Bitcoin (BTC) soared past $90,000, setting a new all-time high as the crypto market resumed its rally, with major cryptocurrencies surging. BTC surged to a new all-time high of $93,409 late on Wednesday, and the Bitcoin Dominance Index, which measures its share of the crypto market, reached 61%, a level not seen since 2021. Ethereum (ETH) also recovered late on Wednesday, managing to stay above $3,000 and is currently up almost 2% and trading at $3,231.
Other cryptocurrencies also posted significant gains, with the biggest being Solana (SOL), Dogecoin (DOGE), Ripple (XRP), Cardano (ADA), Toncoin (TON), Chainlink (LINK), and Polkadot (DOT). The crypto market cap is up 2.98% and currently sits at $2.98 trillion, and the Fear and Greed Index has hit extreme greed, indicating overwhelming bullishness in the market.
Talking about BTC’s surge to a nw all-time high, ChangeNOW CMO Pauline Shangett stated,
“Bitcoin’s meteoric rise past $90,000 signals the renewed confidence from institutional and retail investors alike. This bullish momentum, underscored by a Bitcoin Dominance Index of 61%, suggests that investors see BTC as a solid hedge amid global market uncertainties. The recent spike to $93,409 marks a new era of mainstream crypto adoption, as investors flock to digital assets. With Ethereum holding steady above $3,000 and broader market indicators reflecting extreme optimism, we may be entering a period of prolonged bullish momentum.”
Bitcoin (BTC) Sets New All-Time High
Bitcoin (BTC) surged past $90,000 to set a new all-time high of $93,409 as it resumed its upward trajectory after a brief wobble. BTC’s rapid price rise has been attributed to incoming US president Donald Trump’s pro-crypto stance and to ease regulations that many believe have stifled the crypto space. He has also promised to make the US the crypto capital of the world. During its first term, the Trump administration witnessed significant corporate tax cuts, bringing more liquidity to the market.
Trump has also launched his own crypto project called World Liberty Financial. However, its launch was poorly received, with only a fraction of the tokens finding a buyer. Speaking about the positive impact of a Trump presidency on the crypto space, Carl Szantyr, Managing Partner at digital asset fund Blockstone Capital, stated,
“The new political landscape may bring clearer regulations for crypto assets and could prompt strategic developments, such as a national bitcoin reserve and growth in the mining sector.”
Bitcoin Market Dominance Reaches Highest Level Since 2021
Bitcoin (BTC) has been on an almighty surge since the US elections, reaching a new all-time high of $93,409 before retreating to its current level. Other cryptocurrencies also tend to see a significant price jump when BTC rallies. However, altcoins have failed to keep up with BTC, leading to the Bitcoin Market Dominance hitting 61%, a level not seen since 2021, according to data from TradingView. The Bitcoin Dominance Index measures the total value of the Bitcoin network as a percentage of the value of all crypto assets in the world.
Gemini Faces Backlash For False Bitcoin Alert
Cryptocurrency exchange Gemini faced considerable flak after mistakenly issuing an alert stating BTC had reached $110,000. The exchange posted the apology on X after users received an email stating BTC had surged to $110,000. In reality BTC had hit an all-time high of $93,409 before dropping to current levels.
“We are aware that Gemini just sent a price alert and email noting that the price of bitcoin is now over $100K. This message was sent due to an error in our notification system. Sorry for the false alarm–we’ll get there soon!”
Analysts attributed the staggering price jump to the “Trump Trade” as investors anticipate a much friendlier environment for crypto under a Trump administration. Meanwhile, cryptocurrency exchanges are grappling with price errors, with many sending incorrect price alerts or displaying inaccurate prices. These errors are attributed to technical glitches, human mistakes, or system misconfigurations, and create significant confusion among investors.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) resumed its upward trajectory after facing a wobble and some volatility, setting a new all-time high before declining below $90,000. The world’s largest cryptocurrency is up almost 4% over the past 24 hours, and over 20% during the past week, as the crypto market continues its bull run following Donald Trump’s victory in the US elections. Trump has promised a slew of benefits for the crypto industry, ease regulatory pressure, and make the US the crypto capital of the world. He has also promised to remove Securities and Exchange Commission Chair Gary Gensler when he takes office.
