Markets News Report Technology
November 11, 2024

Matrixport: Market Has Several Weeks To Sustain Upward Trend Before Trump’s Official Inauguration

In Brief

Matrixport suggests that the market’s bullish momentum will continue, driven by expectations that Donald Trump will make U.S. regulatory policies more crypto-friendly.

Matrixport: Market Has Several Weeks To Sustain Upward Trend Before Trump’s Official Inauguration

Cryptocurrency service provider Matrixport released its latest analysis, noting that Bitcoin’s price surged by $12,546 over the past seven days, surpassing the $81,000 mark—one of the largest dollar gains in its history. This represents an 18.8% increase, and while Bitcoin has experienced higher percentage gains in the past, this dollar rally stands out.

The firm suggests that the market’s bullish momentum is likely to continue, fueled by expectations that Donald Trump will shift US regulatory policies toward a more cryptocurrency-friendly stance. With his inauguration scheduled for January 20th, the market has several weeks to maintain this positive trend.

Meanwhile, Michaël van de Poppe, CIO and Founder of MN Consultancy and a seasoned cryptocurrency trader, points out that large futures positions are open and anticipates a potential market flush in the coming week before Bitcoin resumes its upward trajectory. The analyst emphasized that such flushes present notable opportunities.

Bitcoin Hits New All-Time High Following Trump’s Election Win, Driving Broader Market Surge

Following the US elections this month, the broader market showed a bullish movement, largely driven by Donald Trump’s win. Bitcoin’s price reached a new all-time high (ATH) at the $82,136 level, with the altcoin market also experiencing gains in tandem.

Bitcoin Hits New All-Time High Following Trump’s Election Win, Driving Broader Market Surge

At the time of writing, Bitcoin is trading at $82,060, reflecting a 3.41% increase over the past 24 hours. The coin’s intraday low and high were recorded at $78,790 and $82,136, respectively. Bitcoin’s market capitalization stands at $1.62 trillion, while its market dominance has risen by 0.71%, reaching 58.30%. This price movement aligns with $1.6 billion in inflows into spot Bitcoin exchange-traded funds (ETFs) over the past week, according to SoSoValue data.

Meanwhile, the global cryptocurrency market capitalization increased by 3.94% in the past 24 hours, reaching $2.77 trillion. Additionally, the total market volume surged by 80.44%, amounting to $235.86 billion today, according to data from CoinMarketCap. 

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

Hot Stories
Join Our Newsletter.
Latest News

From Ripple to The Big Green DAO: How Cryptocurrency Projects Contribute to Charity

Let's explore initiatives harnessing the potential of digital currencies for charitable causes.

Know More

AlphaFold 3, Med-Gemini, and others: The Way AI Transforms Healthcare in 2024

AI manifests in various ways in healthcare, from uncovering new genetic correlations to empowering robotic surgical systems ...

Know More
Read More
Read more
Bybit Launches Gold & FX Treasure Hunt Competition, Offering Real Gold Rewards
News Report Technology
Bybit Launches Gold & FX Treasure Hunt Competition, Offering Real Gold Rewards
November 21, 2024
Gate Group Introduces Gate Crypto Card, Offering Seamless Global Crypto Payments For EEA Residents
News Report Technology
Gate Group Introduces Gate Crypto Card, Offering Seamless Global Crypto Payments For EEA Residents
November 21, 2024
Sui Blockchain Experiences Downtime: No Blocks Produced For Over An Hour
News Report Technology
Sui Blockchain Experiences Downtime: No Blocks Produced For Over An Hour
November 21, 2024
Starknet Plans Mainnet Upgrade To V0.13.3, Set For November 27
News Report Technology
Starknet Plans Mainnet Upgrade To V0.13.3, Set For November 27
November 21, 2024