How High Will Bitcoin Price Go Amid Current Crypto Market Rally? Key Trends Revealed

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Since the 2024 U.S. presidential election on November 5, Bitcoin’s price has surged by at least 12.79%. This increase, along with gains in other major cryptocurrencies, reflects growing optimism in the crypto market. After the U.S. Federal Reserve announced its second 0.25% rate cut, more cryptocurrencies joined the ongoing rally.

Here’s a breakdown of the current market situation.

Bitcoin Reaches New Record High

Bitcoin (BTC) is currently priced at $76,687.45, just short of $77K. On election day, BTC opened at $67,838.31. By November 6, the price peaked at $75,614.35, breaking its previous all-time high of $73,000 from March. Over the past two days, the market has grown by 1.25%, with a 0.8% increase in the last 24 hours.

Major Altcoins Follow Bitcoin’s Lead 

Bitcoin isn’t the only crypto seeing gains. Several top altcoins have followed the rally. Ethereum (ETH) has gained 20.8% in the past week, while Cardano (ADA) is up by 22.7%. Binance Coin (BNB) and XRP have increased by 9.5% and 8.2%, respectively. Dogecoin (DOGE), the largest meme coin by market cap, has seen a significant rise of 30.3% in the last week.

Solana Joins the Bull Trend 

With expectations that the new Trump administration will bring clearer crypto regulations, investor interest in DeFi projects has grown. Ethereum has benefited from this renewed interest in decentralized finance (DeFi). Meanwhile, Solana (SOL), a strong competitor to Ethereum in the DeFi space, has also posted impressive growth. Solana’s price has risen 20.6% in the past week, and it has gained 44.7% over the last month, compared to Ethereum’s 26.6% growth.

Since the election, Solana has climbed 28.13%, from $157.95 on November 5 to $202.24.

US TradFi Markets on the Rise

Not only has the crypto market surged, but the traditional financial markets have also gained momentum post the US election. The S&P 500 opened at $5,723.12 on November 5 and reached a monthly peak of $5,929.09 by November 6. The index is now approaching the $6,000 level, up 4.81% since election day.

Bitcoin Rally Nearing Its Peak?

Some analysts, like Ari Paul, believe the current Bitcoin rally is in its final stage. Paul predicts that Bitcoin could reach a peak of $125,000 before the rally slows down. Many experts think that institutional investors are mainly driving this rally, with more retail investors likely to join as the price rises further.

IMO, we're in the 7th inning of bull market. The first 1/3 of the last 1/3. Strong hand positioning (recent buyers are positioning for 6-12 month rally, more 'institutional' than retail speculative.) I expect this to produce a fairly "gradual" rally during this phase, maybe…

— Ari Paul (@AriDavidPaul) November 8, 2024

Investment Strategy for Current Crypto Market Conditions

Crypto experts recommend holding onto high-potential assets that could deliver strong long-term returns. With Bitcoin and other major cryptocurrencies hitting new highs, strategic investments will be key to maximizing profits as the rally continues.

With Bitcoin and other major cryptos continuing to break records, analysts are predicting more gains. Investors who choose wisely could see significant returns as the rally progresses.