Bitcoin Hits New High Post-Election, Ether and Solana Rally

Bitcoin Hits All-Time High

• Bitcoin has achieved a new all-time high, continuing its upward trajectory following Donald Trump's recent election victory.

• Currently, Bitcoin is trading at $76,600, marking a 2.3% increase in the past 24 hours. This rise is attributed to market expectations that the Federal Reserve will announce a 0.25% interest rate cut during the upcoming FOMC meeting.

Ether's Strong Performance

• Ether has surged by 8% in the last 24 hours, bringing its price close to $2,870. This performance indicates a potential breakout from its previous trading range of $2,800 to $2,300.

• Market strategist Joel Kruger from LMAX Group highlighted that the crypto market is poised for a resurgence in decentralized finance, with Ethereum playing a crucial role in this movement.

Other Notable Cryptocurrencies

• The CoinDesk 20 index, which tracks the top 20 cryptocurrencies by market capitalization (excluding stablecoins and memecoins), has risen by 4.3% in the last day.

• Cardano's ADA has increased by 10.4%, while Polygon's POL has risen by 6.6%. Solana is also performing well, trading at $195, just 33% below its all-time high from 2021.

Equity Market Reactions

• Bitcoin mining company Core Scientific (CORZ) has seen a significant increase of over 11% following a recent earnings call that discussed its AI initiatives.

• MicroStrategy (MSTR) has gained 5.8%, reaching a new 20-year high, while Coinbase (COIN) has stabilized after a 31% surge earlier in the week.

Anticipation Ahead of FOMC Meeting

• The current market activity precedes a Federal Open Market Committee decision that could influence digital asset markets. The Fed is expected to lower interest rates by 25 basis points, and Fed Chair Jerome Powell's upcoming press conference may introduce volatility.

The cryptocurrency market is experiencing notable movements, particularly in Bitcoin and Ether, driven by political developments and market expectations regarding interest rates. As 2024 comes to a close, the outlook for these digital assets appears optimistic.