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⚡Bitcoin Gains 16% This Week🆙

Croxroad

12 Nov 2024 — 4 min read

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🪁 Bullish Signals Continue

Bitcoin reached a historic milestone, surpassing $79,000 for the first time, marking a significant 4% price increase over the weekend. This surge, fueled by political events like Trump's election win and a Fed rate cut, has contributed to an overall 16% gain over the past week. Weekend pumps like this are seen as bullish signals because they indicate active retail investor participation, given lower weekend liquidity, which can lead to more volatile price movements.

The rally triggered significant liquidations in bearish positions, with over $280 million in losses. Of this, $103 million was in Bitcoin short positions, while $70 million came from Ethereum shorts. This suggests that many traders were betting against the market, only to be forced out due to the unexpected price rise. Such liquidations often point to market extremes, where sentiment can quickly shift, triggering further volatility.

Smaller investors seem to be driving this momentum, as evidenced by the minimal profit-taking compared to previous rally periods. This suggests that the rally may have more room to grow, with traders holding onto their positions in anticipation of further price increases. Liquidations extended beyond Bitcoin and Ethereum, with tokens like Dogecoin and Solana also experiencing substantial losses, indicating growing futures activity in a broader range of cryptocurrencies.

🌍 Arthur Hayes on Bull Market

Arthur Hayes, former BitMEX CEO, explains that the current Bitcoin bull market was triggered by what he calls a "stealth" printing of money by the U.S. Federal Reserve, which injected $4 trillion into the economy in March 2023. This massive monetary policy shift coincided with Bitcoin’s dramatic rise from $20,000 to $74,000. Hayes asserts that similar actions by China, Europe, and Japan are also contributing to a global money-printing spree, positioning the U.S. to lead in money supply growth.

In addition to discussing Bitcoin, Hayes is bullish on Solana (SOL), predicting that it will outperform Ethereum (ETH) in the short term. He describes Solana as the "going up" crypto, noting its high-beta correlation with Bitcoin, making it an attractive option for investors looking to amplify gains. The key factor behind this optimism is the improvement in Solana’s network profitability, which has seen a significant turnaround since the FTX collapse.

The performance of Solana has been particularly impressive in recent months, as its transactions grow steadily and the network becomes increasingly profitable. Hayes highlights that Solana’s revenue growth over the last 18 months is remarkable, closely aligning with the rise in its cryptocurrency price. Given these factors, Hayes believes Solana is well-positioned to continue its upward momentum, with traders flocking to it for its price appreciation potential, especially in a favourable market environment.

📜 The Bitcoin Whitepaper Was Released in 2008

Bitcoin was officially introduced in 2008 when Satoshi Nakamoto published the whitepaper titled Bitcoin: A Peer-to-Peer Electronic Cash System. The whitepaper outlined a decentralised financial system that would not rely on banks or governments.

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