It has been simply over two weeks because it grew to become recognized that the self-proclaimed ‘pro-crypto’ candidate, Donald Trump, would be the subsequent president of the US. The information was obtained with open arms by crypto buyers as costs of all main belongings skyrocketed to native or all-time peaks.
Expectedly, bitcoin was and nonetheless is on the forefront of features. The asset stood under $70,000 earlier than the elections, amid experiences that this could possibly be the final time it trades at that degree, however went on a rampant run within the following weeks. Earlier in the present day, the cryptocurrency tapped $99,500, which meant that its features since Trump’s elections neared 50%.
Thank You, Bears
Probably the most talked about causes behind this spectacular rally contain the US-based spot Bitcoin ETFs. In spite of everything, the funds, which had been launched in January this 12 months, attracted almost $5 billion within the first week after the elections. There was a short hiatus on November 14 and 15, however buyers went on an accumulation spree prior to now 4 buying and selling days once more.
This time, roughly $2 billion in web flows entered the ETFs, with BlackRock’s IBIT main the pack. The world’s greatest BTC ETF now has almost $31 billion in AUM.
Whereas this looks as if a distinguished purpose behind BTC’s worth surge to only shy of $100,000, Santiment outlined one other chance. The analytics platform has ceaselessly posted about counter-trades, through which costs are inclined to go in the other way of the prevailing crowd sentiment. On this case, information reveals that nay-sayers and non-believers dominate most social media channels to which Santiment stated:
“Crypto markets transfer in the other way of the bulk’s expectations, so thanks fellow bears and non-believers for maintaining this historic run.”
With Bitcoin on the cusp of a six-figure market worth for the primary time in historical past (now reaching a brand new $99K ATH), social media hypothesis has turn into rampant. X, Reddit, Telegram, 4Chan, and BitcoinTalk are collectively mentioning $100K BTC worth ranges on the highest charge in… pic.twitter.com/yotDrwsxmk
— Santiment (@santimentfeed) November 21, 2024
When $100K?
This coveted milestone, which was the explanation behind the 2021 laser-eye motion, got here so shut, but it’s so far. BTC was 0.5% away from tapping that degree however has retraced by a couple of grand since then. This raises the query of when or if the final push will come.
Latest experiences recommended that the FOMO ranges are nonetheless fairly low, which is often an indicator of extra potential features. Nevertheless, the Worry and Greed index has gone massively in favor of the latter since then, which often alerts an impending correction.
For now, the wait continues.
