On November 11, the total market value of cryptocurrency increased by 1.85% in the past 24 hours, reaching $2.77 trillion. Overall trading volume also surged 75% that day to $235 billion, reinforcing November’s bullish momentum.
Bitcoin (Bitcoin), the largest cryptocurrency by market capitalization, has gained 2.8% in the past 24 hours and is trading at $81,587, just below the all-time high of $81,858 set during early Asian trading hours on November 11.
Related: $80,000 BTC price chases gold – 5 things to know about Bitcoin this week
Ethereum (Ethereum), the second-largest cryptocurrency, was down 0.91% at press time, trading at around $3,166.
Cryptocurrency market performance in November 11. Source: CryptoMarketCap
Other top altcoins also gained, with Dogecoin (dog), the meme coin with the largest market value, Soared 23% It rose 151% in the past 24 hours and 151% in the past 30 days to reach multi-year highs above $0.30.
Let’s take a closer look at what’s driving the cryptocurrency market today.
Cryptocurrency Markets Bask in Trump’s Election Victory
Bitcoin and other cryptocurrencies have made significant progress since President-elect Donald Trump emerged as the winner of the election. 2024 U.S. President Race.
Trump has made a bold promise Regarding Bitcoin, it is even interesting to establish a national strategic reserve.
The broader crypto industry will benefit more from Trump’s promised crypto-friendly regulatory environment, including “a plan to ensure the United States becomes the crypto capital of the Earth.”
Amid such an environment, market participants are optimistic that Bitcoin and other cryptocurrencies will trade significantly higher as once-suppressing headwinds for the world’s largest economy now turn into tailwinds.
Additionally, printed in October consumer price index The Consumer Price Index (CPI) and Producer Price Index (PPI) are the major macroeconomic events that traders are looking forward to this week and are key measures of inflation.
The Fed is currently grappling with mixed signals but said it is confident inflation will “continue towards 2%.” Interest rate cut by 0.25% last week.
More unemployment benefits data will be released on November 14, along with the producer price index (PPI) and remarks from Federal Reserve Chairman Jerome Powell on the economic outlook.
Latest data from CME Group FedWatch Tool There is a 68.5% chance that the Fed will cut interest rates again by 0.25% at its next meeting on December 18.
The probability of the Fed’s target interest rate at the FOMC meeting on November 7. Source: CME Group
Market volatility leads to $630 million in liquidations
Rising prices of major cryptocurrencies have led to massive liquidations across the market crypto derivatives market these days. Shorts were largely caught off guard, leading to a swift leveraged liquidation debate.
In the past 24 hours, the entire cryptocurrency market has liquidated more than $634 million in cryptocurrency positions, of which $203 million was wiped out in the past 12 hours. A total of $121 million in BTC short leveraged positions have also been liquidated that day.
Total cryptocurrency liquidations. Source: CoinGlass
Over 210,940 traders were liquidated, with the largest single liquidation being BTC/USDT on OKX cryptocurrency exchange worth $15.5 million.
Investors flock to cryptocurrency investment funds
The continued growth of the cryptocurrency market is consistent with the huge capital inflows into cryptocurrency investment products.
According to CoinShares’ “Digital Asset Fund Flow Weekly Report” publish On November 11, institutional investors increased their investments in digital assets, with total inflows into cryptocurrency investment products totaling $1.98 billion in the week ended November 8. The largest share of the movement was once again attributed to the Bitcoin Investment Fund, which received an inflow of $1.8. billions of capital inflows. Year-to-date inflows hit a new record of $31.3 billion.
Capital flows for crypto investment products. Source: CoinShares
James Butterfill, head of research at CoinShares, attributed this to positive sentiment surrounding the U.S. presidential election results and favorable macroeconomic conditions, saying:
“The combination of a favorable macro environment and dramatic changes in the U.S. political system may be why investor sentiment is so supportive.”
Meanwhile, SoSoValue report About $1.6 billion flows into spot Bitcoin ETF The week of November 4-8. About US$1.4 billion flowed into these investment products on November 7 alone.
Spot Bitcoin ETF flow table. Source: Soso Value
Long-term trends in spot Bitcoin ETF flows Still on an upward trendindicating a significant surge in demand over the past 30 days, which has had a positive impact on BTC prices.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
