Full steam ahead
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 7th November 2024.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
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What’s up
Everything Coming Up Roses
Basking in the glow of potential future regulatory clarity, if not a super light touch, cryptocurrency markets on Wednesday roared like a freshly struck natural gas gusher - loudly, ferociously - with Bitcoin notching a new high of $76,330 as of late afternoon. Altcoins, memes, crypto stocks, crypto sentiment, up, up, up and way, way up.
“BTC is the one asset that was always going to soar if Trump returned to the White House,” said Russ Mould, investment director at online investment platform AJ Bell.
The largest crypto raced past $76K for the first time in its 16-year history amid post-election euphoria connected with the concept of digital money no longer being demonized.
No. 2 Ethereum surged to nearly $2,700. The CoinDesk 20 Index gained 11%, led by Solana (SOL) and Render (RENDER).
"If Bitcoin is traveling higher, you can be sure that most altcoins will be coming along for the ride," Motley Fool said.
Among some bigger-cap coins not named Bitcoin that most daringly soared (up roughly 30% in 24 hours) in the wake of Donald Trump's victory were: Lido DAO (LDO); Raydium (RAY); Ethena (ENA) and Uniswap (UNI).
Select memecoins surged like crazy. These include a Dogecoin relative, Neiro (NEIRO), which is now the 94th-largest digital asset after rocketing 60% in 24 hours as of Wednesday at 7:30 p.m. (EST). A trio of come-lately coins, SPX6900 (SPX), Goatseus Maximus (GOAT) and Simon's Cat (CAT), far outclimbed more familiar meme peers. SPX, GOAT and CAT all gained approximately 30% since yesterday. The latter cracked the Top 300.
A true newcomer to the scene, Peanut the Squirrel (PNUT), a meme/PoliFi play, now has a market capitalization of $150 million after tripling to 15 cents in 48 hours of existence. PNUT is No. 361 on CoinGecko's list.
Coinbase's shares on Wednesday closed +31%. MicroStrategy gained 13%.
What's down
Bears Obliterated
A historic, post-election crypto rally has wreaked havoc among some levered-up contrarians. Bitcoin smashing the $76K level resulted in nearly $600M worth of liquidations of leveraged futures positions, across the full spectrum of crypto assets, according to CoinGlass data. The lion's share ($400M) was tied to shorts betting on falling prices. This appears to be the largest short squeeze in six months.
What's next
Reality Check
Bitcoin smashing the $100K mark is a matter of when, not if, many pundits are saying.
And why not? The leader of the free world has launched a DeFi platform while promising to make America “the crypto capital of the planet.”
In a year that saw spot crypto ETFs green-lit, as well as the fourth-ever halving, Trump's election victory seemingly puts a cherry on top of a banana split while teeing up a 2025 marked "lollapalooza," does it not?
Not so fast, says Tim Kravchunovsky, CEO of Chirp, a decentralized telecom network.
In a note to Decrypt, Kravchunovsky said, "we have to be prepared for the reality that crypto isn’t the most important issue on Trump’s current agenda."
