According to CoinEx Research, November 2024 marked a historic milestone for the cryptocurrency market as BTC reached an all-time high price of $99,500, driven by the victory of Donald Trump in the US presidential election. With his pro-cryptocurrency stance, Trump has instilled confidence in institutions and sparked innovations in the AI-crypto space, fueling a strong price surge not only for BTC but also for altcoins.
BTC surged from the opening price of $70,300 to a record high of $99,500, nearly reaching the symbolic $100,000 mark. Trump's victory brought optimism, especially as his policies hinted at the possibility of regulatory reforms, including replacing the SEC chair and discussing the creation of a strategic BTC reserve.
Trump defeated Kamala Harris, winning all the battleground states and securing Republican control of Congress. This paved the way for crypto-friendly policies. Elon Musk, a prominent Trump supporter and Dogecoin enthusiast, has sparked interest in meme tokens inspired by Elon across the crypto ecosystem.
November saw strong institutional support, with BTC ETFs attracting a record $6.1 billion in inflows, the highest ever in a single month. MicroStrategy continued to strengthen its position by purchasing an additional 134,480 BTC, equivalent to around $12 billion in cost basis, driving the market's price surge.
The convergence of AI, crypto, and memetics has led to breakthrough innovations with Autonomous AI Agents, such as Truth Terminal and Goatseus Maximus. These agents can interact on social media and make autonomous decisions. A key driver is the open-source Eliza project, contributed by a16z, which has become a popular project on GitHub. Building on this, VVAIFU leverages technology to provide a platform for customizable AI Agents and deploy meme tokens through the PumpFun ecosystem. The platform's success is evidenced by its token burning mechanism, with over 4 million tokens burned since launch.
The Base ecosystem is expanding with a focus on AI Agent development. Coinbase's Base Agent Templates allow the creation of Autonomous AI Agents with crypto wallets and on-chain access, paving the way for AI integration in crypto.
Virtual Protocol focuses on AI Agents in 3D gaming environments, while Clanker simplifies token creation through Farcaster cards, leading to over 4,700 tokens deployed. These innovations have been accompanied by increased liquidity in the Base ecosystem, recently surpassing Solana with a net inflow of $835.9 million.
BTCD has reached a resistance level, paving the way for a promising altcoin season. Notable altcoins include XLM, which gained 4.5x, and altcoins like XRP and ADA also doubled in value during the month. The increased altcoin activity reflects the diversification of investor interest and market momentum.
November also witnessed a surge in stablecoin issuance, with a $14 billion increase, reaching the highest level since April 2021, reflecting ample liquidity in the market. This explosion coincides with the strong market uptrend and signals sustainable growth in the upcoming cycle.
As BTC approaches the $100,000 milestone, short-term risks such as profit-taking, deleveraging, and seasonal slowdown may cause volatility. However, the strong liquidity and growing institutional interest provide a solid foundation for continued expansion in 2025, with the long-term target of $150,000 remaining in sight.
Established in 2017, CoinEx is a global cryptocurrency exchange committed to making crypto trading more accessible. The platform offers a wide range of services, including spot trading, margin trading, futures contracts, swaps, automated market makers (AMM), and financial management for over 10 million users across more than 200 countries and regions.
CoinEx Research remains dedicated to providing in-depth analysis and detailed insights into the evolving cryptocurrency market, helping investors navigate the complexities and opportunities ahead.
Disclaimer: This article is for informational purposes only and not investment advice. Investors should do their own research before making investment decisions. We are not responsible for your investment decisions.
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Vuong Tien
According to Bitcoin Magazine
