The cryptocurrency market has rapidly risen as Bitcoin (BTC) crossed the $61,000 mark triggered by the developments associated with the former U.S. President Donald Trump.
Following an unsuccessful assassination attempt, Bitcoin and other leading cryptocurrencies went up. Therefore, the total market capitalization of crypto hit $2.24T, with a 3.66% increase due to renewed optimism.
Bitcoin (BTC) Price Rebounds
Bitcoin has seen a notable increase, rising to over $61,000. At the time of writing, BTC was trading at $61,020, a 3% rise from the intra-day low. This is after a period of lower ranging in which Bitcoin failed to make a decisive move earlier this month.
According to market analysts, this is due to the increased investor confidence and the increased political odds as the probability of Trump’s win in the 2024 elections rises on prediction platforms.
Investors are hopeful for the pro-crypto stance of Trump who is the president-elect and has a complete opposite approach as compared to the current government. Such positive sentiment towards Bitcoin was boosted even further by Trump’s recent endorsements and his presence at major crypto events.
MOG Coin (MOG)
After the assassination attempt, MOG Coin saw a great spike in its value. The price of the token surged by around 20% within a day to trade at $0.000001923.
The surge was aided by a meme of Trump’s security detail with Trump wearing glasses with the MOG Coin logo on them.
As a result of the rally, MOG’s market capitalization and 24-hour trading volume increased by 18% and 63% to $69129M and $417M, implying heightened investor interest.
Core (CORE)
Core (CORE) also increased its value significantly, with its price going up by 9.13% to $1.20. Following the same path, the market cap also increased to $107 billion.
This indicates high buying interest and increased trading activity, with a 41.14% rise in the 24-hour trading volume.
Thus, CORE’s performance indicates a strong demand in the market for this digital currency due to the overall market trends and the optimistic outlook on the Bitcoin’s growth.
Pendle (PENDLE)
Pendle (PENDLE) also showed high volatility, increasing by 10.51% to $4.20. Its market cap now is $651.67 million, and 24-hour trading volume increased by 89% to $60,580,089. Such a steep rise in price and trading volume shows high market turnover and investor interest.
The upsurge of PENDLE is rather connected to the general tendency for cryptocurrencies to experience increased investor interest and active trading after significant events that affect major digital currencies, such as Bitcoin.
If this bullish momentum persists and the intra-day high of $4.22 is breached, the next resistance levels to watch are $4.50 and $4.70.
DogwiFhat (WIF)
DogwiFhat (WIF) showed outstanding results, as its price rose by 6.71% to $1.74. The market capitalization has reached $173B, while the 24-hour trading volume has increased by 71.09% to $308.73 million.
This data indicates high market engagement and a high level of interest in WIF.
The trading volume of WIF has increased significantly compared to the price change, suggesting that investors are more active and optimistic about the token and the overall crypto market as Bitcoin recovers.
Floki (FLOKI)
FLOKI also made it to the list of top gainers and depicted a great rise in its value after being ranked 5th. The cryptocurrency surged 6.39% to $0.0001524, and its market capitalization reached $1.46 billion.
Concurrently, the 24-hour trading volume increased to $15716 million, a 35.57% rise, indicating higher buying and investing interest.
If the bulls breach the intra-day high of $0.0001526, FLOKI could retest a high of $0.00016 and $0.0001650. However, should bulls fail to hold, the price may retrace towards the intra-day low of $0.0001377.
