CoinEx Research’s November 2024 report highlights a historic month for the cryptocurrency market, fueled by bitcoin’s (BTC) unprecedented rally to $99,500 following Donald Trump’s victory in the US presidential election.
Trump’s pro-crypto stance, coupled with institutional confidence and AI-based innovations in the cryptoasset space, set a bullish tone for the market, with altcoins also experiencing significant growth.
Bitcoin Hits New All-Time Highs Thanks to Trump’s Victory
Bitcoin rose from a monthly open of $70,300 to a record high of $99,500, approaching the symbolic $100,000 level. Trump’s victory sparked optimismparticularly for his policies suggesting possible regulatory reforms, including the replacement of the SEC chairman and discussions on creating a strategic Bitcoin reserve.
The 2024 elections fueled the crypto boom
Trump’s victory over Kamala Harris, winning all the key states and securing Republican control of Congress, laid the groundwork for cryptocurrency-friendly policies. Prominent Trump supporter and Dogecoin enthusiast Elon Musk generated interest in Elon-themed meme tokens across the crypto ecosystem.
Institutional flows: Bitcoin spot ETFs and MicroStrategy’s buying spree
In November, institutional support was evident, with bitcoin spot ETFs recording $6.1 billion in inflows, the highest monthly figure to date. Furthermore, MicroStrategy accumulated 134,480 BTC, equivalent to a base cost of approximately $12 billion, reinforcing its dominance in the market and further supporting the bullish price momentum.
AI meets crypto
The convergence of artificial intelligence, cryptocurrencies and memetics has given rise to innovations in Autonomous AI Agentsexemplified by Truth Terminal and Goatseus Maximus. These agents have advanced capabilities, such as interaction on social networks and autonomous decision making.
A key enabler is Eliza, an open source project contributed by ai16z, which has become one of the most popular projects on GitHub. Building on this, VVAIFU leverages this technology to offer users a platform to create custom AI Agents and launch meme tokens through the PumpFun ecosystem. The success of the platform is evident thanks to its token burning mechanism, with over 4 million tokens burned since its launch.
Building the future with AI Agents
The Base ecosystem is in full expansion, with the development of AI Agents as the central axis. Coinbase’s Based Agent Templates allow the creation of Autonomous AI Agents with crypto wallets and on-chain access, paving the way for the integration of AI in the world of cryptocurrencies.
Virtual Protocol focuses on AI Agents for gaming in 3D environments, while Clanker simplifies token creation using Farcaster tags, resulting in over 4,700 imp
token lements. This innovation is complemented by an increase in the liquidity of the Base ecosystem, which recently surpassed Solana, recording a net flow of USD 835.9 million.
Altcoins shine as bitcoin dominance wanes
Bitcoin dominance reached resistance levels, opening the door to a possible altseason. Among the notable performances, XLM recorded a 4.5 times increase in value, while XRP and ADA doubled in value during the month. The growing interest in altcoins reflects a diversification in investor interest and market dynamics. Meanwhile, bitcoin dominance has hit a key resistance level and has begun to decline rapidly over the past two weeks.
Stablecoin and liquidity boom
November also saw explosive growth in stablecoin issuance, with an increase of $14 billion, reaching levels not seen since April 2021, reflecting abundant liquidity in the market. This increase accompanies the market’s upward trajectory and suggests sustained growth in the next cycle.
Outlook for December
As bitcoin hovers around $100,000, near-term risks such as profit-taking, deleveraging, and seasonal slowdowns could lead to volatility. However, strong market liquidity and growing institutional interest suggest a robust foundation for continued expansion towards 2025with a long-term goal of $150,000 on the horizon.
About CoinEx
Founded in 2017, CoinEx it’s a global cryptocurrency exchange committed to making crypto asset trading easier. The platform offers a variety of services, including spot and margin trading, futures, swaps, automated market maker (AMM), and financial management services to more than 10 million users in more than 200 countries and regions.
CoinEx Research remains committed to providing in-depth analysis and insights into the ever-evolving cryptocurrency market, helping investors navigate the complexities and opportunities ahead.
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