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Bitcoin updates all-time high after Fed's decision
On the night of November 7, Bitcoin (BTC) soared to $76,400 on Binance, setting a new record - $1,6 higher than the previous peak recorded on the morning of November 75 at $407,{{7}}.
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What's happening with Bitcoin this week
On November 5, the day of the US election, Bitcoin went on a real rampage. It started with a solid $68,000. Was it a coincidence? Perhaps it was a coincidence. But the fact remains that investors have clearly decided to capitalize on political instability. A classic case of the market dictating its own terms:
in two days, BTC updated its high three times and rose by 10%;
By 10:00 a.m. Kyiv time on November 7, the price had rolled back a bit;
As of the evening of November 8, BTC is quoted at $76,178 thousand.
The greed index also soared to 77 points. This is a signal that investors are buying up crypto en masse. The market is now overheated, and this situation has been observed only 5% of the time since 2018. A classic bubble that can end as quickly as it began...
Trading in Bitcoin ETF shares broke records: the volume of $1 billion was reached in just 20 minutes after the market opened in the United States on November 6. For comparison, such volumes usually accumulate over the course of a trading day.
Donald Trump's election victory has fueled optimism, as investors hope that his team will adopt a clearer and more loyal policy toward cryptocurrencies.
Rates of other cryptocurrencies
The capitalization of the crypto market increased by 0.6% over the day, reaching $2.6 trillion, with a trading volume of $226 billion. Bitcoin's market share on the morning of November 7 was 59.83%.
ETH showed good growth over the day, rising to $2.87 thousand and is now trading at $2.90 thousand. Apparently, bullish sentiment prevails on the market right now. But remember that every pump can be followed by a correction.
The movements among the top 10 cryptocurrencies were mixed. Dogecoin (DOGE) dropped the most - minus 4%. Ripple's XRP followed Ethereum with a 4% increase, and Cardano (ADA) rose by 2.5%, widening the gap with Toncoin (TON), which added only 1% and dropped out of the top. Ethanol (ENA) gained the most, jumping 35%.
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