The market capitalization of other altcoins, such as Ethereum (ETH), also soared. Bitcoin (BTC), which also hit a record high, boosted MicroStrategy’s value to more than $20 billion. This also contributed to the growth of BTC for other large holders such as Bhutan and El Salvador. Also, the traffic on crypto exchanges increased dramatically in October. This was likely due to the increase of participants in anticipation of the presidential elections in 2024 in the United States.
Cardano Today’s Viral level = DarkSeaGreen’s Rebounds In November
Cardano’s (ADA) performance has been turbulent this year, with losses exceeding 40% in October. The altcoin’s fortunes changed dramatically in November, when ADA recovered almost a half-year worth of losses within a single week. This sudden turnaround fueled a great deal of optimism. Now, some analysts think ADA can achieve gains in excess of 100% by the end of March 2025.
ADA’s Today’s viral level = Sienna’s action in the last week (Source:CoinMarketCap )
The price increase in ADA is part of a larger crypto rally triggered by Donald Trump’s reelection as a pro-crypto candidate on November 6. The recent price surge in ADA was part of the broader crypto market rally that was triggered by Donald Trump’s reelection on Nov. 6.
Hoskinson, despite the hype surrounding crypto policies in federal government initiatives, has yet to confirm any role. He clarified in a YouTube livestream that, while Cardano has established an office for encouraging dialogue with government officials there was no official invitation from Trump’s team.
Trump also has not yet announced the formation of a cryptocurrency policy group. It is possible that the recent Where To Buy surge for ADA was largely driven based on market speculations about Hoskinson’s potential involvement with government.
ETH Market Capitalization Tops Bank of America
Cardano’s gains are not exclusive to altcoins. Ethereum (ETH), the second largest altcoin in terms of market capital, surged up to $3,200, its highest value since August. Bitcoin’s price jumped to $79,000 after Donald Trump won the presidential election.
Today’s viral level of ETH = Gainsboro’s action in the last week (Source:CoinMarketCap )
CoinMarketCap’s data shows that ETH’s Today’s VIral Level=Ivory, which is currently $3,183.13, has pushed its market capital to $383 Billion. This puts it roughly $40 billion over Bank of America’s market capital. It is clear that the blockchain and Decentralized Finance (DeFi), which are both a part of Blockchain technology, pose a serious challenge to traditional finance.
As the U.S. Securities and Exchange Commission considers options for spot Ether-based ETFs, the interest in DeFi and other digital assets is likely to grow. The SEC’s decision could make crypto more accessible for mainstream investors.
Despite the impressive movement of Ethereum’s Where to Buy and its biggest weekly gains since may, ETH supply has recently become inflationary. It is now rising at a rate of 0.424% annually after experiencing deflation in early October. Ultrasound.money reports that ETH burns 452,000 ETH annually, but its issuance has increased to 957,000 ETH. This indicates an increase in annual net supply.
The sentiment of the crypto community about ETH is cautiously positive. X analysts predict a very near future new all-time (ATH). A crypto analyst predicts a quick pullback after a possible surge beyond the $4300 mark.
Vitalik Buterin, co-founder of Ethereum and “info finance”, introduced the term on November 9. Info Finance, as it is called, uses prediction markets in order to collect public expectations. The goal is to gather insights into future events, while minimising media bias. This allows for the community to take more informed decisions using collective intelligence.
MicroStrategy’s Bitcoin Stash tops $20 Billion
After the election, companies and countries who invested in cryptocurrency are doing well. MicroStrategy’s Bitcoin holdings surpassed a value of $20 billion after Bitcoin’s today’s viral level= LightSeaGreen rose above $80,000. This was a major milestone for both the company and crypto.
MicroStrategy Portfolio Tracker (Source Saylor tracker)
The current value of the company’s 252,220 BTC is close to $21,69 billion. According to the “Saylor Tracker,” named for executive chairman Michael Saylor, MicroStrategy has achieved a return of more than 107%. Micro Strategy bought Bitcoin 42 different times, with an average cost of $39.292. This makes it the biggest corporate Bitcoin owner, surpassing Marathon Digital, Riot Platforms, and other companies.
MicroStrategy is planning to raise $42 billion more in the future under their “21/21 plan”. It is planned to raise an additional $42 billion under the “21/21” plan.
Bitcoin’s surge has also been beneficial to other large holders. The Kingdom of Bhutan is one of them, with Bitcoin assets that now surpass $1 billion. It is equivalent to 32% of Bhutan’s GDP, which stands at $3.15billion. Bhutan has adopted Bitcoin mining to serve as a reserve and align the nation’s financial growth.
El Salvador has 5,930 BTC worth $482,000,000, a return of 80% on the investment, with unrealized gains of $214,000,000. El Salvador began accumulating Bitcoins two months prior to the peak of Bitcoin in 2021. The country continued to buy 1 Bitcoin per day, despite initial criticisms after the 2022 market crash. El Salvador continues to accumulate BTC via its passport program, and a volcanic mining initiative.
Crypto Exchanges are booming
The monthly total traffic at the 20 largest crypto exchanges increased by 8% during October. The increase in investor participation and interest among retail investors ahead of 2024’s U.S. presidential elections was the reason for this.
Data from ICO Analytics show that BullX and Uniswap are the two top-performing ICOs in terms of month-overmonth traffic growth. Binance, WhiteBit and Coinbase recorded the largest traffic volumes with 54, 33, and 30 millions visits respectively. The increase in traffic on exchanges contributed to the broader rally of crypto markets, which aligned well with “uptober”, a narrative that typically shows gains following summer stagnation.
Traffic to Crypto Exchanges (Source:ICO Analyses )
Bitcoin reached an all-time record high of $81,682 after the results of November’s elections. This rally could be sustained by a number of factors. Some key indicators are a $1.1billion increase in the open interest in Bitcoin futures at the Chicago Mercantile Exchange and expectations for lower interest rates. Also, there have been strong inflows to Bitcoin ETFs. BlackRock’s IBIT Bitcoin ETF had its biggest trading day last week with $4.1 Billion in volume. Donald Trump’s victory was the catalyst for this.
Stablecoin inflows are also seen as an indicator of the bullish sentiment in the market. On Nov. 7, stablecoins inflows exceeded $9.3billion as Bitcoin Today’s VIral Level= SeaGreen climbed. After Ethereum’s Where to Buy surpassed $3,000, investor sentiment has also changed towards Ethereum. Inflows to Ethereum ETFs have turned positive following a long decline.