Looking at the price chart, BTC began its rally on election day when it rose over 8% to climb above $70,000 and settle at $75,179. Despite this strong rally, bullish sentiment waned over the next few days thanks to resistance at $76,000. As a result, BTC registered a marginal increase on Thursday and settled at $75,779. The price pushed above $76,000 on Friday after rising $0.91% and settling at $76,740. BTC remained muted on Saturday as well, registering only a marginal increase to settle at $76,619. However, bullish sentiment increased on Sunday as buyers returned to the market. As a result, BTC rose almost 5% to go above $80,000 and settled at $80,152.
Source: TradingView
Bulls retained control on Monday as BTC rallied over 9% to surge past $85,000 and settle at $87,706. However, the price dropped on Tuesday as markets encountered considerable volatility. BTC attempted to push above $90,000 but lost momentum after reaching an intraday high of $89,386, allowing sellers to take control. As a result, BTC fell to a low of $82,709 before recovering and settling at $87,210, posting a marginal decline. BTC resumed its upward trajectory on Wednesday as it surged past $90,000 to set a new all-time high of $93,409 before declining and settling at $90,150. The current session sees BTC marginally down, slipping below $90,000 and trading at $89,659.
If sellers retain control, BTC could drop to $85,000. However, with markets overwhelmingly bullish, buyers could retake control and drive BTC back towards its all-time high. If BTC goes past this level, the next stop could be $95,000 as it makes its way to $100,000.
Ethereum (ETH) Price Analysis
Ethereum (ETH) remained above $3,000 despite facing considerable selling pressure on Tuesday and Wednesday and registering substantial declines. Like BTC, ETH’s bull run began on election day when it surged over 12% to move past the 20 and 50-day SMAs and settle at $2,723. Buyers remained in control on Thursday as ETH registered an increase of 6.40% to surge past $2,800 and settle at $2,897. Friday saw a slight dip in bullish sentiment, although ETH registered a rise of 2.26% and settled at $2,963. The price pushed above $3,000 and the 200-day SMA on Saturday after registering an increase of 5.59% and settling at $3,128. ETH saw volatility on Sunday as buyers and sellers struggled to establish control. However, buyers ultimately gained the upper hand as ETH rose by almost 2% and settled at $3,185.
Source: TradingView
Bullish sentiment returned on Monday as ETH rose by almost 6% to go above $3,300 and settle at $3,373. However, with sellers active at $3,400, ETH fell back in the red after reaching an intraday high of $3,443 on Tuesday, dropping almost 4% and settling at $3,246. Buyers attempted a recovery on Wednesday as ETH rose to $3,338 before losing momentum. As a result, sellers pushed the price down by 1.66% to $3,192. The current session sees ETH marginally down as buyers and sellers struggle to establish control. Sellers will look to drive ETH below $3,000. If they are successful, ETH could drop to $2,850. On the other hand, if buyers regain control, we could see ETH test the resistance at $3,400. A move past this level could see ETH surge to $3,500.
Solana (SOL) Price Analysis
Solana (SOL) has experienced significant volatility since Monday as buyers struggle to go above $220 and sellers look to drive the price below $200. SOL surged past the 20-day SMA on Wednesday, rising just above 12% and settling at $186. Bulls retained control on Thursday as SOL rose just over 5% to settle at $196. With sellers active at $200, SOL witnessed a marginal decline in bullish sentiment as it struggled to push above this level on Friday, ultimately registering an increase of 1.75% and settling at $199. SOL could only register a marginal rise on Friday before surging on Saturday, going past $200 and settling at $210 after rising just over 5%.
Source: TradingView
The current week began with buyers retaining control as SOL rose almost 6% and moved to $222. However, it fell back in the red on Tuesday thanks to resistance at $225 and dropped nearly 5% to $211. Wednesday saw a significant increase in volatility as sellers attempted to drag the price below $200. As a result, SOL dropped to an intraday low of $201 before recovering to post a 1.69% increase and settle at $215. The current session sees SOL marginally up as buyers and sellers struggle to establish control.
