Crypto Price Today: The cryptocurrency market on November 14, 2024, has seen strong gains across major assets, with Bitcoin leading the charge. Following the recent U.S. presidential election, where Donald Trump emerged victorious, Bitcoin surged to an all-time high, trading above $93,000 for the first time. This historic rise comes amid a favorable shift in the regulatory landscape for cryptocurrencies, driven by Trump's campaign promises to support crypto development in the U.S., including the establishment of a strategic Bitcoin stockpile.
Bitcoin’s price reached $89,906, marking a 2.92% increase over the past 24 hours and a notable 20.20% rise over the past week. The post-election rally has brought renewed optimism among investors, as spot Bitcoin ETFs launched in January 2024 continue to gain popularity. Since Election Day, Bitcoin ETFs have witnessed record-breaking inflows, with nearly $2 billion flowing into these funds on Monday and Tuesday. BlackRock's iShares Bitcoin Trust (IBIT) crossed $40 billion in inflows, a record-breaking feat, becoming the fastest ETF to reach this milestone within 211 days.
Trump’s pro-crypto stance, especially his focus on Bitcoin, has injected confidence into the market. The U.S. now sees substantial capital flows into Bitcoin-related products, with the ETFs serving as a gateway for institutional investors. As Bitcoin continues to rally, many analysts believe that the market may soon test the $100,000 mark if demand remains strong.
Ethereum followed suit, trading at $3,223.50, up 1.48% over the past day and 13.26% over the past week. Activity around Ethereum has also increased, particularly with the approval of spot Ether ETFs, which recorded $431 million in inflows at the beginning of the week. Ethereum’s use cases, especially in decentralized finance (DeFi) and smart contracts, continue to make it a popular choice for investors looking to diversify within the crypto space.
The price charts show that Ethereum’s upward momentum remains intact, with the Relative Strength Index (RSI) around 53.88, indicating that it is approaching overbought territory but still has room for growth. Analysts suggest that as the demand for decentralized applications and tokenization rises, Ethereum's long-term value proposition remains robust.
Several other top-performing cryptocurrencies also recorded gains:
Polkadot (DOT): Priced at $5.12, Polkadot saw a 1.65% increase over the past day and a 23.78% surge over the past week. Polkadot’s interoperability-focused platform is gaining traction, and its ecosystem growth reflects increasing adoption.
Solana (SOL): Solana recorded a 6.42% jump in the last 24 hours, reaching $219.18. Over the past week, it increased by 16.40%. Solana’s low-cost, high-speed blockchain solutions attract DeFi developers and NFT enthusiasts, bolstering its market position.
Ripple (XRP): Ripple surged by 5.34% today, trading at $0.70, with a significant weekly gain of 25.01%. Ripple’s legal wins in its ongoing battle with the U.S. SEC have provided positive momentum, restoring investor confidence.
Shiba Inu (SHIB): Shiba Inu saw a 7.30% rise today, with a notable 38.22% increase over the week, trading at $0.000026. Shiba Inu’s resurgence can be attributed to renewed community interest and ongoing developments in the Shibarium ecosystem.
A few meme coins and niche tokens emerged as the biggest gainers today:
Peanut the Squirrel (PNUT): PNUT experienced a massive 166.77% gain, trading at $2.23. This sharp rise highlights the speculative interest in lesser-known tokens.
Pepe (PEPE): PEPE gained 83.74%, priced at $0.00002358. Meme coins like PEPE remain popular among retail traders looking for high-risk, high-reward investments.
Act I: The AI Prophecy (ACT): ACT rose by 45.69%, reaching $0.8535. Its connection to the growing AI sector has attracted investors seeking exposure to AI-driven blockchain projects.
Mog Coin (MOG): MOG saw a 44.03% increase, trading at $0.0524. Interest in MOG reflects the broader trend of meme-based assets gaining traction.
Dogwifhat (WIF): WIF surged by 38.50%, reaching $4.12. Like other meme tokens, WIF has seen increased trading volumes in recent days.
A few tokens recorded losses, despite the bullish sentiment in the broader market:
Aerodrome Finance (AERO): AERO fell by 3.92%, trading at $1.32. Market correction in niche DeFi projects contributed to its drop.
Kaspa (KAS): KAS declined by 2.44% to $0.1301. While KAS remains a promising project, it faced a pullback due to profit-taking by investors.
Stellar (XLM): Stellar saw a 2.33% decrease, trading at $0.1243. Despite recent partnerships, XLM faced selling pressure.
Cronos (CRO): CRO declined by 1.87%, priced at $0.1591. Profit-taking impacted its performance, although it remains an attractive asset for long-term holders.
The launch and subsequent popularity of Bitcoin ETFs have been transformative for the market. The iShares Bitcoin Trust by BlackRock has led this trend, attracting institutional and retail investors alike. The fund reached $40 billion in inflows, surpassing BlackRock’s own Gold Trust in growth. These ETFs provide a regulated entry point for investors hesitant to enter the volatile crypto market directly. As a result, inflows into Bitcoin ETFs have spurred demand, driving Bitcoin’s recent rally.
Moreover, the market is witnessing increased interest in spot Ether ETFs, which recently saw over $400 million in inflows. The success of these ETFs underscores the growing acceptance of crypto assets as a legitimate asset class.
As the market digests the impact of regulatory shifts and political changes in the U.S., analysts are optimistic about the continued growth of the crypto sector. Bitcoin’s current trajectory suggests a possible test of the $100,000 mark, especially if ETF inflows maintain their momentum. Ethereum, Solana, and Ripple are also poised for growth as their respective ecosystems expand.
The market’s response to Trump's election win highlights a potential shift toward more crypto-friendly policies. His commitment to establishing a “strategic bitcoin stockpile” and promoting U.S.-based Bitcoin mining could pave the way for a new wave of crypto adoption.
November 14, 2024, has shown strong price action across major cryptocurrencies, driven by both political developments and market dynamics. Bitcoin’s record highs reflect the impact of ETFs, investor optimism, and a more supportive regulatory environment in the U.S. Ethereum, Polkadot, Solana, Ripple, and Shiba Inu have also shown notable gains, underscoring the broad-based interest in crypto assets.
The top gainers like PNUT, PEPE, and ACT demonstrate the speculative nature of the market, where meme coins and niche tokens attract interest despite their volatility. However, some assets, including AERO, KAS, and XLM, recorded losses, highlighting the mixed performance across different projects.
As regulatory clarity improves and mainstream adoption grows, the crypto market is likely to see continued growth. The current trend suggests that cryptocurrencies are becoming increasingly integrated into the broader financial system, positioning them for further adoption and price appreciation. With Bitcoin leading the charge and other assets following, the outlook for the crypto market remains bullish.