In the past 24 hours, the total market capitalization of cryptocurrencies has surged by about 3%, with Bitcoin (BTC) leading the rally, hovering around $2.91 trillion in early European trading on Monday, November 11. After consolidating for the past 8 months, the cryptocurrency market has shown signs of a bullish comeback.
If you want to learn more about the crypto world and get the latest news,Weibo Dolphin Dolphin1has more great articles waiting for you~
The Crypto Market is Booming
In the past 24 hours, the total market capitalization of cryptocurrencies has increased by $152 billion, reaching $2.73 trillion. This surge has set a new three-year high, with the intraday peak reaching $2.75 trillion. This increase reflects a strong bullish sentiment, propelling the cryptocurrency market into a new growth phase.
If the positive macroeconomic factors persist, the total market capitalization may continue to rise. However, given the rapid rise, the market may experience a cooldown, stabilizing in the process. This pause could strengthen the rebound by establishing solid support levels, helping to maintain the upward momentum in the coming days.
If this cooldown leads to a pullback, the market may dip to $2.62 trillion. Further declines could challenge the recovery and potentially hinder the recent rally. Market participants are closely monitoring signs of support to gauge the resilience of the cryptocurrency total market value at these elevated levels.
Bitcoin Price Reaches New All-Time High
On Monday, Bitcoin reached a new all-time high, with the intraday trading price reaching $81,836. This is the sixth time BTC has set a new high in a week, highlighting the strong upward trend and generating profits for investors. The consecutive new highs are forming a strong momentum, fueling optimism in the market.
The next milestone for Bitcoin is to break through the $85,000 level and establish it as a support. Achieving this goal will require the broader market to maintain its bullish momentum. Successfully converting this level into a support could put Bitcoin on a stronger upward trajectory, further boosting investor confidence.
Strong Institutional Investor Demand
Recently, with the expected parabolic rebound in cryptocurrencies, the demand for Bitcoin and Altcoins has surged significantly. As gold and major stock indices reach intermediate major resistance levels, more and more investors are shifting funds to the cryptocurrency market to maximize profits.
In addition to the net cash inflow of over $7.2 billion into spot Bitcoin ETFs in the past five weeks, the weekly cash inflow into the US spot Ethereum ETF has been the highest, at around $154 million.
Positive Political and Economic Outlook
Influenced by the positive news from the US last week, the cryptocurrency market gained more bullish momentum over the weekend. After the 2024 US presidential election, more pro-crypto candidates led by the elected president, Donald Trump, are expected to win by a large margin.
As a result, the US is expected to quickly pass a bill to purchase 100 million BTC within the next five years to address the over $35 trillion national debt crisis.
Meanwhile, the Federal Reserve and the Bank of England have both begun to cut their respective interest rates by a quarter, to stimulate economic growth in the short term. With China approving a $1.4 trillion economic stimulus plan, global liquidity is expected to grow exponentially, potentially impacting the continued bullish outlook for cryptocurrencies.
That's the end of the article. FollowWeibo Dolphin Dolphin1for more great articles~If you want to learn more about the crypto world and get the latest news, feel free to consult me. We have the most professional exchange community, where we publish daily market analysis and recommend high-potential altcoins. There is no threshold to join the group, welcome everyone to come and exchange!
