Crypto Market Surges After Trump's Win: Bitcoin and Ethereum Rally

user avatar

by Giorgi Kostiuk

2 years ago

Cryptocurrencies are experiencing significant growth amid recent political events in the US. Bitcoin and Ethereum are in the spotlight, showing a steady rise.

Bitcoin and Ethereum Records

Following Donald Trump's election victory, Bitcoin (BTC) soared to a record high of $99,655. However, Bitcoin's market dominance declined from 61.53% to 58.22%. Meanwhile, Ethereum (ETH) surged over 5% to surpass $3,636, boosting the prices within its ecosystem. Ethereum Name Service (ENS) skyrocketed by over 44% today, while Ethereum Classic (ETC) climbed 13.73% to $33.25.

Impact on Ethereum Classic

Ethereum Classic is in a significant accumulation zone and shows a steady increase. Historical data analysis indicates that ETC often consolidates in these zones before notable rallies. In 2017 and 2021, similar periods preceded jumps of 532% and 732%, respectively.

Potential for Future Rallies

ETC's current price of $33 is nearing the critical resistance level of $40. Breaking through could ignite further rallies, potentially reaching $300, which marks a 260% increase from current prices. However, investors should be aware of risks associated with market volatility and external factors.

The cryptocurrency market is experiencing a wave of optimism in the wake of political changes. Despite potential risks, the current position of Ethereum Classic and other altcoins presents substantial investment opportunities.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Investor Sentiment Plummets as Crypto Fear and Greed Index Hits 10

Investor sentiment has deteriorated, with the Crypto Fear and Greed Index dropping to 10, indicating extreme fear in the market.

user avatarTando Nkube

Other Crypto Funds Experience Significant Withdrawals

Other cryptocurrency ETF categories, including Solana and XRP, recorded significant withdrawals, indicating a broader trend of selling pressure.

user avatarSatoshi Nakamura

MEGA Plans AI Marketplace Launch for December

MEGA is set to launch an AI inference marketplace in December, allowing customers to access services from various AI model providers.

user avatarNguyen Van Long

MEGA Reduces Workforce to Shift Focus to AI Products

MEGA has laid off 20 employees as part of a restructuring to expand into artificial intelligence, moving beyond its blockchain infrastructure.

user avatarKofi Adjeman

Institutional Withdrawals from Crypto ETFs Reach Over $1 Billion

Institutional demand for crypto ETFs has weakened significantly, with US spot Bitcoin ETFs experiencing over $1 billion in withdrawals for the second consecutive week.

user avatarJesper Sørensen

Ethereum Staking Hits Record Levels Despite Price Drop

Ethereum's staking rate has surged to an all-time high of 36.3% of total supply, even as the price of ETH has fallen to around $2,000.

user avatarRajesh Kumar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.