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Bitcoin is soaring, successfully breaking through the historical high, and once reaching a high of $93.9k. Since Donald Trump won the election on November 5, this largest digital asset has risen by about 40%. Trump's campaign platform clearly stated that he wants to make the United States the world's cryptocurrency capital, which undoubtedly adds strong momentum to the rise of Bitcoin.
It is worth mentioning that the Bitcoin concept stock MicroStrategy performed extremely well, closing up 11.89%, with a trading volume of as high as $20.94 billion. As of the close on Tuesday, the stock has risen for three consecutive trading days, with a cumulative gain of more than 30% in three days. Nearly 25 years after the bubble burst, MicroStrategy has finally succeeded in turning the tide, setting a new historical high again!
The main reasons for Bitcoin's new historical high are as follows:
1. Technological breakthroughs and expansion of application scenarios:
- The continuous maturity and improvement of blockchain technology has improved the transaction efficiency and security of Bitcoin, while consolidating its decentralized characteristics.
- The application scenarios of Bitcoin have been continuously expanding, from the initial digital currency payment to decentralized finance (DeFi), Non-Fungible Tokens (NFT) and other fields, increasing its value support and future upside potential.
2. Market demand and investor psychology:
- The global economic recovery and the accelerated digital transformation have led more and more investors to pay attention to the digital currency market, especially Bitcoin, as the leader of digital currencies, which has become the preferred choice for many investors.
- The scarcity and decentralized nature of Bitcoin, as well as its characteristic of not being controlled by any single institution or country, have enhanced the stability of its price and its ability to withstand risks.
3. Policy regulation and market sentiment:
- Certain policy expectations, such as the bill planned to be promoted by Republican Senator Cynthia Lummis of Wyoming, are expected to enhance the status of Bitcoin, attracting more investors.
- The optimistic market sentiment, especially when Bitcoin prices continue to hit new highs, attracts more investors to enter the market, forming a chasing trend, further driving up the price.
Shrivastava said that although the market in November was dominated by Bitcoin, there are still many altcoins that have not reached their historical highs, and some upcoming events may trigger the trends of these 3 coins in the next few days: $APT, $FLOKI and $ZEC
Layout 3 altcoin bull markets to profit 100 times!
Aptos ($APT)
This week will be an important moment for Aptos, as Bitwise has launched the world's first Aptos staking ETP fund and listed it on six major Swiss exchanges on November 19. The fund will stake and hold $APT, which may bring more investment interest and demand, thereby driving up the price. Shrivastava predicts that if the market momentum continues to strengthen, $APT is expected to break through the $14.05 resistance and continue its upward trend.
Floki ($FLOKI)
Shrivastava pointed out that $FLOKI has surged 128% in the past two weeks. If the meme coin can successfully break through the $0.0002776 resistance, the upward trend may continue further. It is worth noting that Floki will collaborate with Forj, a subsidiary of Animoca Brands, to launch the $MONKY meme coin on November 21. This plan is supported by ApeCoin and the BAYC project, and has sparked discussions among investors, which may help drive the price up further. Shrivastava predicts that if the issuance of $MONKY can bring sustained buying momentum, $FLOKI may surge to $0.0003138.
Zcash ($ZEC)
Shrivastava pointed out that Zcash ($ZEC) has risen 25.5% in the past four days, trying to break through and turn $46.24 into a support level. If successful, it may move towards $50. It is worth noting that Zcash is expected to undergo the NU6 upgrade around November 23, which is expected to bring important improvements to the project. Shrivastava predicts that this upgrade may further boost the bullish sentiment, and the potential price increase may come when the market responds to these developments. If $ZEC can fully utilize this momentum, it may break through the $50 mark.
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