Bitcoin Hits Record High After U.S. Election – Is Crypto Now Outperforming Stocks?

Bitcoin reaches $76K post-election, sparking crypto gains. DeFi tokens surge, new listings rise, and innovative trading tools offer market insights.

Nov 7, 2024 - 08:11
Nov 7, 2024 - 08:11
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Bitcoin Hits Record High After U.S. Election – Is Crypto Now Outperforming Stocks?
Bitcoin Hits Record High After U.S. Election – Is Crypto Now Outperforming Stocks?

Bitcoin touched an all-time high of $76,460 following the recent U.S. election. Although it eventually settled around $75,000, the move has fueled excitement across the crypto market. Investors are showing increased confidence, as market indicators suggest a shift from the usual “panic buying” to more calculated, steady growth. The popular “Fear and Greed Index” is currently at 70, a level often associated with “greed,” but this time, the market’s outlook feels more grounded, giving crypto holders a reason to stay optimistic for the long run.

Crypto Traders See Major Wins from Election-Day Predictions

Election night wasn’t just about traditional stocks – crypto traders were cashing in big, with many making substantial gains through platforms like Polymarket, a prediction market powered by blockchain. A French investor reportedly made $21.8 million by betting on the election outcome, with others seeing similar profits. The site saw a whopping $3.2 billion in trading volume just on election day, which rivals the daily trading activity of some stock exchanges. This uptick highlights how the crypto world is offering new ways for people to make gains, especially during high-profile events.

Japan’s E-Commerce Leader Attracts Millions of New Crypto Users

In Japan, e-commerce giant Mercari is reshaping crypto investing. Its new crypto division, Melcoin, recently reported a ninefold increase in revenue, thanks to a unique approach: it combined crypto access with the company’s popular shopping rewards program. Users can now use rewards to purchase Bitcoin and Ethereum, creating an easy entry for Mercari’s vast customer base. The result? Melcoin saw 2.2 million new accounts open for trading, illustrating the potential of blending crypto with everyday consumer access.

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DeFi Tokens Soar as Investors Seek Alternatives

Decentralized Finance (DeFi) tokens are seeing a big post-election boost. Uniswap jumped 22%, Lido spiked 36%, and ImmutableX rose by 12% amid growing interest. With a total of $92 billion in value locked in DeFi assets, these tokens are capturing attention for offering a level of financial independence not seen in traditional finance. As investors diversify, DeFi could gain even more traction, providing users with more control over their assets and new paths for profit.

New Token CETUS Achieves Major Milestone with Binance Listing

A newcomer to the crypto market, CETUS, just scored a major win by landing a listing on Binance, one of the most prominent global crypto exchanges. This listing immediately boosted CETUS's value from $0.16 to $0.34, and Binance added an extra perk by offering futures trading for the token right from launch. This level of access is rare for a new listing and has made CETUS one to watch as investors eagerly get in early on its growth potential.

Arkham Intelligence’s New Trading Platform Offers Insights Like Never Before

Arkham Intelligence, known for tracking crypto wallet activity, is venturing into trading with a new platform that combines perpetual futures trading and blockchain analytics. This feature allows users to see real-time data on major wallet movements, offering transparency that can help investors make informed trading decisions. By providing traders with a clearer view of market dynamics, Arkham’s platform is setting a new standard in crypto trading, appealing to both seasoned investors and newcomers looking for greater insight.

Also Read: Bitcoin Sets New Record as Investors Hope for Pro-Crypto Trump Policies

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