Bitcoin Hits Fresh All-Time High, Ethereum Rallies: 'Altseason Hasn't Even Begun,' Trader Says
Bitcoin Hits Fresh All-Time High, Ethereum Rallies: 'Altseason Hasn't Even Begun,' Trader SaysBitcoin briefly hit a fresh all-time high of $76,872 on Thursday before retreating, with financial markets continuing their rally in the wake of Donald Trump winning a second term in office. CryptocurrencyPrice Gains +/-Bitcoin BTC/USD $75,723.12-0.3%Ethereum ETH/USD $2,879.34 +7%Solana SOL/USD $195.34+3.4%Dogecoin DOGE/USD $0.1952-3.1%Shiba Inu SHIB/USD $0.00001896-0.4%Notable Statistics: IntoTheBlock data shows large transaction volume increasing by 83% and daily active addresses rising by 17%. Coinglass data reports 102,336 traders were liquidated in the past 24 hours for $320 million, $200 million of which were liquidated short positions. Notable Developments: Bitcoin As America’s Gold? How Trump’s Bitcoin Act Could Reshape US Reserves Polymarket CEO On Election Night: ‘It Looked Like A Done Deal’ On Platform, But Just Watching TV ‘You Would Think It’s Neck And Neck’ Will MicroStrategy’s $42 Billion Bitcoin Bet Boost MSTR Stock Further? Dogwifhat Struggles To Keep Up With Dogecoin, Shiba Inu: What Is Going On? The Trump Effect: A Deep Dive Into How The Crypto Landscape Will Change In 2025 And Beyond Top Gainers: CryptocurrencyPrice Gains +/-Maker DAO MKR/USD $1,562+17.5%Ethena ENA/USD $0.508+12.8%Cardano ADA/USD $0.4017+11.5%Trader Notes: Trader Smileycapital cautioned that “less is more” and predicts a “wealth effect” from increasing valuations in Bitcoin, Ethereum and Solana to trickle down to small-cap cryptocurrencies. Analyst Ali Martinez expects the start of an altseason soon: Altseason hasn't even begun! We're in that part of the cycle where #Bitcoin is still outpacing #Ethereum—totally normal at this stage. This could be the ideal time to stack up on altcoins, as history shows that altseason often follows shortly after. pic.twitter.com/jxANVYk8kt— Ali (@ali_charts) November 7, 2024Veteran analyst Benjamin Cowen pointed out that Bitcoin is following a familiar pattern to previous bull market cycles: What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19. Read Next: The Future Of Crypto Regulation Under A Trump Administration: ‘Headwinds Are Now Tailwinds’ Image: Shutterstock. Market News and Data brought to you by Benzinga APIs© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.