News recap: what to expect in the crypto market after Trump’s victory?

Market in numbers

Since early October, the crypto market capitalization has grown by 18.95% to $2.51 trillion. Donald Trump’s victory in the Presidential race boosted this metric by 8.65% in a single day. This growth is linked to various promises made by the now-current U.S. President regarding cryptocurrencies: the resignation of Gary Gensler from his position as SEC chairman, transforming the U.S. into the “cryptocurrency capital of the world,” establishing a National Bitcoin Reserve, and more – around ten such points in total.

Average daily trading volumes have noticeably increased. Since the beginning of October, the volume ranged between $70-75 billion, but after the U.S. elections, it surged by 95% to $163.91 billion.

The Crypto Fear and Greed Index has mostly stayed in the “Greed” zone. After bitcoin reached a new all-time high, the index stepped into the “Extreme Greed” zone, holding at 77 points.

Cryptocurrency volatility has significantly decreased. Since October 4, the 30-day BTC volatility index has increased by 14.1% – from 2.12% to 2.42%. The same indicator for ETH dropped by 19.8% – from 2.27% to 1.82%.

Early November brought a lot of positivity and volatility to the crypto market. Donald Trump was elected U.S. President, and in response, bitcoin reached a new all-time high of $76,384. Many altcoins grew by 20%-30% within a day. The initial euphoria is gradually fading, and market participants will now await concrete steps toward fulfilling these promises.

EXMO.com analysts expect bitcoin to grow by 53% over the next two months and the altcoin season index to stabilize above 75 points, marking a full-scale exponential growth for altcoins. The beginning to mid-first quarter of next year could be an optimal time to start fixing medium/long-term positions.

New all-time high (ATH)

Coin	Date	ATH on EXMO.com, $
BTC	06.11.2024	76,384

Gainers (1 – 31 October 2024)

Coin	Opening price 01.10, $	Opening price 31.10, $	Change
DEGEN	0.0038	0.0094	146.6%
ZEC	26.41	37.97	43.8%
DOGE	0.12	0.17	40.8%
SUI	1.81	2.09	15.9%
SOL	154.98	175.57	13.3%

Losers (1st – 31th October)

Coin	Opening price 01.10, $	Opening price 31.10, $	Change
VLX	0.0122	0.0086	-28.9%
MKR	1,597.94	1,256.84	-21.3%
NEAR	5.34	4.31	-19.3%
XRP	0.63	0.52	-17.6%
TON	5.87	5.04	-14.2%

Easily track gainers and losers within the Simple Trade section on EXMO. Check real-time updates in the last 24 hours, week and month.

Most traded coins (1st – 31th October 2024)

Coin	Trading volumes, $
USDT	211,124,854
BTC	162,305,447
ETH	64,488,280
DOGE	33,290,351
LTC	14,484,016
SUI	14,377,684
NEAR	9,987,096
TRX	9,832,331
SOL	9,057,538
XRP	7,314,531

Top crypto market driving factors

Overall сrypto market

▲ 08.10.2024 – According to a new Grayscale study, around 46% of potential U.S. voters agree that cryptocurrencies, blockchain and automated technologies are the future of finance.

▼ 10.10.2024 – According to CCData, the total crypto spot trading volume on centralized exchanges fell by 17.2% to $1.27 trillion in September, marking the first decline in three months.

▼ 10.10.2024 – Annual inflation in the U.S. in September was 2.4%, exceeding expectations of 2.3%.

▲ 10.10.2024 – A PwC study shows that nearly half of hedge funds focused on traditional asset classes now invest in cryptocurrencies.

▼ 10.10.2024 – Santiment reports that news of the U.S. Department of Justice indicting market maker Gotbit for manipulation and arresting its CEO caused significant market turmoil.

▼ 11.10.2024 – The total market capitalization of stablecoins dropped by $780 million, indicating reduced purchasing power in the market.

▼ 17.10.2024 – According to Galaxy Digital, venture funding in cryptocurrencies fell by 20% due to a weak market in Q3 2024.

▲ 06.11.2024 – Donald Trump was officially elected President of the United States.

Bitcoin (BTC)

▲ 08.10.2024 – BlackRock claims that bitcoin and cryptocurrency adoption is advancing faster than internet and mobile phone adoption in their early days.

▼ 10.10.2024 – Santiment reports that whales sold or redistributed 30,000 BTC between October 7 and October 10.

▲ 10.10.2024 – Bitcoin blockchain transaction volume reached a high of $37.4 billion on October 8, matching March 2024 levels.

▼ 14.10.2024 – CryptoQuant notes increasing buying pressure on BTC.

▲ 16.10.2024 – JPMorgan believes that Donald Trump’s potential return as U.S. President and the need for protection from economic instability creates favorable prospects for bitcoin in 2025.

▲ 24.10.2024 – Tesla’s quarterly report shows the company continues to hold its bitcoins.

▲ 25.10.2024 – At the upcoming Microsoft shareholders’ meeting on December 10, a potential investment in bitcoin will be on the agenda.

Ethereum (ETH)

▲ 18.10.2024 – VanEck, an exchange-traded fund manager, no longer forecasts ethereum reaching $22,281.

▲ 22.10.2024 – QCP Capital noted high chances of ethereum breaking resistance at $2,800 and reaching $3,000.

▼ 25.10.2024 – Sentiment in the Ethereum community has been “terrible” lately, partly due to declining L1 network revenues.

▼ 29.10.2024 – Ethereum’s dominance in total crypto market capitalization fell to its lowest since April 2021.

▲ 04.11.2024 – 21Shares claims that ethereum has the same potential as Amazon in the early 1990s, which grew into a tech giant with a $2 trillion market cap.

Ripple (XRP)

▲ 09.10.2024 – Canary Capital filed an S-1 application with the SEC for a spot XRP-ETF.

▲ 10.10.2024 – Ripple launches Ripple Custody, a crypto custodial service for banks and institutions.

Solana (SOL)

▲ 09.10.2024 – By the end of 2025, solana could rise fivefold if Republican candidate Donald Trump wins the U.S. presidential election, Standard Chartered stated.

▲ 04.11.2024 – According to The Block, Solana set a record in October with 123 million active addresses, a 42% increase from September.

Dogecoin (DOGE)

▲ 07.10.2024 – Large holders accumulated 2.07 billion DOGE between October 1 and October 7.

▼ 16.10.2024 – Santiment reported a sharp decline in DOGE wallet number, possibly due to traders selling off and switching to other coins.

Toncoin (TON)

▲ 08.10.2024 – The number of TON holders reached 100 million, up from 4.3 million at the beginning of the year.

▼ 22.10.2024 – The number of active addresses on the TON network dropped to 1.58 million, analysts at IntoTheBlock report.

TRON (TRX)

▲ 11.10.2024 – Over the past year, TRX’s supply decreased by 2.41 billion tokens, resulting in a deflation rate of -2.93% per year.

Chainlink (LINK)

▲ 22.10.2024 – The ANZ banking group uses Chainlink protocols in a tokenization pilot project.

▲ 23.10.2024 – Chainlink and Swift unveiled a new solution that simplifies digital asset settlement for financial institutions using existing infrastructure.

▲ 23.10.2024 – LINK saw nearly a month of negative net flows on exchanges, indicating consistent fund withdrawals from exchanges.

Sui (SUI)

▲ 18.10.2024 – The Sui blockchain conducted 6 billion transactions in the first 18 days of October, surpassing any previous full-month result.

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