CoinEx Research’s November 2024 report highlights a historic month for the cryptocurrency market, fueled by bitcoin’s (BTC) unprecedented rally to $99,500 following Donald Trump’s victory in the US presidential election.
Trump’s pro-crypto stance, coupled with institutional confidence and AI-based improvements in the cryptoasset house, set a bullish tone for the market, with altcoins additionally experiencing vital development.
Bitcoin Hits New All-Time Highs Thanks to Trump’s Victory
Bitcoin rose from a month-to-month open of $70,300 to a document excessive of $99,500, approaching the symbolic $100,000 stage. Trump’s victory sparked optimismsignificantly for his insurance policies suggesting potential regulatory reforms, together with the alternative of the SEC chairman and discussions on making a strategic Bitcoin reserve.
The 2024 elections fueled the crypto increase
Trump’s victory over Kamala Harris, successful all the important thing states and securing Republican management of Congress, laid the groundwork for cryptocurrency-friendly insurance policies. Prominent Trump supporter and Dogecoin fanatic Elon Musk generated curiosity in Elon-themed meme tokens throughout the crypto ecosystem.
Institutional flows: Bitcoin spot ETFs and MicroStrategy’s shopping for spree
In November, institutional assist was evident, with bitcoin spot ETFs recording $6.1 billion in inflows, the very best month-to-month determine to date. Furthermore, MicroStrategy amassed 134,480 BTC, equal to a base value of roughly $12 billion, reinforcing its dominance in the market and additional supporting the bullish worth momentum.
AI meets crypto
The convergence of synthetic intelligence, cryptocurrencies and memetics has given rise to improvements in Autonomous AI Agentsexemplified by Truth Terminal and Goatseus Maximus. These brokers have superior capabilities, comparable to interplay on social networks and autonomous determination making.
A key enabler is Eliza, an open supply mission contributed by ai16z, which has change into one of the vital well-liked tasks on GitHub. Building on this, VVAIFU leverages this know-how to provide customers a platform to create customized AI Agents and launch meme tokens via the PumpFun ecosystem. The success of the platform is obvious thanks to its token burning mechanism, with over 4 million tokens burned since its launch.
Building the long run with AI Agents
The Base ecosystem is in full enlargement, with the event of AI Agents because the central axis. Coinbase’s Based Agent Templates enable the creation of Autonomous AI Agents with crypto wallets and on-chain entry, paving the best way for the mixing of AI in the world of cryptocurrencies.
Virtual Protocol focuses on AI Agents for gaming in 3D environments, whereas Clanker simplifies token creation utilizing Farcaster tags, ensuing in over 4,700 imp
token lements. This innovation is complemented by a rise in the liquidity of the Base ecosystem, which lately surpassed Solana, recording a web circulate of USD 835.9 million.
Altcoins shine as bitcoin dominance wanes
Bitcoin dominance reached resistance ranges, opening the door to a potential altseason. Among the notable performances, XLM recorded a 4.5 instances improve in worth, whereas XRP and ADA doubled in worth throughout the month. The rising curiosity in altcoins displays a diversification in investor curiosity and market dynamics. Meanwhile, bitcoin dominance has hit a key resistance stage and has begun to decline quickly over the previous two weeks.
Stablecoin and liquidity increase
November additionally noticed explosive development in stablecoin issuance, with a rise of $14 billion, reaching ranges not seen since April 2021, reflecting considerable liquidity in the market. This improve accompanies the market’s upward trajectory and suggests sustained development in the subsequent cycle.
Outlook for December
As bitcoin hovers round $100,000, near-term dangers comparable to profit-taking, deleveraging, and seasonal slowdowns could lead on to volatility. However, robust market liquidity and rising institutional curiosity counsel a strong basis for continued enlargement in direction of 2025with a long-term objective of $150,000 on the horizon.
About CoinEx
Founded in 2017, CoinEx is a world cryptocurrency exchange dedicated to making crypto asset buying and selling simpler. The platform presents a wide range of companies, together with spot and margin buying and selling, futures, swaps, automated market maker (AMM), and monetary administration companies to greater than 10 million customers in greater than 200 nations and areas.
CoinEx Research stays dedicated to offering in-depth evaluation and insights into the ever-evolving cryptocurrency market, serving to traders navigate the complexities and alternatives forward.
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