WhiteBIT TR/Adult: Memecoins Surpass $120 Billion Market Cap
Foreks - The surge in Bitcoin and other leading cryptocurrencies following the end of electoral uncertainty in the U.S. has also led to new records in memecoins. Memecoins, led by Dogecoin, have seen their market capitalization rise above $120 billion during the recent rally.
Since the winner of the U.S. elections became clear, the predominantly bullish market conditions in the cryptocurrency markets transitioned to a more volatile environment around noon on Tuesday. Bitcoin, the world's most valuable cryptocurrency, which briefly approached the $90,000 mark and surpassed the market capitalization of silver, pulled back to $86,000 for a period. Meanwhile, memecoins also increased their market capitalization above $120 billion during the recent surge.
Emre Yetişkin, Chairman of the Board at WhiteBIT TR, shared his insights on the recent price movements in the cryptocurrency markets, stating, “Donald Trump's guarantee of a second term in the White House has led to a strengthening of the dollar, while gold prices have started to decline. Trump's crypto-friendly approach has heightened Wall Street's and global investors' interest in crypto assets. Not only Bitcoin but all market assets showed upward movement during the recent rally.”
Dogecoin's monthly performance exceeded 250%. As a leading memecoin considered indicative of the altcoin rally and memecoin surge, Dogecoin became one of the biggest winners of the election wind due to the support from Elon Musk, one of Donald Trump’s major campaign supporters. As of November 12, Dogecoin's monthly performance remained above 250%, with the price of 1 Dogecoin surpassing 13 Turkish Lira.
Emre Yetişkin noted that the total market capitalization of cryptocurrencies during the recent rally surpassed $3 trillion, with a projected estimate of $3.5 trillion for this cycle, stating, “In this regard, the dominance of memecoins in the market is at 2.5%. If the rally persists and also leads to an altcoin rally, the recent increases led by Dogecoin, followed by major memecoins like SHIB, PEPE, FLOKI, and BRETT, could remain sustainable for some time. The significant resurgence in Dogecoin and Elon Musk's open support have sparked great enthusiasm in the sector, and investors have started to believe in the $1 target for DOGE. While predicting whether it will reach $1 may remain speculative, expecting new all-time high (ATH) achievements from DOGE during this period—where all assets have renewed their ATH—would not be overly optimistic.”
“As volumes increase, the scope of volatility expands,” Yetişkin emphasized the significance of the recent strong rally that brought Bitcoin close to $90,000, which occurred during U.S. market hours. "Crypto-based spot ETFs were one of the most pivotal crypto events of 2024, and today we better understand the impact of the approvals for Bitcoin ETFs and then Ethereum ETFs on market movements. Even the spot Ethereum ETFs, which have not performed as expected since their approval, broke records with a net inflow of $296 million in trading on November 11. BlackRock's spot Bitcoin ETF, IBIT, recorded a trading volume of $4.3 billion just yesterday. According to Bloomberg ETF analyst Eric Balchunas, the total asset size of spot Bitcoin ETFs listed in the U.S. has reached $84 billion. As the volume of funds flowing into the cryptocurrency markets from spot, futures, and derivatives markets, as well as ETFs, increases, the movements in spot prices—whether upward or downward—will also be more pronounced.”
“Precautions should be taken against pullbacks.” Emre Yetişkin pointed out that many individual investors are concerned about a potential significant correction, concluding his remarks with, “There are still weeks until Donald Trump's inauguration. We can predict that the volatility in the cryptocurrency markets will continue as the names for Trump's new cabinet become clearer. In this case, it is likely that pullbacks will occur in the market due to large-volume transactions. Focusing on more fundamental developments beyond the short-term trend and transforming pullbacks into buying opportunities without panic selling at the lows stands out as one of the most consistent strategies.
While developments in regulation and institutional adaptation are notable, we also know that Bitcoin's supply is decreasing day by day. As WhiteBIT TR, one of the first exchanges listed in the Capital Markets Board's (SPK) Authorized Individuals List and one of the most downloaded crypto asset applications in Turkey, we are working to connect our users with the new opportunities in the crypto market while strengthening financial literacy through our real-time assessments on current matters. Users believe that it is crucial to trade on truly trusted and transparent platforms during these high-energy market periods, and we invite all prospective investors looking to enter the market to WhiteBIT TR.”