Bitcoin hit an all-time high above $75,000 this morning (6 November 2024), finally breaking through the longstanding peak of $73,700. The cryptocurrency is currently trading at ZAR 1,323,115 (at 12h48) on Luno. The rest of the crypto market has also surged.

Analysts attribute the crypto rally to Trump’s increasingly likely election as US President. Says Christo de Wit, Luno country manager, “Trump has repeatedly and publicly vocalised his support for the development of the cryptocurrency industry in the US, whereas Kamala Harris has been less clear about plans for the industry’s future should she win the election. We’ve seen a significant uptick in trading volume on Luno over the past 24 hours in response to the positive market movements.”

Traders favour Trump’s pro-crypto stance, which some speculate could bring a friendlier regulatory environment to the sector.

Bitcoin and Ethereum have both spiked over 8%, while others like Dogecoin and Uniswap are stealing the show with 20% and 30% gains, respectively, over the last day. The market cap for all cryptos jumped 14% overnight, and trading volumes across the industry have more than doubled.

The crypto market stats

Top 5 movers (24hrs)

• UNI (Uniswap): +27.90%
• AAVE (Aave): +19.93%
• DOGE (Dogecoin): +19.07%
• FTM (Fantom): +15.82%
• SOL (Solana): +13.59%

Total crypto market cap: $2.48 trillion (+11%)

What Bitcoin did yesterday: Daily high $70,495 | Daily low $67,473

Bitcoin market capitalisation: $1.45 trillion (59% of market)

Bitcoin 24-hour trading volume:  $93.28 billion (+123%)

SP500:  +1.23%

Fear and Greed Index: Greed

The Fear and Greed Index measures volatility, market momentum/ volume, social media, surveys, dominance, and Google search trends to gauge market sentiment.

Bitcoin Relative Strength Index (RSI)

64.7

Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price, while 30 or below indicates an oversold or undervalued condition.