The cryptocurrency market has entered another bull run. Bitcoin (BTC), the market leader, hit an all-time high of $93,477.11 last week. The global crypto market cap has also risen to $3.22 trillion.
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The market surge has led to significant profit-making for investors. According to cryptocurrency analysis firm LookOnChain, one investor turned $33,000 into $12.2 million in just 24 days. According to the analysis firm, the investor spent 200 Solana (SOL), worth about $33,000, to purchase 30.6 million $ai16z tokens 24 days ago. Today, the value of the 30.6 million $ai16z tokens is about $12.2 million. The rise in value translates to a growth of about 371x.
Turned $33K into $12.2M in just 24 days!
This guy spent 200 $SOL($33K) to buy 30.6M $ai16z 24 days ago, which is now worth $12.2M, a 371x return! #ai16zhttps://t.co/WnTGqM5BNQ pic.twitter.com/BXRqsxpyqd— Lookonchain (@lookonchain) November 18, 2024
Will The Cryptocurrency Market Continue Rallying?
The latest market rally is likely due to Donald Trump winning the US Presidential elections. Market participants are betting on Trump’s pro-business and pro-crypto stance. Many believe the cryptocurrency sector will have lenient regulations under Trump’s regime.
Also Read: After XRP, Cardano’s ADA Predicted to Breach $1
Another factor that may have pushed the market is the Federal Reserve’s 25 basis point interest rate cut. Rate cuts usually lead to investors taking on more risks. With inflation cooling, we may see a steady rise in funds flowing into riskier asset classes, such as cryptocurrencies.
Donald Trump has been very vocal about his support for the crypto realm. Given that we may be getting relaxed crypto-related regulations, the market may continue rallying over the next few weeks. Cryptocurrencies may begin to reclaim and surpass their previous highs over the next few weeks.
Also Read: If You Put $100 in Dogecoin at Its Launch, What’s Your Return Today?
There is also a possibility that investors will begin to book profits. In such a scenario, the market may face a correction. How the market behaves over the next few weeks is yet to be seen.
