Flipster Crypto Weekly (8 November)
Following the U.S. presidential election, where pro-crypto candidate Donald Trump reclaimed the White House, the crypto market surged. Bitcoin reached a new all-time high above $76,000, and altcoins like Uniswap (UNI) and Aave (AAVE) saw huge rallies. This shift is anticipated to foster innovation-friendly regulations, spurring investor optimism.
BlackRock’s spot Bitcoin ETF (IBIT) set a new record with $4.1 billion in trading volume the day after the election, indicating heightened institutional interest in crypto assets that is likely to boost market liquidity and stability. Additionally, the Federal Reserve's expected 25 basis points rate cut to 4.5%-4.75%, further encourages investment in higher return assets like crypto.
The environment appears favorable for further growth across the crypto space, as investors eye both regulatory tailwinds and macroeconomic support.
Source: @cryptoquant_com on X
Binance and Coinbase saw $9.3 billion in stablecoin inflows on the day after the US elections, a positive sign for upward price trends as historically, a substantial portion of these funds are likely to be used to buy cryptocurrencies.
Bitcoin (BTC)
Weekly Performance: +8.34%
Year-to-Date (YTD) Performance: +79.99%
Bitcoin (BTC) surged to $76,943 on November 8, marking a new all-time high and a notable increase from the previous week's low of $68,803.51 on November 4. Trump’s election victory served as a bullish catalyst, propelling BTC through key resistance zones.
In the days leading up to the election, buyers began to assert control around the 100-day Exponential Moving Average (EMA), indicating potential upward movement as market participants accumulate positions.
BTC is currently finding support around the 100-day Exponential Moving Average (EMA) at $74,500 and $75,000, while facing resistance at $76,000, with the RSI indicating a neutral stance at 55 suggesting potential for movement in either direction.
BTC has seen increased trading volumes on platforms like Coinbase and Binance, indicating renewed interest from both retail and institutional investors.
Ethereum (ETH)
Weekly Performance: +16.16%
Year-to-Date (YTD) Performance: +28.06%
Ethereum (ETH) mirrored Bitcoin’s climb, reaching a three-month high of $2,945 on November 8. The price of ETH broke above the convergence of the 50-day and 200-day simple moving average, which indicates a long-term uptrend.
ETH's price surged following positive momentum from the result of the US presidential election, which also led to strong inflows into Ethereum Exchange Traded Funds (ETFs), which saw a net inflow of $52.29 million on November 6 alone, a six-week high.
Ethereum futures open interest (OI) has also surged approximately 20% to $16.18 billion, up from $13.05 billion. Analysts suggest that if ETH can maintain momentum above $2,900, it may soon challenge the $3,000 mark, with projections suggesting it could reach between $3,000 and $3,262 by the end of November.
ETH is currently finding support around $2,850 to $2,930, with the nearest significant resistance level at $3,200.
Solana (SOL)
Weekly Performance: +18.69%
Year-to-Date (YTD) Performance: +96.56%
Solana (SOL) was one of the biggest gainers amid the ongoing market rally, displaying strong upward momentum. SOL breached the $201 level on November 8, marking a weekly gain of over 17% and the highest level since July.
Under a Trump administration, there is rising confidence that Solana spot ETFs will gain approval. The 20-day simple MA continues to provide solid support for SOL’s trend, but any retracement below $180 could see SOL testing lower supports around the $177 area. Solana is currently finding support around $188, with immediate resistance at $201.
Dogecoin (DOGE)
Weekly Performance: +22.81%
Year-to-Date (YTD) Performance: +121.52%
Dogecoin (DOGE) has shown strong buying pressure and spiked sharply this week with around 22% gains, breaking through previous resistance at $0.18 and peaking around $0.22.
The price surge was fueled by retail enthusiasm especially due to Trump and Elon Musk's plan to launch the Department of Government Efficiency (D.O.G.E), which would oversee government spending to ensure taxpayer money is effectively used.
The Simple Moving Average 20 (SMA) is at $0.156, and the price of DOGE has to sustain above this level to form a short-term bullish outlook. Trading volume suggests increased retail participation, but momentum indicators are showing signs of overextension.
Disclaimer: This material is for information purposes only and does not constitute financial advice. Flipster makes no recommendations or guarantees in respect of any digital asset, product, or service. Trading digital assets and digital asset derivatives comes with significant risk of loss due to its high price volatility, and is not suitable for all investors.