Crypto Price Analysis 11-11 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, POLKADOT: DOT, RIPPLE: XRP, TONCOIN: TON, UNISWAP: UNI

Bitcoin (BTC) rocketed past $80,000 as crypto market sentiment reached a seven-month high. In an incredible display of bullishness, BTC has surged to a new all-time high of $81,260, with market indicators signaling extraordinary optimism. Investor sentiment has pushed crypto fear and greed to extreme greed, indicating a high-risk-high-reward environment. The index is currently at its highest in seven months and registered a score of 78 out of 100. BTC is currently up almost 6% and trading at $81,600, setting new highs at this very moment. 

Almost all cryptocurrencies have registered substantial increases over the weekend as markets surged thanks to Donald Trump’s victory in the US presidential elections. Ethereum (ETH) surged past $3,000, shedding months of uncertainty to go on a decisive bull run. Other significant gainers include Solana (SOL), which surged past $200, and Dogecoin (DOGE), up a staggering 29% in the past 24 hours. Ripple (XRP), Cardano (ADA), Chainlink (LINK), Polkadot (DOT), Aptos (APT), and others have also made significant gains and surged past crucial resistance levels. The crypto market cap is up almost 7%, currently at $2.78 trillion. Speaking about the growing optimism in the crypto market, ChangeNOW CMO Pauline Shangett stated, 

“Bitcoin’s explosive rally to over $80,000 is a clear indicator that investor sentiment is hitting peak bullishness, fueled by positive macro trends and a risk-on appetite in the markets. We’re witnessing an unprecedented influx of optimism across the crypto market. With Bitcoin breaking past $80,000 and Ethereum surging above $3,000, the entire digital asset space appears primed for sustained growth, especially as institutional interest continues to climb.”

Crypto Markets Surge After Trump Victory 

The crypto markets have gone on an exceptional bull run following Donald Trump’s victory in the US presidential elections, sending Bitcoin (BTC) surging to new all-time highs and pushing Ethereum (ETH) past $3,000. Analysts have attributed the market’s bull run to several factors, such as the increasing representation of pro-crypto politicians in Congress, a potential change in the United States Securities and Exchange Commission (SEC) leadership, and the upcoming presidential transition period. Analysts have identified Solana (SOL) and Ethereum (ETH) as assets to watch, with substantial gains expected. 

Retain interest in BTC has also surged, although search volumes are currently lower than the 2021 bull run. Analysts expect continued upside potential until Trump’s inauguration in January 2025. 

Crypto Market Enters Extreme Greed Phase 

The crypto market has seen a dramatic shift in market sentiment as it returns to the public eye. As bullish sentiment returns to the market in a big way, the crypto market is expecting a surge in optimism, pushing investor interest into what investors call the “Extreme Greed” phase. This phase indicates market optimism is at an all-time high, with investors extremely bullish about a continued price increase. The market’s climb into the “Extreme Greed” phase is primarily due to a dramatic price increase for Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).

BTC recently crossed several critical thresholds, hitting several multi-year highs and ultimately setting a new all-time high. ETH also shed its recent bearish sentiment to surge past $3,000, boosting investor confidence thanks to its continued dominance of the decentralized finance (DeFi) ecosystem. Growing institutional interest, crypto ETFs, and regulatory clarity under the Trump administration are also boosting crypto and fueling the current bull run. However, while Extreme Greed indicates high investor optimism, it also presents high levels of risk. Historically, periods of extreme greed have been followed by sharp corrections because the rapid influx of capital creates inflated asset prices, creating a market bubble. Investors must also be wary of pump-and-dump schemes during phases of Extreme Greed.

Standard Chartered Makes Bold Prediction 

As markets rallied after Trump’s victory in the US presidential elections, Standard Chartered predicted the crypto market cap could surge to $10 trillion by 2026. The bank’s prediction hinges on the Republicans pushing key stablecoin regulations, repealing SEC guidance that limits crypto custodians, and building a federal Bitcoin reserve. However, Standard Chartered admitted it sees a very low possibility of the US government creating a strategic Bitcoin reserve and acknowledged the potential impact on prices if it retained all its BTC and crypto holdings. 

