PEPE and the global crypto market hit new highs
Affected by the news that Robinhood and Coinbase announced support for PEPE trading, the PEPE token soared more than 90% on Wednesday, hitting a new all-time high, showing strong market demand for the token. At the same time, the global cryptocurrency market capitalization exceeded $3.2 trillion, reaching a new high. Analysts believe that the election of Trump as US President may lead to a more friendly crypto regulatory policy, further stimulating the market's upward momentum.
Bitcoin leads the market to rise
Bitcoin dominates the market, with the price reaching a high of $93,480. Astronaut Capital's Chief Investment Officer Matthew Dibb pointed out that the rise of Bitcoin often leads to the rise of other altcoins, driving the further increase in the total market capitalization. Since the US election on November 5, Bitcoin has risen 30%, and Ethereum has also risen 33%, showing investors' enthusiasm for crypto assets.
Trump's election boosts market confidence
The election of Trump and the entry of pro-crypto lawmakers into Congress seem to have alleviated the market's uncertainty about US crypto policy, boosting investor confidence. In addition, the meme coin Dogecoin, which is advocated by Trump's supporter and billionaire Elon Musk, surged 140% after the election, further driving market sentiment. Crypto exchange-traded funds (ETFs) have also received a large amount of buying, indicating that institutional investors' trust in the crypto market has increased, although these institutions usually hold fewer cryptocurrencies directly.
Institutional investors plan to increase crypto asset allocation
A survey by Sygnum Bank shows that 57% of professional investors plan to increase their allocation to crypto assets, although market volatility remains the main concern. The survey covered more than 400 investment experts from 27 countries, showing that 63% of investors have a high or very high risk tolerance. Currently, investors are most interested in Layer-1 protocols (76%), with Web3 infrastructure also ranking high.
US CPI data affects market expectations
The latest data shows that the US Consumer Price Index (CPI) rose 2.6% year-on-year in October, in line with economists' expectations, up from 2.4% in September. The core CPI rose 3.3% year-on-year, also in line with expectations. This data may influence the Federal Reserve's monetary policy decisions, and thus have an indirect impact on the crypto market. Market participants should closely monitor future inflation data and policy changes to assess their potential impact on crypto assets.
Carl Szantyr, founder and managing partner of Blockstone Capital, said that under the current market sentiment, Bitcoin is expected to reach $100,000 by the end of the year.
The above content is from public market information and is for reference only, and does not constitute any investment advice. The crypto asset market is high-risk, and investment requires caution.
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