Following Donald Trump's recent victory in the U.S. presidential election, the crypto market has seen heightened enthusiasm and significant activity. Bitcoin (BTC) and other major cryptocurrencies rallied after Trump's win, as investors anticipate a more favorable regulatory environment under his administration. As a result, Bitcoin (BTC) held steady near its record high, although a slight dip was noted. Ethereum (ETH), on the other hand, recorded a strong gain, as did several other altcoins. Meanwhile, Dogecoin (DOGE) saw the biggest decline among top cryptos. Here's a look at November 07, 2024's crypto price analysis.
Bitcoin, the world's first and most valuable cryptocurrency, saw a minor decline of 0.14% in the last 24 hours. It currently trades at $74,838.79, just slightly down from its recent peak. Bitcoin's 24-hour trading volume reached $119.71 billion, while its market cap stood at $1.48 trillion, making it the largest asset in the crypto market by far. The last week's performance for Bitcoin has been relatively stable, reflecting slight fluctuations around the $75,000 mark. Investors are watching closely for any shifts as Bitcoin faces a potential resistance level around $76,000.
Ethereum surged 9.38% over the past day, trading at $2,845.34 as of this morning. With a trading volume of $47.4 billion and a market cap of $342.63 billion, Ethereum solidified its position as the top smart contract platform. The past week has shown steady gains for ETH, largely driven by growing interest in decentralized finance (DeFi) and non-fungible tokens (NFTs) on the Ethereum network.
Solana, another prominent smart contract platform, gained 1.64% in the last 24 hours, reaching $189.89. Solana's 24-hour trading volume hit $11.84 billion, while its market cap stood at $89.55 billion. Solana has built a reputation for high-speed transactions and scalability, which has positioned it as a serious competitor to Ethereum.
Binance Coin (BNB) experienced a 3.17% increase in price, currently trading at $601.26. BNB's trading volume over the last 24 hours stood at $1.92 billion, with a market cap of $87.72 billion. As the native token of Binance, one of the world's largest cryptocurrency exchanges, BNB continues to benefit from Binance's expanding ecosystem. BNB powers transactions on Binance's smart chain, making it a staple in the exchange's ecosystem.
Ripple's XRP showed an impressive gain of 4.92%, trading at $0.5613. Its trading volume reached $2.78 billion over the last day, with a market cap of $31.92 billion. XRP remains a popular choice for cross-border payments and has built a strong use case for quick and cost-effective international transactions.
Dogecoin took the biggest hit among the top cryptocurrencies, dropping by 8.19% over the last 24 hours. DOGE is currently priced at $0.1944, with a trading volume of $12.41 billion and a market cap of $28.52 billion. Despite its popularity, particularly with endorsements from figures like Elon Musk, Dogecoin remains highly volatile.
Tron (TRX) recorded a slight gain of 0.13%, bringing its price to $0.1623. Tron's 24-hour trading volume reached $661.93 million, with a market cap of $14.03 billion. Known for its emphasis on decentralized applications (dApps) and content-sharing platforms, Tron has gained traction in the entertainment and gaming sectors.
Cardano (ADA) saw a 2.96% increase, trading at $0.3730. With a trading volume of $826.54 million and a market cap of $13.34 billion, Cardano continues to be a favored choice for smart contracts and decentralized applications. Cardano's unique proof-of-stake consensus mechanism makes it more energy-efficient, appealing to eco-conscious investors.
Toncoin (TON) gained 2.20%, bringing its price to $4.93. With a trading volume of $651.82 million and a market cap of $12.53 billion, Toncoin has maintained a solid presence in the market. Originally linked to Telegram's blockchain initiative, Toncoin has since evolved independently.
Avalanche (AVAX) increased by 4.11%, trading at $27.47. Its 24-hour trading volume reached $755.62 million, with a market cap of $11.18 billion. Known for its high-speed transactions and eco-friendly approach, Avalanche has attracted projects in DeFi, NFTs, and gaming. The platform's ability to process thousands of transactions per second has positioned it as a fast-growing Ethereum alternative.
Shiba Inu (SHIB) fell by 2.81% over the past day, currently priced at $0.00001891. Shiba Inu's 24-hour trading volume was $1.81 billion, and its market cap stood at $11.14 billion. Known as a popular meme coin, SHIB has gained a strong community following. However, like other meme coins, Shiba Inu is prone to volatility.
Wrapped Bitcoin (WBTC) experienced a modest increase of 0.06%, trading at $74,662.23. Its trading volume reached $522.14 million, with a market cap of $10.96 billion. WBTC provides Bitcoin liquidity in the Ethereum ecosystem, allowing Bitcoin holders to access decentralized finance applications. The stable performance of WBTC mirrors that of Bitcoin, providing a bridge between Bitcoin and Ethereum-based applications.
Chainlink (LINK) gained 5.97%, with a price of $12.47. LINK's 24-hour trading volume hit $875.98 million, while its market cap stood at $7.82 billion. Chainlink, a decentralized oracle network, enables smart contracts to connect with real-world data. Its essential role in DeFi and other blockchain ecosystems has cemented Chainlink's value proposition, driving demand and boosting its price.
The crypto market saw a mix of performances today, with Bitcoin stabilizing near its record high and altcoins like Ethereum and Chainlink posting strong gains. Dogecoin's decline stood out, reflecting the volatility common in meme-based assets. Meanwhile, the overall market cap of $2.54 trillion highlights the continued strength and growth potential of digital assets.
As new developments and regulatory shifts emerge, the crypto landscape will continue to evolve. Investors remain optimistic, particularly as major assets maintain or approach historical highs. For now, the market holds steady, awaiting its next move.