In the cryptocurrency market, news is the uncertain factor that influences its trends.
The state of the cryptocurrency market in November 2024 is excellent, making it the hottest month, with Bitcoin constantly reaching new highs, even surpassing the bullish market of 2021. This fully demonstrates the tremendous influence of news on the cryptocurrency market trends, and indicates that the so-called "experts" discussing moving averages and candlestick theory are not reliable.
Trump winning the U.S. election instantly ignited this wave of bullishness in the cryptocurrency market. From November 5th, Bitcoin opened at $68,645.5, and in just eight days surged to yesterday's $89,970.2, a difference of over $20,000.
The rise of Dogecoin is also directly related to Musk's full support for Trump's election, as Dogecoin surged to $0.4390 yesterday.
On November 12th local time, President-elect Trump announced that Musk and American entrepreneur Vivek Ramaswamy would lead the proposed "Department of Government Efficiency" (DOGE).
In fact, the subsequent trends of the cryptocurrency market will be influenced by every word and action of Trump. It is quite normal for Bitcoin to experience a pullback before breaking the $100,000 mark.
