The strong performance of Bitcoin (BTC) continued yesterday, reaching a new all-time high above $79,000 before experiencing a slight pullback. Still, some altcoins have emerged as the top performers today, with Ethereum (ETH), which had been relatively slow until this week, making notable gains. The total market capitalization of Bitcoin has also now surpassed $1.5 trillion, making it the ninth-largest financial asset globally. However, its dominance over altcoins has decreased to 55.5%, with its peak being 57%. A Recent Surge At the start of the week, Bitcoin had a lackluster performance, dipping below $67,000 on Monday and staying around that level on Tuesday, but things quickly changed as the week progressed. After Donald Trump won the U.S. presidential race on Wednesday morning, Bitcoin surged, climbing by $8,000 to hit a new all-time high above $75,000. The momentum continued, and Bitcoin reached $77,000 on Thursday following the announcement of yet another interest rate cut. Friday began with less volatility, with Bitcoin hovering around $76,000, but it spiked again in the evening to reach $77,240, marking its latest peak. Although it has retraced slightly to around $76,500, Bitcoin is still up 10% over the past week and more than 25% in the last month. Altcoins Make a Comeback While Bitcoin led the charge mid-week, altcoins have started to shine as well. Ethereum, which had been relatively flat until recently, has seen a significant rise, gaining over 4% in the last 24 hours and 21% over the past week. Ethereum is now trading above $3,000, its highest price in over three months. Binance Coin (BNB), which was recently overtaken by Solana (SOL) for the fourth-largest cryptocurrency spot, has climbed 6% to reach $630. Other notable gainers include Avalanche (AVAX), Chainlink (LINK), and NEAR Protocol (NEAR). The total cryptocurrency market capitalization has increased by around $50 billion, now sitting at $2.73 trillion. Other Markets A recent cyberattack has disrupted the $1.2 trillion car market, while U.S. inflation showed little change in October. A wave of mergers and acquisitions is also expected to benefit debt bankers, and the S&P 500 recently hit its 50th all-time high of 2024. Wall Street remains optimistic, particularly with the influence of Donald Trump driving stock and dollar movements. The Trump effect continues to shape the markets, drawing comparisons to the 2016 landscape, but with new challenges in 2024. Iran faces power plant issues, and last but not least, the oil and gas sector leads the U.S. in labor productivity growth over the past decade.
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