2024-11-7 11:43 |
The cryptocurrency market surged today as news of Donald Trump’s US election win sent ripples through the digital asset world. Bitcoin (BTC) briefly hit a new all-time high of $76,000, boosting overall investor sentiment.
While Ethereum (ETH), Solana (SOL), and XRP also saw notable gains, Dogecoin (DOGE) diverged from the upward trend, experiencing a significant drop in value.
The global crypto market cap jumped 4% to $2.54 trillion, while trading volumes rose by 86.5% to $214.56 billion, reflecting intensified market activity in the wake of the election outcome.
Bitcoin climbs to new highBitcoin led the charge, reaching $76,000 before settling at $75,202, up nearly 1% over the past day.
This spike comes as spot Bitcoin ETFs recorded $691.01 million in inflows (excluding BlackRock data), reflecting strong institutional demand.
Bitcoin’s market cap stands at $1.49 trillion, though its dominance dipped by 1.18% to 58.53% as altcoins captured investor attention.
Ethereum also saw robust gains, climbing over 10% to reach $2,859.
With an intraday low of $2,563.82 and a high of $2,878.75, Ethereum’s market cap has swelled to $344.10 billion.
Despite the post-election boost, Ethereum has yet to achieve a new all-time high, largely due to whale activity keeping prices in check.
Solana (SOL) rose 3% to $189.17, reaching an intraday peak of $191.79.
Solana’s market cap reached $89.20 billion, showing increased resilience as it attracted considerable investment interest.
Major holders like Pumpfum reportedly offloaded $6 million worth of SOL during the upswing, reflecting both bullish sentiment and strategic profit-taking.
XRP also saw a 5% rise, reaching $0.5616 at its peak.
Ripple’s recent move of $250 million worth of XRP has sparked curiosity among investors, potentially supporting XRP’s positive price movement despite wider market fluctuations.
Meme coins face headwinds despite broader gainsWhile many top cryptos celebrated gains today, meme coins like Dogecoin and Shiba Inu faced downturns.
Dogecoin, a favourite among retail investors, dropped by 5.5% to trade at $0.1958.
This decline bucks the trend observed across the crypto market and suggests that Trump’s victory may not be universally favourable for all digital assets.
Similarly, Shiba Inu fell by 1.5% to $0.00001899, highlighting a mixed response among retail-focused assets.
In contrast, other meme coins, including PEPE, WIF, and BONK, performed well, benefiting from a risk-on sentiment in parts of the market.
Dogecoin’s underperformance underscores the variability in meme coin sentiment, as market dynamics shift quickly following major political events.
Top crypto gainers and losers todayAmong the day’s top gainers, Neiro (NEIRO) emerged with a 34% increase, trading at $0.002022.
Its price rally signals heightened investor interest, with an intraday range of $0.001574 to $0.002262.
This surge places Neiro at the forefront of today’s crypto gains, appealing to traders looking for high-growth opportunities.
Lido DAO (LDO) also made a strong move, gaining 31% to reach $1.38.
With daily lows of $1.05 and highs of $1.42, Lido’s price trajectory indicates a resurgence in demand for decentralised finance (DeFi) assets.
Raydium (RAY) climbed 25% intraday, closing at $4.51.
The token’s range, from $3.51 to $4.60, highlights its volatility and appeal among speculative traders as Raydium benefited from the broader market’s positive sentiment.
On the downside, Helium (HNT) joined Dogecoin and Shiba Inu among the day’s top losers, shedding 2% to settle at $6.23.
The meme coin sector’s contrasting performance points to selective gains across the market, with Helium, Dogecoin, and Shiba Inu facing profit-taking despite an overall bullish sentiment.
The post Bitcoin hits $76K, Dogecoin dips: Crypto prices surge on Trump victory appeared first on Invezz
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