Euphoria and Ambition in the World of Cryptocurrency

Bitcoin Hits New Highs as Dogecoin Surges on Election Buzz and Musk Speculation

The cryptocurrency market surged with excitement as its capitalization jumped 7% in just 24 hours, reaching $2.45 trillion and briefly peaking at $2.48 trillion, matching the highs seen in July. Trading volumes since the start of the day were the highest since early August and have a chance of surpassing those levels.

Bitcoin has been a key driver of the crypto market rally, rising 6.6% over the past 24 hours to an all-time high of $75.4K before retreating to $73.8K at the time of writing. The current move is within a rising channel that has been in place since September. Its upper border is now near $76.6K (above the recent highs), and the RSI is far from overbought, suggesting that there is still upside potential.

Dogecoin rallied nearly 55% from its November 3rd lows to Wednesday afternoon’s high, fuelled by Trump’s improved chances of victory and anticipation around the election results. In addition to the general positivity for cryptocurrencies, speculators are betting on Musk’s potential position in the new administration. The Tesla founder and head of X (formerly Twitter) has maintained the recognition of one of the first meme coins for many years.

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Another recalculation saw the difficulty of mining the first cryptocurrency jump by 6.24%. The index reached a record high of 101.65 T. The average hash rate over the two-week calculation period dropped slightly (680 EH/s) but is currently back above 720 EH/s.

The Michigan State Pension Fund announced the purchase of shares in two Ethereum funds for approximately $11 million. The organisation was one of the top five holders of ETHE. This is the first pension fund initiative since the launch of spot ETH ETFs in July. Bloomberg called the Michigan authorities’ decision a ‘big win for Ethereum’.

According to Arkham, the largest transaction in recent months was sent by the bankrupt cryptocurrency exchange Mt. Gox to two unknown wallets: 34,371 BTC ($2.3 billion).

by FxPro’s Senior Market Analyst Alex Kuptsikevich