Coin World News Report:
The price of Bitcoin continues to climb, currently trading at around $81,400 after briefly surpassing $81,800. Donald Trump’s victory as the 47th President of the United States has fueled the bullish rebound of cryptocurrencies.
During the weekend trading frenzy, Bitcoin surged by about 8%, reaching a record value of around $81,000 for the first time. Over the past week, Bitcoin’s value has increased by approximately 18%, with further potential gains on the horizon.
However, BTC is not the best-performing cryptocurrency in the market. Ethereum, the second-largest cryptocurrency by market capitalization, rose by around 30% last week and is currently trading at around $3,200. Solana, another high-performance major token, has grown by nearly 28% in the past seven days, briefly achieving a market capitalization of over $100 billion.
The winner is the dog
Among popular cryptocurrencies, the best performer is the meme coin Shiba Inu, which surged by over 95% last week and nearly 30% in the past 24 hours. DOGE occasionally receives support from billionaire Elon Musk and has even surpassed Circle’s stablecoin USDC, becoming the sixth-largest cryptocurrency by market capitalization.
What’s up with the dog?
pic.twitter.com/njBL5RXUm1
–Shibetoshi Nakamoto (@BillyM2k)
November 11, 2024
The rise in cryptocurrency prices has also pushed the Bitcoin Fear and Greed Index to 78, categorizing it as “greedy.” However, this number is still lower than the “extreme greed” level of 92 reached during Bitcoin’s rebound in March of last year.
⚡️ Latest news: Cryptocurrency Fear and Greed Index hits a 7-month high
#Bitcoin
Rises by 6.15% on November 10, breaking $81,000.
pic.twitter.com/wkFlWyp6id
–Cointelegraph (@Cointelegraph)
November 11, 2024
The victory of the “Bitcoin President” boosts the price
Bitcoin is decentralized, but its market price is heavily influenced by powerful government policies such as that of the United States. Trump, who has not yet taken over the White House, has positioned himself as Bitcoin-friendly.
During his campaign, he attended several Bitcoin conferences and made promises to adopt progressive policies for American miners. Additionally, he has launched non-fungible tokens and expressed his ambition to become the first “Bitcoin President.”
