Bitcoin, 'Trump Power' Renews New Highs Day by Day

BTC, around 5:55 AM, reached a new all-time high... Broke through 76K
Altcoins, despite high BTC dominance, are on the rise
K33 Research "BTC Futures Market, Betting on BTC's Long-Term Uptrend"

The heat of Bitcoin (BTC) continued until November 7th, as news of the former 'pro-cryptocurrency president' Trump being confirmed as the new US president. On November 7th, around 5:55 AM, Bitcoin recorded $76,203, achieving a new all-time high.

With Trump's election, many assets related to Trump saw significant fluctuations. The three major US stock indices closed at record highs, with the Dow Jones, S&P 500, and Nasdaq Composite rising about 3.57%, 2.53%, and 2.95%, respectively.

Bitcoin also continued to rise without major corrections on the 7th. Despite the still high Bitcoin dominance, Ethereum (ETH) saw a significant rise, and many altcoins recorded high growth rates, showing a typical bullish market.

◇Bitcoin = As of 5 PM on the 7th based on Upbit, the price of Bitcoin is 102.99 million won. Bitcoin's market share (dominance) was 59.98%.

According to on-chain analysis platform Glassnode, the long (bullish) and short (bearish) betting ratio in the Bitcoin futures market was 40.97% and 59.03%, respectively.

Despite the continuous new highs, the Bitcoin futures market data bet on the long-term rise of Bitcoin.

On-chain analysis platform K33 Research stated in a report released on the 7th that the difference between the spot price of Bitcoin and the futures contract price on the Chicago Mercantile Exchange (CME) surged to about 7-15% on the 6th, indicating that many futures investors are betting on further rise in Bitcoin prices.

Specifically, K33 Research claimed that the premium of the CME Bitcoin research futures contract reached the highest level since March, indicating that futures investors have taken the maximum bet on the long-term price increase of Bitcoin.

◇Rising Coins = As of 4 PM on the 7th based on Upbit, the cryptocurrency that recorded the largest increase compared to the previous trading day was Alphaquark (AQT), which rose about 33%.

Alphaquark token is a cryptocurrency that can be used to purchase intangible digital intellectual property rights. It can be traded using mobile payment functions, and includes printed materials, music copyrights, drama rights, and movie rights. These intellectual property rights can directly claim copyright revenue using the mobile payment function.

Users can also purchase Non-Fungible Token (NFT) items created by creators through the marketplace using Alphaquark tokens.

◇Fear and Greed Index = The Cryptocurrency Fear and Greed Index provided by Alternative is at 77 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 forming a short-term peak, so caution is required when selling.

The Cryptocurrency Relative Strength Index (RSI) provided by Glassnode is 68.1, recording an 'overbought' state. RSI measures the relative strength between the upward and downward pressure of a specific asset price, indicating the degree of overbought and oversold of the asset.