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Journalist
Hassan Shittu
Journalist
Hassan Shittu
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The cryptocurrency market is experiencing a remarkable surge, with Bitcoin and Ethereum leading the charge. Bitcoin (BTC) has recently crossed the $99,000 mark, driven by a combination of political developments and increased institutional interest.
Meanwhile, Ethereum (ETH) is also gaining traction as it approaches important resistance levels. This bullish momentum has set the stage for substantial gains across various altcoins.
Bitcoin’s recent rally has seen it reach an all-time high of $99,602, marking a 47% increase since Donald Trump’s election victory earlier this month.
This surge is largely attributed to growing investor confidence in digital assets, fueled by the confirmed news of SEC Chair Gary Gensler’s departure from the SEC Chair and the prospect of a more crypto-friendly administration under Trump.
The market’s excitement is further amplified by the potential establishment of a dedicated crypto policy position within the government, which could lead to more favorable regulations for the cryptocurrency sector.
Galaxy Digital’s CEO, Mike Novogratz, expressed optimism about this shift, noting that the new administration will likely prioritize blockchain innovation and Bitcoin accumulation.
In addition to political factors, Bitcoin’s performance has been bolstered by record inflows into spot Bitcoin exchange-traded funds (ETFs), which have attracted substantial institutional investment.
Currently, Bitcoin’s market cap hovers around $2 trillion, flipping Silver and Saudi Aramco in market cap.
Ethereum also performs strongly, trading at approximately $3,365, up over 7% in the past 24 hours.
Notably, the recent increase in Ethereum’s derivatives market open interest to an all-time high of $20.8 billion indicates rising investor engagement and bullish sentiment.
Analysts predict Ethereum could follow Bitcoin’s lead and reach new all-time highs soon, especially if it breaks through critical resistance levels.
As the total cryptocurrency market cap surpasses $3.4 trillion, many altcoins are also experiencing significant gains.
MuskPnut ($MUSK)
MuskPnut has skyrocketed by an astonishing 97,668% in just 24 hours.
At the time of writing, the token is priced at $0.007802 and has a market cap of $780K.
The chart is looking bullish with more expected buy-in based on the community outlooks and the push it has the attention it has been gaining recently.
However, the DEXTools score is 85 out of 99, which is a good score, but a $48.8K locked liquidity signals a potential risk of being rugged by the whales.
The surge can also be attributed to the leverage of its narrative, which is viral in popularity following mentions by influential social media figures, particularly Elon Musk.
Markkacy ($KACY)
Another top crypto on today’s gainers list is Markkacy, which has experienced a phenomenal increase of 69,393% within the last day.
It is currently trading at $0.06924, has a market cap of $68.99 million, and has an impressive DEXTools score of 99/99.
This token has gained attention due to its strong community backing and an active social media campaign that resonates with investors looking for promising projects in the current bull market.
With $7.4 million in liquidity locked, Markkacy appears to be a strong contender for continued growth as interest in altcoins surges.
The market cap seems stable and could go further as the rally continues, particularly after Bitcoin surpasses $100K.
PulseX ($PLSX)
PulseX has also seen a remarkable gain of 57,086% over 24 hours and is one of the top crypto gainers today.
It is currently priced at $0.04465, has a market cap of $6.55B, and has a DEXTools score of 84/99.
The data on DexTools at the time of writing is fluctuating, but the token was still able to make it to the top gainers today, which means it is getting attention and volume.
The token’s rise can be attributed to its integration within popular decentralized finance (DeFi) platforms and its appeal to investors seeking high-risk, high-reward opportunities during this bullish phase for cryptocurrencies.
With $71.2M of liquidity locked, PulseX looks like a short-term stable buy-in for investors looking to explore and see how the token performs.
As always, while these tokens have shown impressive performance today, potential investors should exercise caution due to the cryptocurrency market’s inherent volatility.
Conducting thorough research and considering risk tolerance levels is essential before making investment decisions.
While there is volatility, meme coins still offer the opportunity to gain from the current market rally. That’s why the Cryptonews team gathered this for you:
19 Best New Meme Coins to Buy in November 2024
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
