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Crypto Market Cap Surges $400 Billion since Trump’s Election – How HIGH can Bitcoin rally (in the near term)?

Retail crypto trading volumes explode. Binance spot volume surged to $42 billion this Sunday, up from $12 billion the previous Sunday.

Author

Markus Thielen
November 10, 2024

👇1-11) In our October 25 report, "Why a Bitcoin Breakout Is Imminent: Key Reasons to Boost Your Confidence," we highlighted a critical on-chain data signal, noting: "For the first time since April 2024, on-chain data shows an increase in the total supply held by short-term holders. Historically, this metric’s rise has confirmed positive momentum in on-chain activity, suggesting a bullish period for Bitcoin as long as it continues to grow." Monitoring this parabolic move’s sustainability will likely hinge on similar on-chain indicators, as it did in March 2024 and previous bull markets. On October 25, Bitcoin traded at $68,058 vs. $80,597 today (+18%).

Crypto market cap eclipsing March 2024 high on massive trading volumes

👇2-11) Since Trump’s election win, the crypto market cap has surged by $400 billion, with Dogecoin emerging as the standout post-election performer among large-cap coins, rallying an impressive 78% over the past week. Bitcoin is up +16%, Ethereum +29%, and Solana +27%. Thank you, Mr. President. The crypto market cap has hit $2.75 trillion, just shy of the $2.76 trillion peak reached in March 2024. In two of the past five days, daily trading volumes have surged to $200 billion. Binance spot volume surged to $42 billion this Sunday, up from $12 billion the previous Sunday.

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