CoinEx Analysis’s November 2024 report highlights a historic month for the cryptocurrency market, fueled by bitcoin’s (BTC) unprecedented rally to $99,500 following Donald Trump’s victory within the US presidential election.
Trump’s pro-crypto stance, coupled with institutional confidence and AI-based improvements within the cryptoasset house, set a bullish tone for the market, with altcoins additionally experiencing vital development.
Bitcoin Hits New All-Time Highs Because of Trump’s Victory
Bitcoin rose from a month-to-month open of $70,300 to a report excessive of $99,500, approaching the symbolic $100,000 degree. Trump’s victory sparked optimismsignificantly for his insurance policies suggesting attainable regulatory reforms, together with the alternative of the SEC chairman and discussions on making a strategic Bitcoin reserve.
The 2024 elections fueled the crypto increase
Trump’s victory over Kamala Harris, successful all the important thing states and securing Republican management of Congress, laid the groundwork for cryptocurrency-friendly insurance policies. Distinguished Trump supporter and Dogecoin fanatic Elon Musk generated curiosity in Elon-themed meme tokens throughout the crypto ecosystem.
Institutional flows: Bitcoin spot ETFs and MicroStrategy’s shopping for spree
In November, institutional assist was evident, with bitcoin spot ETFs recording $6.1 billion in inflows, the best month-to-month determine so far. Moreover, MicroStrategy amassed 134,480 BTC, equal to a base price of roughly $12 billion, reinforcing its dominance available in the market and additional supporting the bullish value momentum.
AI meets crypto
The convergence of synthetic intelligence, cryptocurrencies and memetics has given rise to improvements in Autonomous AI Brokersexemplified by Fact Terminal and Goatseus Maximus. These brokers have superior capabilities, reminiscent of interplay on social networks and autonomous resolution making.
A key enabler is Eliza, an open supply venture contributed by ai16z, which has turn out to be probably the most standard initiatives on GitHub. Constructing on this, VVAIFU leverages this expertise to supply customers a platform to create customized AI Brokers and launch meme tokens by means of the PumpFun ecosystem. The success of the platform is clear due to its token burning mechanism, with over 4 million tokens burned since its launch.
Constructing the longer term with AI Brokers
The Base ecosystem is in full enlargement, with the event of AI Brokers because the central axis. Coinbase’s Primarily based Agent Templates enable the creation of Autonomous AI Brokers with crypto wallets and on-chain entry, paving the way in which for the combination of AI on the planet of cryptocurrencies.
Digital Protocol focuses on AI Brokers for gaming in 3D environments, whereas Clanker simplifies token creation utilizing Farcaster tags, leading to over 4,700 imp
token lements. This innovation is complemented by a rise within the liquidity of the Base ecosystem, which not too long ago surpassed Solana, recording a internet move of USD 835.9 million.
Altcoins shine as bitcoin dominance wanes
Bitcoin dominance reached resistance ranges, opening the door to a attainable altseason. Among the many notable performances, XLM recorded a 4.5 instances enhance in worth, whereas XRP and ADA doubled in worth through the month. The rising curiosity in altcoins displays a diversification in investor curiosity and market dynamics. In the meantime, bitcoin dominance has hit a key resistance degree and has begun to say no quickly over the previous two weeks.
Increase of stablecoins liquidate there
November additionally noticed explosive development in stablecoin issuance, with a rise of $14 billion, reaching ranges not seen since April 2021, reflecting considerable liquidity available in the market. This enhance accompanies the market’s upward trajectory and suggests sustained development within the subsequent cycle.
Outlook for December
As bitcoin hovers round $100,000, near-term dangers reminiscent of profit-taking, deleveraging, and seasonal slowdowns might result in volatility. Nonetheless, sturdy market liquidity and rising institutional curiosity counsel a strong basis for continued enlargement in direction of 2025with a long-term aim of $150,000 on the horizon.
About CoinEx
Based in 2017, CoinEx is a world cryptocurrency alternate dedicated to creating crypto asset buying and selling simpler. The platform provides quite a lot of providers, together with spot and margin buying and selling, futures, swaps, automated market maker (AMM), and monetary administration providers to greater than 10 million customers in additional than 200 international locations and areas.
CoinEx Analysis stays dedicated to offering in-depth evaluation and insights into the ever-evolving cryptocurrency market, serving to buyers navigate the complexities and alternatives forward.
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