The November 2024 report from CoinEx Research highlighted a historic month for the cryptocurrency market, with Bitcoin reaching an unprecedented high of $99,500 after Donald Trump's victory in the US presidential election. Trump's pro-crypto stance, combined with institutional confidence and innovation in the AI-crypto space, set a bullish tone for the market, with Altcoins also experiencing significant growth.
Trump's Victory Leads to Bitcoin's All-Time High
Bitcoin surged from a monthly opening price of $70,300 to a record-breaking $99,500, nearing the symbolic $100,000 milestone. Trump's victory brought optimism, particularly due to his policy hints at potential regulatory reforms, including replacing the SEC chair and discussing a Bitcoin strategic reserve.
The 2024 Election Ignites the Crypto Boom
Trump defeated Kamala Harris, winning all the swing states and securing Republican control of Congress, laying the groundwork for crypto-friendly policies. Trump's famous supporter and Dogecoin enthusiast, Elon Musk, sparked interest in the entire crypto ecosystem for MEME-themed token projects.
Institutional Inflows: Bitcoin Spot ETF and MicroStrategy Buying Frenzy
In November, institutional support became more evident, with Bitcoin spot ETFs seeing inflows of $6.1 billion, the largest single-month inflow to date, and MicroStrategy accumulating an additional 134,480 BTC, worth around $12 billion, further solidifying its market-leading position and supporting the upward price momentum.
When AI Meets Crypto
The convergence of AI, crypto, and MEME has led to innovations in autonomous AI assistants, such as Truth Terminal and Goatseus Maximus. These assistants have advanced features like social media engagement and autonomous decision-making. A key driver is the open-source Eliza from a16z, which has become one of the most popular projects on GitHub. Building on this, VVAIFU provides a platform for users to create custom AI assistants and launch MEME tokens through the PumpFun ecosystem. The platform's success is evident in its token burn mechanism, which has already destroyed over 4 million tokens since its launch.
AI Assistants Paving the Way for the Future
The Base ecosystem is continuously expanding, with AI assistant development at its core. Coinbase's template-based approach allows for the creation of autonomous AI assistants with crypto wallet and on-chain access, laying the foundation for AI's integration into the crypto space.
Virtual Protocol focuses on game AI agents in 3D environments, while Clanker simplifies token creation through the Farcaster protocol, with over 4,700 tokens deployed and $835.9 million in net inflows.
As Bitcoin's Dominance Declines, Altcoins Shine
Bitcoin's market dominance has reached pressure levels, paving the way for a potential Altcoin season. Notable Altcoin performances include a 4.5x surge in XLM and significant gains in XRP and ADA, doubling in value this month.
The increasing activity in Altcoins signifies the diversification of investor interest and market dynamics. Meanwhile, Bitcoin's market dominance has reached a critical pressure point and has started to decline rapidly over the past two weeks.
Source: TradingView
Data as of 29 Nov 2024
Stablecoins and Liquidity Surge
Stablecoin issuance also experienced explosive growth in November, increasing by $14 billion to reach April 2021 levels, reflecting ample market liquidity. This surge parallels the bullish trajectory of the market and suggests that the upcoming cycle will continue to thrive.
Outlook for December
While Bitcoin has reached the $100,000 milestone, recent risks such as profit-taking, deleveraging, and seasonal slowdown may introduce volatility. However, the market's strong liquidity and growing institutional interest indicate a solid foundation for continued expansion in 2025, with a long-term target of $150,000.
About CoinEx
CoinEx, founded in 2017, is a global cryptocurrency exchange committed to making crypto trading simpler. The platform provides a range of services, including spot and margin trading, futures, swaps, automated market makers (AMM), and financial management, to over 10 million users in more than 200 countries and regions.
CoinEx Research remains dedicated to providing in-depth analysis and insights for the evolving cryptocurrency market, helping investors navigate the complexities and opportunities ahead.
