The post Bitcoin Price Reaches New High: How the US Election and Fed Rate Cut Boosted Crypto appeared first on Coinpedia Fintech News
Since November 5, the day of the 2024 US presidential election, the Bitcoin market has surged by at least 12.79%. Alongside BTC, several other top cryptos have benefited from the general optimism in the crypto market. Post the US Federal Reserve announced its second rate cut of 0.25%, more cryptos have joined the ongoing cryptocurrency market rally. Here is what you should know about the current crypto market scenario.
Bitcoin Reaches New Record High Amid Crypto Market Rally
The price of BTC now stands at $76,687.45 – just a few points shy of $77K. On the day of the US election, the market opened at $67,838.31. On November 6, it climbed to a peak of $75,614.35, surpassing the previous all-time high of $73,000+ – reached in March. In the last two days, the market has grown 1.25%. In the last 24 hours alone, the market has witnessed a surge of 0.8%.
Major Altcoins Follow Bitcoin’s Lead
Several top Altcoins have followed the footprint of Bitcoin in this crypto market rally. Ethereum has experienced a rise of 20.8% in the last seven days. Cardano has registered a growth of 22.7%. BNB and XRP have displayed changes of +9.5% and +8.2% respectively. Dogecoin, the top Meme Coin by market cap, has recorded an impressive increase of 30.3% in the last week.
Solana Joins the Bullish Trend
Amid expectations that the new Trump administration will bring more clarity to the crypto regulation framework, investors’ interest in DeFi projects has grown considerably. Many believe that Ethereum has benefited from this improved appeal of DeFi projects. Notably, Solana, a strong competitor of Ethereum in the DeFi space, has also reported a growth of 20.6% in the last week. In the last month, at least 44.7% growth has been achieved by SOL, as against the 26.6% growth of ETH. On November 5, the opening price of SOL was $157.95. As of now, it remains at $202.24, indicating a 28.13% growth since the election day.
US TradFi Markets Reflect Positive Sentiment
Not only has the crypto market surged, but the traditional financial markets have also gained momentum post the US election. On November 5, the S&P 500 index opened at a range of $5,723.12. On November 6, it reached a monthly peak of $5,929.09. Currently, the market is approaching the crucial level of $6,000. Since November 5, the market has surged 4.81%.
Experts Predict Bitcoin Surge to $125,000
Crypto analysts like Ari Paul believe that the currency Bitcoin market rally is in its final stage. He predicts that the rally could push the market to a peak of $125,000. Many experts think that the rally at this stage will be driven primarily by institutional investors. They suggest that more retail investors are likely to join as the price rises.
Investment Strategy for Current Crypto Market Conditions
Cryptocurrency experts advise that investors should hold selected high-potential crypto assets, which have the potential to give high returns in the long run.
In conclusion, with Bitcoin and other major cryptos breaking new ground, analysts forecast continued gains, making sensitive investments key for maximizing returns as the rally enters its later stages.