“We expect regulatory and other changes in 2025 and 2026 to further legitimize the digital assets industry, ‘lifting all boats’ and supporting the emergence of new ones.”

A Republican majority in the House would allow the GOP to advance their agenda with minimal resistance from the Democrats. A friendly government could further boost institutional interest in crypto, particularly stablecoins, expected to reach a market cap of $1 trillion by 2026. 

What The Markets Want From A Trump Presidency 

Donald Trump disliked crypto until a few years ago, going as far as to call BTC a scam. However, his electoral win was fueled by crypto-friendly promises that unlocked millions in funding from the crypto space. One of the main expectations of the industry from the Trump administration is a complete regulatory overhaul. Trump had promised to remove regulatory restrictions that hindered the industry. Under the Biden administration, the SEC brought enforcement action against major crypto companies, leading to uncertainty in the entire industry. Tim Kravchunovsky, CEO of Chirp, a decentralized telecommunications company, described the industry’s frustration, stating, 

“Those guys, I mean, they just put so much uncertainty in this entire industry. It was unbelievable. There was no clear guidance, no regulations.”

He added that regulatory conflicts with the SEC had pushed crypto away from the US, putting Washington at a significant competitive disadvantage. Matt Mena, crypto research strategist at 21Shares, agreed, stating, 

“By creating a more welcoming regulatory environment, this approach could draw back projects and founders who have left the country due to regulatory uncertainty, generating thousands of new jobs and millions in tax revenue, bolstering the economy while advancing the crypto sector.”

The industry is also hopeful of a repeal of SAB 121 and the passing of key bills in support of the industry. SAB 121 discourages US lenders from acting as crypto custodians because it requires them to hold an equal amount of cash against their crypto holdings. Removing the bill would allow further adoption of crypto by institutional investors. 

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) has surged past $80,000, setting a new all-time high earlier today, as markets continue their upward trajectory following Donald Trump’s victory. BTC is up almost 18% over the past seven days, with bulls firmly in control, and market sentiment pushing into the “Extreme Greed” phase. With bullish sentiment persisting across the crypto space, other major altcoins also registered substantial gains, with one analyst report stating, 

“With the dust from Trump’s victory still settling down, it was only a matter of time before a run-up of some sort occurred given the perception of Trump being pro-crypto, and that’s what we’re seeing now.”

Richard Galvin, the founder of crypto-focused investment firm DACM stated he expected buying pressure to persist for some time. Trump has promised regulation in support of crypto, and if the Republicans gain control of the House and Senate, the passage of bills supporting crypto will be much more likely. Trump has reversed his position on crypto after calling it a scam during his first presidency. The President-elect has promised to make the US the Bitcoin and crypto capital of the world and put Elon Musk in charge of a wide-ranging audit to curb governmental waste. 

Looking at the price chart, we see BTC has been bullish since last week and is trading in an upward trajectory as bullish sentiment dominates the markets. Bullish sentiment began on Tuesday as BTC broke out of a relatively muted phase to push above the 20-day SMA and settle at $69,458 on the eve of the elections. With Donald Trump gaining the upper hand and emerging victorious, BTC rallied on Tuesday, rising over 8% to surge past $70,000 and settle at $75,175. BTC faced considerable resistance at $76,000, due to which bullish sentiment waned on Thursday, as it registered an increase of 0.80% and settled at $75,776. It pushed above $76,000 on Friday after rising 0.92% and settling at $76,470.

Source: TradingView

The weekend began with BTC posting a marginal increase on Saturday, rising to $76,619 after a 0.19% increase. However, bullish sentiment picked up in a big way on Sunday as BTC went past $80,000, setting a new all-time high and settling at $80,152 after a 4.61% increase. The current session sees bullish sentiment persist as BTC set a new all-time high of $81,600 before declining to its current level of $81,063, up by just over 1%. As we can see in the price chart, the MACD is bullish, indicating buyers are firmly in control. The MACD has surged into the overbought zone, and we could see a marginal drop before BTC resumes its upward trajectory. BTC’s rally will also allow crypto-focused stocks, including Robinhood, Coinbase, and MicroStrategy to extend their gains and spur record inflows into spot Bitcoin ETFs.

