Bitcoin Hits Fresh All-Time High, Ethereum Rallies: 'Altseason Hasn't Even Begun,' Trader Says

Author: Ivan Crnogatić | November 07, 2024 06:47pm

Bitcoin briefly hit a fresh all-time high of $76,872 on Thursday before retreating, with financial markets continuing their rally in the wake of Donald Trump winning a second term in office.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$75,723.12	-0.3%
Ethereum (CRYPTO: ETH)	$2,879.34	+7%
Solana (CRYPTO: SOL)	$195.34	+3.4%
Dogecoin (CRYPTO: DOGE)	$0.1952	-3.1%
Shiba Inu (CRYPTO: SHIB)	$0.00001896	-0.4%

Notable Statistics:

• IntoTheBlock data shows large transaction volume increasing by 83% and daily active addresses rising by 17%.
• Coinglass data reports 102,336 traders were liquidated in the past 24 hours for $320 million, $200 million of which were liquidated short positions.

Notable Developments:

• Bitcoin As America’s Gold? How Trump’s Bitcoin Act Could Reshape US Reserves
• Polymarket CEO On Election Night: ‘It Looked Like A Done Deal’ On Platform, But Just Watching TV ‘You Would Think It’s Neck And Neck’
• Will MicroStrategy’s $42 Billion Bitcoin Bet Boost MSTR Stock Further?
• Dogwifhat Struggles To Keep Up With Dogecoin, Shiba Inu: What Is Going On?
• The Trump Effect: A Deep Dive Into How The Crypto Landscape Will Change In 2025 And Beyond

Top Gainers:

Cryptocurrency	Price	Gains +/-
Maker DAO (CRYPTO: MKR)	$1,562	+17.5%
Ethena (CRYPTO: ENA)	$0.508	+12.8%
Cardano (CRYPTO: ADA)	$0.4017	+11.5%

Trader Notes: Trader Smileycapital cautioned that “less is more” and predicts a “wealth effect” from increasing valuations in Bitcoin, Ethereum and Solana to trickle down to small-cap cryptocurrencies.

Analyst Ali Martinez expects the start of an altseason soon:

Altseason hasn't even begun!

We're in that part of the cycle where #Bitcoin is still outpacing #Ethereum—totally normal at this stage. This could be the ideal time to stack up on altcoins, as history shows that altseason often follows shortly after. pic.twitter.com/jxANVYk8kt

— Ali (@ali_charts) November 7, 2024

Veteran analyst Benjamin Cowen pointed out that Bitcoin is following a familiar pattern to previous bull market cycles:

#BTC still just doing what it always does at this point in the market cycle pic.twitter.com/jK6F631PuG

— Benjamin Cowen (@intocryptoverse) November 7, 2024

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: 

• The Future Of Crypto Regulation Under A Trump Administration: ‘Headwinds Are Now Tailwinds’

Image: Shutterstock.

Posted In: $ADA $BTC $DOGE $ENA $ETH $MKR $SHIB $SOL