Bitcoin, Another New High... How Far Will 'Trump Power' Last?

BTC reached a new all-time high of $81,000 around 5:55 AM
Altcoins are showing strong momentum, absorbing BTC dominance
Kijung Joo "BTC will see strength towards the end of the year, then weakness in early next year"

BTC (Bitcoin) continued its strong upward trend that began over the weekend, driven by buying pressure due to the confirmation of former President Donald Trump's election victory in the US.

BTC continued to rise on the 11th, following the 10th, and reached a new all-time high of $81,523 around 10:55 AM on the 11th.

While BTC is showing strength, altcoins have also started to show strength, absorbing BTC dominance since the weekend. Except for a few altcoins, most altcoins recorded an increase of 5% to as much as 10%, creating a clear bullish market sentiment.

The strength in the cryptocurrency market is, as expected, due to the anticipation of the president-elect Trump. Trump has emphasized the establishment of clear regulations and the development of the cryptocurrency market since his presidential campaign, stating that he will make the US the "capital of cryptocurrency".

◇BTC = As of 4 PM on the 11th, the BTC price on Upbit is 113.11 million won. BTC dominance is 59.45%.

According to the on-chain analysis platform Glassnode, the long (bullish) and short (bearish) betting ratio in the BTC futures market is 39.18% and 60.82%, respectively.

Amid the optimism surrounding the continuous new highs of BTC, Kijung Joo, CEO of Cryptoquant, made headlines by expressing pessimism about BTC.

Joo stated on his X account on the 10th that "although I expected a large correction due to the overheating of the BTC futures market, BTC has entered a bullish phase. The market is heating up, and the bullish trend may continue, but the strong year-end rally may instead lead to a bearish market in 2025."

Joo's comment is a reply to his "controversial post" on the 9th, where he wrote "one day left" and "I hope I'm wrong" with a prediction of BTC at $58,974.

◇Rising Coins = As of 4 PM on the 11th, the cryptocurrency that recorded the largest increase compared to the previous trading day on Upbit is Stacks (STX), up about 11.27%.

Stacks (STX) is a cryptocurrency used in the Blockstack platform, a decentralized internet solution. It is used to develop and execute distributed applications along with smart contracts on the Stacks blockchain.

The Stacks token uses a new mining algorithm called POX, which allows Stacks to benefit from the security of the Bitcoin network while enabling developers to create new tokens and smart contracts on the Stacks blockchain.

◇Fear and Greed Index = The Cryptocurrency Fear and Greed Index provided by Alternative is at 76 points, indicating the "Greed" stage. The Greed stage is characterized by high price volatility and trading volume, with prices in an upward trend. There is a high likelihood of a short-term peak, so caution is advised when selling.

The Cryptocurrency Relative Strength Index (RSI) provided by Glassnode is at 75.3, indicating an "overbought" state. RSI measures the relative strength and weakness of a specific asset, indicating its overbought and oversold levels.

Reporter Seungwon Kwon ksw@blockstreet.co.kr