Ethereum (ETH) Price Analysis

Ethereum (ETH) surged past $3,000 as the crypto market continued its upward trajectory following Donald Trump’s victory. However, the altcoin registered a marginal decline during the current session due to profit booking. Despite ETH’s marginal decline over the past 24 hours, it has gained almost 28% over the past seven days, indicating strong bullish sentiment. ETH had struggled to push above $2,700 since August and was consistently repelled from this level. However, as the crypto market turned bullish ETH posted a marginal increase on Tuesday, rising by 1.09% to reclaim $2,400 and settle at $2,423. ETH surged on election day, rocketing over 12% to go above the 20 and 50-day SMAs and $2,700 and settling at $2,723.

Source: TradingView

ETH continued its upward trajectory on Thursday as buyers overwhelmed sellers to break past the resistance. As a result of the bullish sentiment, ETH posted an increase of 6.41% to surge past $2,800 and settle at $2,897. Friday saw ETH rise by 2.26% and settle at $2,963, just below the 200-day SMA, which acted as a dynamic resistance level. Bullish sentiment gathered momentum over the weekend as ETH smashed past the 200-day SMA and $3,000 after an increase of 5.59% and settled at $3,128. Sunday saw increased volatility as buyers and sellers struggled to take control. Ultimately, buyers gained the upper hand, pushing ETH up by almost 2% to $3,1883.

ETH is in the red during the current session, with the price down by 1.63% and trading around $3,134. As we can see in the chart, the MACD is bullish, indicating that buyers are firmly in control. The drop can be attributed to profit booking, given the RSI is currently in the overbought zone. Analysts expect ETH to remain above $3,000 and resume its upward trajectory, with buyers setting their sights at $3,500 if bullish sentiment persists.

Solana (SOL) Price Analysis

Solana (SOL) is also experiencing a slight pullback during the current session after surging past $200 on Sunday. The popular altcoin is up a staggering 28% over the past seven days as buyers look to regain control and push the price higher. SOL broke out of its bearish phase on Tuesday after registering an increase of 5.59% to go above $160 and settle at $166. Bullish sentiment intensified on election day as SOL surged past the 20-day SMA and $180 after rising over 12% and settling at $186. Buyers retained control on Thursday as SOL went above $190 after an increase of 5.23% and settled at $196.

Source: TradingView

Bullish sentiment began waning on Friday as SOL encountered strong resistance at $200 as the price rose to an intraday high of $205 before dropping below $200 and settling at $199. The weekend began with SOL experiencing volatility on Saturday as buyers and sellers struggled to establish control. Ultimately, neither could gain the upper hand as SOL remained at $199. However, bulls seized control on Sunday as SOL went above $200 after an increase of just over 5%, reaching an intraday high of $215 before settling at $210. The current session sees SOL down over 1% as sellers look to push the price back below $200.

Polkadot (DOT) Price Analysis

Polkadot (DOT) has broken out of its falling wedge pattern, registering a substantial surge to go past $5 and capturing the attention of investors. DOT has been struggling since August, losing key support levels and struggling to recover. After dropping below the 20 and 50-day SMAs, it struggled to regain momentum and remained below $4.50. Bearish sentiment intensified last week as DOT dropped to a low of $3.65, losing a crucial support level and bringing its multi-year support into focus. However, despite its struggles, analysts remained bullish on DOT’s long-term prospects, confident it would break out of its falling wedge pattern. Those predictions have come true with DOT finally breaking out of the falling wedge, rising an incredible 33% over the past seven days, as bullish sentiment takes hold.

