CoinEx Research’s November 2024 report highlights a historic month for the cryptocurrency market, driven by Bitcoin’s unprecedented rally to $99,500 following Donald Trump’s U.S. presidential election victory. Trump’s pro-crypto stance, coupled with institutional confidence and innovations in the AI-crypto space, set a bullish tone for the market, with altcoins also experiencing significant growth.
Bitcoin Hits New All-Time Highs Due to Trump’s Win
Bitcoin soared from a $70,300 monthly open to a record $99,500, nearing the symbolic $100,000 mark. Trump’s win brought optimism, particularly as his policies suggest possible regulatory reforms, including the replacement of the SEC chair and discussions of a strategic Bitcoin reserve.
2024 Election Caused Crypto Boom
Trump’s victory over Kamala Harris, winning all swing states and securing Republican control of Congress, set the stage for crypto-friendly policies. Elon Musk, Trump’s prominent supporter and dogecoin enthusiast, sparked interest in Elon-themed meme tokens across the crypto ecosystem.
Institutional Inflows: Bitcoin Spot ETFs and MicroStrategy’s Buying Spree
In November, institutional support was evident, with Bitcoin spot ETFs recording inflows of $6.1 billion, the largest monthly figure to date, and MicroStrategy accumulating 134,480 BTC equivalent to a cost basis of approximately $12 billion, reinforcing its dominance in the market and further supporting upward price momentum.
AI Meets Crypto
The convergence of AI, crypto, and memetics has led to innovations in Autonomous AI Agents, exemplified by Truth Terminal and Goatseus Maximus. These agents feature advanced capabilities like social media engagement and autonomous decision-making. A key enabler is the open-source Eliza, contributed by ai16z, which has become one of the top-trending projects on GitHub. Building on this foundation, VVAIFU leverages this technology to offer users a platform for creating custom AI Agents and launching meme tokens through the PumpFun ecosystem. The platform’s success is evident from its token burn mechanism, with over 4 million tokens burned since launch.
Base-ing the Future with AI Agents
The Base ecosystem is expanding with AI Agent development at its core. Coinbase’s Based Agent Templates enable creation of autonomous AI Agents with crypto wallets and on-chain access, setting the stage for AI integration in crypto.
Virtual Protocol focuses on gaming AI Agents in 3D environments, while Clanker simplifies token creation through Farcaster tags, resulting in over 4,700 token deployments.This innovation is complemented by a surge in liquidity within the Base ecosystem, which recently surpassed Solana, recording a net inflow of $835.9 million.
Altcoins Shine as Bitcoin Dominance Wanes
Bitcoin’s dominance hit resistance levels, paving the way for a potential altseason. Notable altcoin performances included XLM’s 4.5x surge and significant gains by XRP and ADA, which doubled in value during the month. The growing activity in altcoins signals diversification in investor interest and market dynamics. Meanwhile, Bitcoin dominance has hit a key resistance level and has started to decline rapidly over the past two weeks.
Stablecoins and Liquidity Boom
November also witnessed an explosive growth in stablecoin issuance, with a $14 billion increase, reaching the level last seen in April 2021, reflecting abundant market liquidity. This surge parallels the bullish trajectory of the market and hints at sustained growth in the upcoming cycle.
Outlook for December
While Bitcoin approaches the $100,000 milestone, near-term risks such as profit-taking, de-leveraging, and seasonal slowdowns could introduce volatility. However, the market’s strong liquidity and growing institutional interest suggest a robust foundation for continued expansion into 2025, with a long-term target of $150,000 on the horizon.
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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