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While Bitcoin (BTC) bulls are eyeing a new all-time high, Ethereum (ETH) is poised near $2,800 and Solana (SOL) is above $188.
There is also notable attention on top DeFi tokens – including Uniswap (UNI), Aave (AAVE) and Ethena (ENA).
Here’s a wrap for the crypto market during the Asian hours on Nov. 7
Crypto top stories
Analysts expect the crypto market’s performance to continue on the upside as Trump takes office and potentially helps set a positive agenda for the crypto market.
Trump’s win continued to dominate crypto news stories early Thursday, including reports of how the crypto industry’s bet on pro-crypto candidates had paid off big time in this election.
Ohio’s election of Republican Bernie Moreno as senator saw the exit of Senator Sherrod Brown, a top anti-crypto figure.
While John Deaton lost to Elizabeth Warren in Massachusetts, the overall outcome has the most crypto proponents in the Senate and the US House of Representatives.
According to Stand With Crypto data, pro-crypto candidates are 269 in the House of Representatives while known anti-crypto individuals stood at 116.
Tether also deposited $1.9 billion USDT to various crypto exchanges, with $1.7 billion sent to Binance.
In other news, cryptocurrencies are poised ahead of interest rate cuts by the US Federal Reserve and Bank of England.
The market expected rate cuts and this could add to the bullish momentum, sending BTC to new all-time highs and altcoins higher.
Market wrap
Bitcoin eyes new all-time high
Cryptocurrencies are in upward momentum after the US elections that saw Donald Trump beat Kamala Harris decisively.
The outcome saw Bitcoin price smash past its previous all-time high to reach $75k.
On Wednesday, as Harris conceded defeat, the price of Bitcoin rose to reach a new record high above $76,000.
BTC chart. Source: TradingViewData shows BTC hit $76,509 on US-based crypto exchange Coinbase.
Analysts say victory could be the main catalyst as BTC targets a new ATH.
Spot Bitcoin ETFs are seeing record inflows and the push to have Bitcoin as a US strategic reserve is up and running.
With Trump promising not to sell the country’s BTC holdings, its likely bulls will have their say. Whales are currently accumulating, Lookonchain noted in a post on X.
Whales are accumulating $BTC! A fresh wallet withdrew 671.74 $BTC($50.44M) from #Binance 1 hour ago. platform.arkhamintelligence.com/explorer/addre… x.com/lookonchain/st…
UNI, AAVE, ENA update as ETH targets $3,000
Ethereum did not explode as much as Bitcoin did over the past few months.
However, the ETH price is above $2,800 and is double-digits in the green over the past two weeks.
According to CoinGecko, Ethereum price had hit an intraday high of $2,872 as of writing.
This surge to early August levels sees analysts project a breakout to above $3,000, likely buoyed by spot ETH ETFs and further regulatory clarity.
A resurgence for DeFi could also help ETH.
Elsewhere, there have been significant gains for Solana (SOL), and top DeFi coins AAVE, UNI and ENA.
UNI pared some gains as traders took profits following a surge to $9.62 and currently trades 1.9% down at $8.95.
However, many of the top gainer coins in the past 24 hours are DeFi and meme coin related.
Raydium (RAY) traded +30% at $4.81 while Ethena (ENA) was +29.6% at $0.5257 and Lido DAO (LDO) +21% at $1.37.
Privacy coin Zcash (ZEC) was also up, + 16% in 24 hours at $45.22, while DeFi coin Aave (AAVE) changed hands +15% at $185.
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