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As the US election approaches, Bitcoin rose above $73,000 on Tuesday, nearing its all-time high. According to data from Coin Metrics, Bitcoin's price has recently risen 3.8% to around $72,292.10. Earlier, Bitcoin rose to $73,601.59, the highest level since its record high on March 14. Spot gold rose, touching $2,780 per ounce, a new all-time high, up nearly $150 in October.
Multiple factors driving Bitcoin's rise
Analysts generally believe that this surge in Bitcoin is closely related to the trend of the US election. During the campaign, Trump had declared that if he could return to the White House, he would list Bitcoin as a strategic reserve asset for the US and make the US the "global capital of cryptocurrencies". Harris also chose a different path from Biden, vowing to support cryptocurrencies.
Solana has recently shown a strong upward trend, with its price continuing to rise. Currently, its trading price has approached $175, and if this growth momentum can continue until mid-November, its price is expected to approach or even reach $200. The positive market sentiment is clearly reflected in SOL's price trend, with investors' strong interest driving its price to constantly break new highs.
When paying attention to the price dynamics of SOL, several key price levels should be noted. First is the psychological barrier of $200, followed by the support level of $163 and the resistance level of $180. These price levels have an important impact on SOL's future trend. If SOL's price experiences a temporary pullback, the $163 support level may become an important retreat point.
From a historical resistance perspective, SOL needs to stay above $180 to smoothly approach higher price targets. At the same time, SOL's bullish trajectory is supported by a strong position above the 50 and 100 EMAs on the chart. If Bitcoin and other major assets continue to rise, SOL is expected to achieve higher price targets. However, it should be noted that reaching the $200 target will require time and further market consolidation. Therefore, investors should be patient and closely monitor market dynamics to make wise investment decisions.
Shiba Inu remains important
In the current cryptocurrency market, while Solana and Shiba Inu each have their own characteristics, Shiba Inu faces an important issue, which is the lack of a sustained bullish trend. In-depth analysis of on-chain data shows that the main reason is the lack of interest from new investors in Shiba Inu.
According to statistics, only about 2-3% of SHIB holders are new entrants to the market. This indicates that the number of new investors in the market is limited, making it difficult to support a sustained rise in Shiba Inu. At the same time, more liquid and high-risk new meme coins have emerged in the market, attracting a large number of experienced investors and new speculators. They are pursuing high volatility and hype effects, hoping to profit quickly, making Shiba Inu less attractive.
The emerging meme tokens are more like a casino in the cryptocurrency market, attracting a large number of short-term speculators. In this environment, Shiba Inu has been unable to maintain its early explosive growth momentum, and its market performance has been relatively weak. The latest price chart also shows that Shiba Inu's upward momentum is lacking, its trading range is gradually narrowing, and it is difficult to break through important technical indicators such as the 200-day moving average.
If Shiba Inu is unable to attract new investors, its price may continue to fluctuate within a range, or even decline. This is mainly because existing holders may choose to gradually sell off. Overall, without new capital support, Shiba Inu's market performance will be limited.
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