published In the week that ended November 8, institutional investors increased their exposure in digital assets on 11th Nov. The total amount of crypto investments products received was $1.98billion. Again, Bitcoin funds received the largest amount of inflows. They totaled $1.8 billion. Year-to-date, inflows have reached $31.3billion. This is a new high.
Source: CoinShares. Capital flow for crypto investments products. Source: CoinShares
James Butterfill is the head of CoinShares’ research. He attributes this positive outcome to the US presidential elections and favorable macroeconomic conditions.
“A combination of a supportive macro environment and seismic shifts in the US political system being the likely reason for such supportive investor sentiment.”
SoSoValue reported Bitcoin spot market value is $1.6 billion ETFs Over the week of Nov. 4, to November 8, there were approximately $1.4 billion in investment products. On Nov. 7, alone, approximately $1.4 billion was invested in these products.
Spot Bitcoin ETF flows chart. Source: SoSo Value
Bitcoin ETFs: The Long-term Trend remains on the riseThe price of BTC has increased significantly over the past thirty days.
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Source: cointelegraph.com
