Today saw some good gains in the cryptocurrency market, with the global crypto market cap up more than 2% in the last 24 hours, triggered by robust price actions of Bitcoin, Ethereum, and other major altcoins. This has been occasioned by recent political developments unfolding within the U.S. and overall positive sentiments witnessed across the board. The trading volume has gone up, and many short positions are being liquidated.
Today’s crypto market capitalization has reached over $2.56 trillion, way higher compared to the recent days. Bitcoin had the lion’s market share and was still leading the rally, changing hands at about $74,800. BTC’s new record high is upon the heels of the 2024 U.S. election believed to be a potential catalyst where the win of Donald Trump might force reduced regulatory pressures on the digital assets.
Ethereum currently changes hands above $2,800, up 9% in the last 24 hours. SOL is up 13% amid a broader altcoin rally that analysts and experts link to wider political ecosystems that will be conducive to crypto growth. XRP and Binance Coin added over 3% in gains each.
Bitcoin (BTC) Price Today
- Current Price: Near $75,000.
- Analysis: Fresh investor interest and favorable macro indicators have caused the recent uptick in Bitcoin. This is inclusive of greater institutional acceptance, as evident by its market capitalization that surpasses $1.42 trillion – adequate to keep the coin at its leading position in the crypto market.
- Prediction: Projections indicate the possibility of Bitcoin reaching as high as $95,000 before the close of 2024. In 2025, it could trade within the range of $99,000 and $135,000, assuming the bulls remain dominant.
Ethereum (ETH) Price Today
- Current Price: About $2,616.
- Analysis: Ethereum is relatively stable with the advantage of its big DeFi and smart contract ecosystem, giving more value to it.
- Prediction: Ethereum may reach $3,500–$4,000 by the end of 2025, and if upgrades connected with Ethereum 2.0 significantly improve network performance and scalability, the target for its long-term price may rise accordingly.
Solana (SOL) Price Today
- Current Price: Around $199.9.
- Analysis: Solana has been in the limelight for its fast transaction times and lower fees, hence being well positioned in the NFT and DeFi markets. It has also proved resilient against the broader market ups and downs.
- Prediction: According to expert predictions, Solana may reach $50-$70 by 2025 if its ecosystem keeps on growing and expanding.
Shiba Inu (SHIB) Price Today
- Current Price: About $0.000018 per token.
- Analysis: Shiba Inu is one of the most popular meme coins and still has a very powerful community. Its volatility continues to be very high. Recently, it has gained price stability; this may be because speculation on it has gone down.
- Prediction: Shiba Inu may record a volatile range between $0.00002 and $0.00003 throughout 2024, amidst wider crypto market sentiment and significant events that influence the rate of burning, which is expected to reduce supply over time.
Dogecoin (DOGE) Price Today
- Current Price: About $0.17.
- Analysis: Dogecoin has an active community and enjoys famous endorsements, yet it needs to hold its ground as more and more meme coins emerge.
- Prediction: Analysts estimate DOGE might surge to around $0.10 by the end of 2024, though it could become far higher if major retail or payment integrations took place.
Conclusion
Analysts think that if this continues to be the case, the crypto market capitalization could reach new highs. A few analysts also believe Bitcoin could try and target $80,000 and Ethereum $3,000 in the coming weeks. Recent regulatory actions in favor of digital assets were taken across Asia, which continue to favor global adoption of the asset class: the launch of a CBDC pilot program by South Korea shows how digital assets are being fitted into global markets.
Todays’ hike in crypto market capitalization underlines a positive market sentiment driven by political development and increased adoption. With strong support levels coming from Bitcoin and Ethereum, the crypto market may start a new phase of growth as investors remain optimistic about changes in regulation that might go well with the digital assets.
Also read about Bitcoin Soars to all-time-high after Donal trump win
