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Highlights
- Bitcoin hits new highs, driving total crypto market cap to US$3 trillion.
- Memecoins like DOGE experience rapid growth amid broader market enthusiasm.
- Institutional interest in crypto continues to rise, reinforcing its mainstream appeal.
The recent U.S. election has set off a notable surge in demand for cryptocurrency, with Bitcoin hitting record highs and the total cryptocurrency market capitalization reaching US$3 trillion, marking the first time since November 2021. According to Binance Australia’s Monthly Crypto Market Wrap, Bitcoin has been on a strong upward trajectory, climbing to new peaks on five out of seven days since the election. The sector's positive performance in October, often referred to as “Uptober,” saw the total crypto market cap rise by 2.8% and Bitcoin gaining 7.4%, with heightened institutional interest and US$5.5 billion in crypto ETF inflows.
Bitcoin's price jumped nearly 20% since election day, reaching a remarkable US$88,000 on November 12. Meanwhile, Ether (ASX:ETH) demonstrated significant growth with a 30% increase, underscoring broader enthusiasm across major tokens. Binance recorded two weeks of billion-dollar inflows, with net November inflows exceeding US$5 billion, supported by a surge in app visits, which surpassed 13 million the day after the election, according to DeFiLlama.
A key market shift is Bitcoin's growing correlation with the S&P 500, indicating changing investor perceptions of Bitcoin as both a risk asset and a potential hedge against economic uncertainties. While Bitcoin’s correlation with equities has traditionally been limited, it has experienced occasional spikes in response to liquidity and interest rate movements, highlighting evolving attitudes toward crypto within the broader financial landscape.
Memecoins also saw a standout performance in October. Leading the charge, DOGE surged 33.1% after Elon Musk referenced the "Department of Government Efficiency" (D.O.G.E.) at a rally for Donald Trump in New York. This meme-driven excitement resonated with Australian investors, leading to a notable increase in local DOGE users. Memecoins have doubled their market share among the top 50 altcoins by market capitalization since early 2024, averaging US$5 billion in daily trading volume since February. Solana (TSX:SOL) has notably benefited from this trend, capturing 90.6% of new token launches in October, fueled by the launchpad platform pump.fun.
James Quinn-Kumar, Binance Australia’s Director of Community Engagement, emphasized the increasing role of crypto in mainstream finance, noting, “The growing inflows and user engagement post-election underline the industry’s expanding appeal.”
While memecoins continue to capture attention, Quinn-Kumar advises that prospective crypto participants exercise caution, underscoring the cyclical nature of the crypto market and potential volatility. He highlights the importance of understanding risks, saying, “Crypto, like all markets, follows cycles, and factors such as macroeconomic conditions, regulatory developments, or shifts in sentiment can trigger changes in the market.”
As cryptocurrencies gain traction, the evolving landscape presents new considerations for those engaging with the digital asset space.