Source: TradingView

Sentiment around DOT began changing on Tuesday after it rose by 2.93% and settled at $3.86. DOT’s election day rally saw the altcoin post an increase of 4.68% to reclaim $4 and settle at $4.11. DOT pushed above the 20-day SMA on Thursday, rising to $4.17, and went past the 50-day SMA on Friday after an increase of 3.60% and settled at $4.32. Bullish sentiment intensified over the weekend as DOT rose 7% on Saturday to go above the resistance at $4.50 and settle at $4.60. DOT rallied over 13% on Sunday to rocket past $5 and reach an intraday high of $5.48 before dropping and settling at $5.24, thanks to the 200-day SMA, which acted as a dynamic resistance level.

DOT is down almost 4% during the current session as sellers look to push the price below $5. However, buyers will look to retake control and retest the overhead resistance. A break above this level could propel DOT to $6 should bullish sentiment persist. However, with the RSI currently in the oversold zone, a pullback was expected.

Ripple (XRP) Price Analysis

Ripple (XRP) broke out of its narrow trading range last week, going past the 20 and 200-day SMAs on election day, rising to $0.542 after an increase of 5.42%. Bullish sentiment persisted on Thursday as XRP pushed above the 50-day SMA, reaching an intraday high of $0.579 before declining and settling at $0.556. Sellers attempted to retake control on Friday as XRP fell to $0.554. However, it recovered over the weekend, registering an increase of 0.92% on Saturday and settling at $0.559.

Source: TradingView

Bullish sentiment intensified on Sunday as XRP rallied by 5.24%, pushing above $0.60 to an intraday high of $0.618 before declining and settling at $0.588. The current session sees XRP down over 2% as sellers look to drive XRP back below the moving averages. However, buyers will look to regain control and push the price back above $0.60.

Toncoin (TON) Price Analysis

Toncoin (TON) has rallied with the rest of the market but has seen volatility persist, even as buyers assume control. TON faced considerable volatility before the elections, as it struggled to push above the 20-day SMA, with the price facing repeated rejections around $5. Instead of rallying, TON faced significant volatility on Tuesday, reaching an intraday high of $5.08, dropping to an intraday low of $4.54 before settling at $4.70, registering a marginal decline. TON reached $5.03 on Wednesday before falling back and settling at $4.78, registering an increase of $1.59%. Buyers retained control on Thursday as TON rose almost 3% to settle at $4.91.

Source: TradingView

TON registered a marginal increase on Saturday as the 20-day SMA came into play and settled at $4.92. However, buyers took control on Saturday, allowing TON to push above the 20-day SMA and $5 to settle at $5.25. Volatility returned on Sunday as TON rose to an intraday high of $5.57 and fell to an intraday low of $5 before settling at $5.27, posting only a marginal increase. The current session sees TON marginally up as buyers and sellers struggle to establish control. Buyers will look to retain control and push TON above $5.50. On the other hand, sellers will look to take control and drive the price back below $5.

Uniswap (UNI) Price Analysis

Uniswap (UNI)’s rally stalled after an unprecedented increase of almost 30% on Wednesday. UNI had declined substantially after failing to push above $8 at the beginning of October. However, it recovered after falling to a low of $6.61 last week, rising over 6% and settling at $7.18 on Tuesday. UNI registered an unprecedented rally on Wednesday, rising almost 30% to move past the 20, 50, and 200-day SMAs and $9 to settle at $9.30. However, buyers failed to maintain momentum as UNI fell back on Thursday, dropping by 4.27%, slipping below $9 and settling at $8.90. Sellers retained control on Friday as UNI dropped to an intraday low of $8.52 before settling at $8.85, registering a marginal drop.

Source: TradingView

Buyers returned to the market on Saturday as UNI registered an increase of 4.32% to go above $9 and settle at $9.23. However, Sunday saw bearish sentiment and volatility return, as UNI dropped to an intraday low of $8.70 before climbing above $9 and settling at $9.21. The current session sees sellers remain in control, with UNI down almost 3% and trading at $8.89.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.