Crypto Week Ahead: Bitcoin Continues Rally to Climb Above $91,000, Broad Movements Seen Across Sector

Crypto Week Ahead: Over the past seven days, Bitcoin (BTC) price achieved a high of $93,409.02 - a new ATH.

BTC dominance, at the time of writing, stood at 58.86 percent.

Source : Traxer/Unsplash

Bitcoin (BTC) continues to reap the benefit of the ‘Trump Bump’ as it rallied past $91,000 on November 18. There has been also a 94 per cent increase in NFT sales, bringing some much needed boom to the overall crypto sector. For now, Bitcoin is looking to breach the $100,000 mark. So, investors should keep an eye on US-related (read: pro-Trump) developments to get a fair idea of what to expect in the coming days. 

Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future. 

This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their research before taking any call. 

Crypto Prices Over The Past Week

Last Monday (November 11), the overall crypto market cap stood at $2.76 trillion. BTC price stood at around $81,576.23. ETH price stood at around $3,175.17.

A week later, the overall market cap rose to a whopping $3.09 trillion.

DeFi's total volume stands at $9.7 billion, at 6.40 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $136.97 billion, at 90.37 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Extreme Greed’ with 84 points (out of 100).

BTC dominance, at the time of writing, stood at 58.86 percent.

Over the past seven days, Bitcoin achieved a high of $93,409.02 (on November 13) and a low of $81,209.48 (November 11).

Ethereum, on the other hand, saw a high of $3,438.80 (November 12) and a low of $3,018.01 (November 15).

Crypto Events To Note

Michael Saylor, executive chairman of MicroStrategy and a prominent advocate for Bitcoin, shared his insights on the cryptocurrency's trajectory and broader industry trends during an interview with CNBC last week. Saylor attributed the positive outlook to a mix of political momentum and increasing support from major financial players.

Highlighting Wall Street’s growing engagement, Saylor pointed to BlackRock as a key proponent of Bitcoin, praising its efforts to articulate the digital asset's value proposition. He also discussed Microstrategy's ambitious plans to raise $42 billion to expand its Bitcoin holdings, announced on October 30. “That’s the same as saying we’re going to buy every bitcoin mined for the next three years at $85,000 or more bitcoin,” Saylor explained, signalling confidence in the cryptocurrency's long-term value.

Additionally, Cathie Wood, the CEO and Chief Investment Officer of Ark Invest, has reiterated her confidence in Bitcoin's long-term potential, affirming her firm's bullish price predictions for 2030. Speaking to CNBC, Wood outlined a base-case scenario of bitcoin reaching approximately $650,000 and a more optimistic forecast ranging between $1 million and $1.5 million.

These projections were first detailed in Ark Invest’s 2023 Big Ideas report, published in February last year. Unlike prior forecasts, this report offered three distinct scenarios. The base case foresees Bitcoin climbing to $682,800 by 2030 under standard conditions. In a more cautious bear-case outlook, the cryptocurrency could still hit $258,500, while the bull-case scenario envisions a staggering rise to $1.48 million per coin. Wood's confidence comes despite ongoing market turbulence, emphasising her belief in Bitcoin's potential as a transformative asset.

The meme coin landscape witnessed a seismic shift as $PEPE saw a meteoric rise of over 60% within hours. The token's value soared to an unprecedented $0.00002203, marking a new all-time high. Trading activity for $PEPE also skyrocketed, with volumes surpassing $12 billion.

This explosive growth coincides with $PEPE's debut on prominent US-based exchanges, a development hailed as a key milestone for the token. Analysts suggest that these listings could be the catalyst for a broader meme coin rally, signalling the potential onset of a new market cycle for the niche.

With the spotlight firmly on $PEPE, the community is abuzz with speculation about the coin's future trajectory and its role in shaping the meme token market.

What Crypto Traders Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, "Over the weekend, Bitcoin briefly dipped to $88,700 before rebounding above the $90,000 mark, maintaining its upward momentum. Despite this, momentum continues to build, driven by record-high inflows into both Bitcoin and Ethereum ETFs. Additionally, NFT sales have increased by 94% over the past week, signalling strong activity across the broader crypto ecosystem. The market waits for the appointment of a new SEC chair and other key transitions as Trump takes office. Any favourable appointments could trigger the next rally towards the 100k mark.”

Subscribe And Follow ABP Live On Telegram: t.me/officialabplive

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.