Ripple (XRP) Price Analysis
Like SOL, Ripple (XRP) is also facing considerable volatility this week despite going on a substantial bull run following the elections. After surging past the 20 and 200-day SMAs on Wednesday, XRP went past the 50-day SMA on Thursday, rising to a high of $0.579 before dropping back to $0.556. XRP registered a marginal decline on Friday before resuming its upward trajectory on Saturday and rising to $0.559. Bullish sentiment picked up on Sunday as XRP rose by 5.24% to reach an intraday high of $0.618 before settling at $0.588.
Source: TradingView
XRP went above $0.60 on Monday after registering an increase of 5.50% and settling at $0.621. Sellers attempted to drive XRP back below $0.60 on Tuesday but were unsuccessful as buyers countered the selling pressure. As a result, XRP surged over 13% to go above $0.70 and settle at $0.704. Volatility increased substantially on Tuesday as buyers attempted to push above $0.75, and sellers looked to drive XRP towards $0.60. As a result, XRP rose to an intraday high of $0.749 and dropped to an intraday low of $0.640 before settling at $0.690 after falling almost 2%. The current session sees XRP marginally down as buyers and sellers struggle to establish control.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) has seen an unparalleled increase since the weekend, with its latest rally dwarfing its election day surge. DOGE rose over 15% on Wednesday but registered a marginal drop on Thursday as bullish sentiment waned. However, buyers returned to the market on Friday as DOGE rose almost 5% to go above $0.200 and settle at $0.202. Bullish sentiment picked up over the weekend as DOGE rose 8% on Saturday and a staggering 26.90% on Sunday to settle at $0.277.
Source: TradingView
Bullish sentiment persisted on Monday as DOGE surged almost 27% to go above $0.300 and settle at $0.352. However, DOGE experienced significant volatility on Tuesday, dropping from an intraday high of $0.439 to settle at $0.380 after an increase of almost 8% as sellers looked to keep it below $0.400. Volatility persisted on Wednesday as buyers made another unsuccessful attempt to push above $0.400, with DOGE eventually settling at $0.399 after an increase of almost 5%. The current session sees DOGE marginally down as buyers and sellers struggle to establish control.
Uniswap (UNI) Price Analysis
Uniswap (UNI) struggled to push above the resistance at $9.50 despite registering an unprecedented rally on Wednesday that took it past the 20, 50, and 200-day SMAs and crucial resistance levels to $9.30. However, the price fell back in the red thanks to selling pressure and dropped over 4% on Thursday and 0.57% on Friday to $8.85, but not before dropping to a low of $8.52. Buyers took control on Saturday as UNI rose by 4.32% and settled at $9.23. However, Sunday saw a significant jump in volatility as buyers and sellers struggled to establish control. Ultimately, UNI registered a marginal drop and settled at $9.21.
Source: TradingView
UNI fell to a low of $8.77 on Monday but recovered from this level, rising by 1.33% and settling at $9.33. However, UNI fell back in the red on Tuesday after surging to an intraday high of $10.77. As buyers lost momentum, sellers took over and drove UNI down 4% to $8.96. Sellers remained in control on Wednesday as UNI dropped to a low of $8.25 before recovering and settling at $8.62, a drop of almost 4%. The current session sees UNI up by 1.19% and trading around $8.73.
Immutable (IMX) Price Analysis
Immutable (IMX) has registered a substantial decline this week despite going on a post-election rally. IMX rose almost 14% on election day but fell marginally on Thursday as buyers lost momentum. Selling pressure intensified on Friday as IMX dropped just over 2% to $1.19. However, buyers returned to the market over the weekend as the price rose almost 8%, going above the 20-day SMA to an intraday high of $1.41 before settling at $1.29, just above the 20-day SMA. IMX registered a marginal increase on Sunday despite facing significant volatility to end the weekend positively.
Source: TradingView
The current week began with buyers retaining control as IMX registered an increase of just over 8% to settle at $1.41. However, IMX fell back in the red on Tuesday as buyers lost momentum after reaching a high of $1.51. As a result, sellers took over and drove IMX to a low of $1.25. The price recovered from this level to settle at $1.35, a drop of almost 4%. IMX remained bearish on Wednesday as it dropped 8.58% to go below the 20-day SMA and settle at $1.23. The current session sees IMX marginally up as buyers look to push it back above the 20-day SMA and $1.30.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
