Coin World News Report:
The price of Bitcoin continues to rise, currently trading at around $81,400 after briefly surpassing $81,800. The victory of Donald Trump as the 47th President of the United States has fueled the bullish rebound of cryptocurrencies.
Bitcoin surged by about 8% during the weekend trading frenzy, reaching a record value of around $81,000 for the first time. In the past week, the value of Bitcoin has grown by approximately 18%, signaling further potential gains.
However, BTC is not the best-performing cryptocurrency in the market. Ether, the second-largest cryptocurrency by market capitalization, rose by about 30% last week and is currently trading at around $3,200. Solana, another high-performance major token, grew by nearly 28% in the past seven days, briefly reaching a market capitalization of over $100 billion.
The winner is the dog
Among popular cryptocurrencies, the best performer is the meme coin Shiba Inu (SHIB), 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 to become the sixth-largest cryptocurrency by market capitalization.
What’s happening 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 by Bitcoin during the rebound in March last year.
⚡️ Breaking News: Cryptocurrency Fear and Greed Index reaches 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 first “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 has not taken over the White House government yet, but he positions himself as Bitcoin-friendly.
During his campaign, he attended several Bitcoin conferences and promised to adopt progressive policies for American miners. Additionally, he launched an NFT and expressed his ambition to become the first “Bitcoin President.”