BTC, breaking its morning trend, rose 7% in the afternoon...Surpassed the previous high around 12 PM
After setting a new high, it recorded a 'highest price' of $75,317 around 3 PM
Doge, considered a 'Trump-related stock', rose 20% in the afternoon following the US election news
Experts say "BTC's new high is just the beginning...It could reach $80,000"
);)
BTC surged as news spread that former President Trump, a 'pro-cryptocurrency candidate', was likely to win the presidential election. BTC recorded a new high of $75,317 around 3 PM, rising about 7% in the afternoon.
Former President Trump won in North Carolina, Georgia, and Pennsylvania, among the key swing states. The real-time news on the 6th indicates that former President Trump is gradually securing more electoral votes.
Former President Trump has expressed his support for BTC and the cryptocurrency industry since running for president.
As BTC rose with the likelihood of former President Trump's election, altcoins also rose. However, due to BTC's high dominance, altcoins showed a somewhat disappointing increase compared to BTC's new high.
Doge, considered a 'Trump-related stock', also rose about 20% on the likelihood of Trump's presidential election.
◇BTC = As of 4 PM on the 6th, based on Upbit, the price of BTC is 102.95 million won. BTC's market share (dominance) was 60.78%.
According to on-chain analysis platform Glassnode, the long (bullish) and short (bearish) betting ratio in the BTC futures market was 44.34% and 55.66%, respectively.
Experts have expressed optimism about BTC's future with the new high.
Famous trader Mustache said, "BTC may have already formed a bottom" and "If BTC bottomed out just before the US election, think about what will happen next." He also emphasized, "The current graph is very similar to 2020, and we expect a bullish second half of the year."
Famous trader Anderson said, "Based on the movements in the BTC options market over the past few weeks and the US presidential election, I expect a BTC rally to $80,000 before the end of the year."
◇Rising Coins = As of 4 PM on the 6th, based on Upbit, the cryptocurrency that recorded the largest increase from the previous trading day was Uniswap (UNI), which rose about 27%.
Uniswap is a decentralized cryptocurrency exchange (DEX) that provides automated liquidity supply.
The Uniswap token (UNI) is licensed under the General Public License (GPL) and is used as a governance token for the Uniswap exchange. Users can secure ownership of Uniswap community assets, the Protocol Fee Switch, and other utilities, and the process allows for fast and efficient trading by eliminating the need for a trusted intermediary and unnecessary forms of rent extraction.
◇Fear and Greed Index = The Cryptocurrency Fear and Greed Index provided by Alternative is at 70 points, entering the 'Greed' stage. The Greed stage is a period of high price volatility and trading volume, where prices are rising. There is a high possibility of a short-term peak, so caution is advised when selling.
The Cryptocurrency Relative Strength Index (RSI) provided by Glassnode is 76.6, recording an 'overbought' state. RSI measures the relative strength of the upward and downward pressure on a specific asset price, indicating the degree of overbought and oversold of the asset.
