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HONG KONG, Dec. 9, 2024 /PRNewswire/ -- November 2024 was a landmark month for cryptocurrency, with Bitcoin surging to $99,500 following Donald Trump's U.S. presidential election victory. CoinEx Research highlights how Trump's pro-crypto stance, institutional confidence, and advancements in AI-crypto innovation drove market growth while altcoins gained momentum.
Bitcoin Reaches New Heights
Bitcoin opened November at $70,300 and soared to an all-time high of $99,500, nearly touching the $100,000 milestone. Trump's win generated optimism for regulatory reforms, including the potential replacement of the SEC chair and discussions of a strategic Bitcoin reserve.
Crypto Boom Triggered by the 2024 Election
Trump's victory over Kamala Harris and Republican control of Congress set the stage for crypto-friendly policies. Elon Musk's active support added to the buzz, sparking interest in Elon-themed meme tokens across the ecosystem.
Institutional Inflows Strengthen Bitcoin
Institutional activity reached record levels in November, with Bitcoin spot ETFs receiving $6.1 billion in inflows. MicroStrategy also bolstered its holdings, adding 134,480 BTC at an approximate cost of $12 billion, reinforcing upward price momentum.
AI-Crypto Innovation Takes Off
The convergence of AI and crypto has ushered in a wave of innovation, particularly in Autonomous AI Agents. Platforms like Truth Terminal and VVAIFU showcase features such as social media engagement and on-chain transactions. VVAIFU's dynamic ecosystem burned over 4 million tokens, reflecting growing adoption.
Expanding the Base Ecosystem
The Base blockchain has emerged as a hub for AI Agents, with Coinbase introducing tools for creating autonomous agents integrated with crypto wallets. Virtual Protocol is leveraging these agents for gaming, while Clanker simplifies token creation. Liquidity within Base has surpassed Solana, with net inflows of $835.9 million.
Altcoins Shine Amid Bitcoin's Dominance Decline
As Bitcoin consolidated near $90,000, altcoins rallied. Notable performers included XLM, which surged 4.5x, and XRP and ADA, each doubling in value. This marks the onset of a potential altseason as Bitcoin's dominance wanes.
Stablecoins Surge as Liquidity Peaks
Stablecoin issuance grew by $14 billion in November, matching levels last seen in April 2021. This liquidity surge signals sustained market growth and aligns with the bullish crypto trajectory.
December Outlook
Bitcoin's climb to $100,000 seems imminent, but near-term risks like profit-taking and seasonal slowdowns could create volatility. With strong liquidity and institutional interest, the market is poised for continued growth, targeting $150,000 by 2025.
About CoinEx
Established in 2017, CoinEx is a global cryptocurrency exchange committed to making crypto trading easier. The platform provides a range of services, including spot and margin trading, futures, swaps, automated market maker (AMM), and financial management services for over 10 million users across 200+ countries and regions.
CoinEx Research remains committed to providing in-depth analyses and insights into the evolving cryptocurrency market, helping investors navigate through the complexities and opportunities that lie ahead.
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