BTC, DOGE Price Explosions, Recent Binance Updates, and More: Bits Recap Nov 7
2024-11-07

TL;DR
BTC Rises to a New Peak
The cryptocurrency market has been in a bullish mode ever since Donald Trump’s victory in the US presidential elections. During his campaign, the Republicanmademultiple BTC-related promises, and unsurprisingly, the leading digital asset is now among the top performers.
Itpumpedabove $75,000 on November 6, shortly after the first results showed that Trump had the upper hand in the contest against Kamala Harris.
Later, his triumph became official after he crossed the 270 electoral vote threshold and secured victories in key swing states like Pennsylvania, Georgia, and North Carolina. This fueled another boost to BTC, whose valuation hit a new all-time high of approximately $76,400 earlier today (November 7).
While in the following hours, the asset retreated to its current $74,800 (per Coingecko’s data), many analysts believe that the bull run is far from over. The X user Sensei predicted that BTC is “about to go parabolic” and soar to $120,000 in the following months.
Veteran trader Peter Brandt chipped in, too. He claimed the asset is now in “the sweet spot of the bull market halving cycle that should top in the $130K to $150K range next Aug/Sep.”DOGE’s Achievement
The leading meme coin also charted substantial gains lately. It exceeded the psychological level of $0.20 on November 6 (for the first time since April) but retraced slightly and now trades at approximately $0.19. This represents a whopping 78% rise on a monthly scale.
DOGE’s success could be attributed to Elon Musk’s interactions. One of the wealthiest people on the planet supported Donald Trump during his presidential campaign and shared his intentions to lead a potential Department of Government Efficiency (D.O.G.E.). He mentioned the division’s abbreviation several times in the past weeks, triggering price appreciation for the meme coin.
Dogecoin’s rally has been highly beneficial for its holders. IntoTheBlock’s data showed there were no investors underwater at one point on November 6. 89% were sitting on some paper profits, while 11% were break even. As of the moment, 10% are in the red zone.Binance’s Amendments
The exchange expanded the list of its trading options in the last few days. Earlier this week, it launched PONKE/USDT perpetual contracts with up to 75x leverage. PONKE – the involved Solana-based meme coin – witnessed a 15% price spike shortly after the announcement.
Most recently, Binance listed the altcoins Cow Protocol (COW) and Cetus Protocol (CETUS) with seed tags. The newly added trading pairs include COW/USDT and CETUS/USDT.
The valuation of both assets skyrocketed by over 70% after the disclosure. Listing on a major exchange like Binance often has this effect since it improves the liquidity and increases the credibility and visibility of the affected tokens.