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8 Nov, 2024

Another day, another high

What's being bought and sold*

TOP TRENDING ASSETS

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*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 8th 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.

Don’t invest in crypto unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 minutes to learn more.

What’s up

Crypto's Post-Election Run Continues

Bitcoin hit a new all-time high of about $76,870 on Thursday with the entire crypto realm luxuriating in a post-election hot tub. Oh, and the Fed cut rates by 0.25%. 

We were wondering how BlackRock's giant spot BTC ETF has been doing in this climate — yep, the fund just marked a record one-day haul of $1.1 billion.  

Meanwhile, Solana (SOL), its community entranced by never-more-vivid ETF visions, shot back above $200 for the first time in seven months on the back of a 9% gain. Note that move came over the past 24 hours, as of today at 6:20 a.m. (EST).

Looking at some other large-cap altcoins, Dogecoin (DOGE) continues its rollicking journey to double dimes. It's been quite a run for the original memecoin which is up 80% over the past 30 days on speculation about DOGE somehow benefiting from Elon Musk's proximity to levers of governmental power.

Among some of the most impressive climbers at this moment are Cronos (CRO), the 38th-largest digital asset, and Grass (GRASS), a new arrival in the rear echelon of CoinGecko's Top 100.

Diving not too deeply into the weeds, we learn GRASS is the Solana-run native token of Grass, a decentralized bandwidth platform abetting AI training models. The size of GRASS' market cap has been growing like dandelions since a recent airdrop on the Solana network as well as some fresh exchange listings. GRASS has gained 228% in the past seven days, according to CoinGecko.

Circling back on CRO, we notice that it's not only aligned with a well-known centralized exchange but also a big cloud computing provider. CRO has surged 25% in 24 hours, seemingly cresting on the back of two future trends, not to mention generic crypto-friendly vibes stemming from Trump's victory.

What's down

Monkeys In The News, On The Run, But ApeCoin Could Care Less

Strange but true tales of a monkey uprising in South Carolina generated a barrel of laughs on social media while numerous minuscule-sized memecoins seized the moment, spiking or at least mildly greening up. One might think ApeCoin (APE), 114th-largest coin, would have joined in the primate party. 

But no, APE fell 2.4% in 24 hours. APE has a market cap of roughly $744M. It's the native asset of the Yuga Labs' metaverse spawned from the Bored Ape Yacht Club NFT craze of a couple of years ago. Each NFT is a unique depiction of a cartoon ape. There are more than 10,000 of them. Owners are entitled to special perks, such as entry to exclusive events.

As for the escaped rhesus monkeys, they are said to number 43. Somehow, they got free from their enclosure in a medical research facility in Yemassee, S.C. Handlers, working with local authorities, are convinced that most of the monkeys are hiding out not far from the low-country compound and will slowly be rounded up by way of enticements, such as a piece of fruit (AP).

What's next

Ethereum Viewed As Poised To Pop

Trump-win-fueled crypto euphoria has helped Ethereum lurch to within spitting distance of $3K.

It's been several months since the second-largest crypto hit near that level. The $4K mark has remained out of reach for eight months.

"Ethereum is too cheap," said Daniel Tapiero, CEO of 10T Holdings, a crypto investment firm.

Per The Daily Hodl, Tapiero told followers on X that ETH could rally by 170% in a pro-DeFi environment under a pro-crypto regulatory regime in the U.S.

As of Friday at 8:10 a.m. (EST), ETH was $2,920, having increased 4% since yesterday at this time.

In the past week, ETH ETFs saw inflows pick up, although not too dramatically; action has been confined mainly to the Fidelity Ethereum Fund, which took in $27M on the day after the election, and the Grayscale Ethereum Mini Trust, which took in $25M that same day.

Traders will be watching for ETH to cross $3K, possibly in the next 24 hours, and then take aim at $3.2K, assuming the crypto rally can be sustained.


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