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On November 11, 2024, Bitcoin skyrocketed above the unprecedented level of $88,000, reflecting investor optimism following President-elect Donald Trump’s victory.
Major altcoins followed Bitcoin’s upward trajectory, with Ethereum reaching above $3,400 and gains across decentralized finance tokens and memecoins. Trump’s campaign promises to make the U.S. the “crypto capital of the planet”, with Citi strategists noting in a research note last week that crypto has been one of the few “Trump trades” that hasn’t yet retraced.
Analysts also suggest that this market confidence is largely driven by expectations that the crypto-friendly nature of Trump’s administration will translate into regulatory clarity in the U.S. – particularly regarding the U.S. Securities and Exchange Commission’s (SEC) stance on crypto.
Post-Election Market Trends and Investor Behavior
Post-election Bitcoin ETF flows show a significant net inflow, totaling approximately $3.40 billion from November 6 to November 11, according to Farside Investors data. During this period, no notable outflows were recorded, indicating that institutional investors appear to be banking on the possibility of favorable regulations and showing increasing confidence in Bitcoin immediately following the election.
Bitcoin ETF Flows. Source: Farside Investors
Also, according to Coinglass data, it’s clear that there is strong bullish sentiment in the Bitcoin options market, especially for strike prices at $90,000 and $100,000. The open interest for call options at the $90,000 level is particularly high, with 20,540 call contracts valued at $147.41 million in market value and a substantial notional value of approximately $1.95 billion. Similarly, at the $100,000 strike price, there are 20,630 call contracts with a market value of $103.29 million and a notional value nearing $1.83 billion. In contrast, the put-to-call ratio remains low, currently standing at 0.35, reflecting a strong bias toward call options.
BTC Options Open Interest By Strike Price. Source: CoinGlass
With 209,703 call contracts versus 111,674 put contracts, this imbalance highlights the prevailing bullish outlook among investors. High open interest at $90,000 and $100,000 price levels suggests that investors anticipate Bitcoin reaching or exceeding these levels while the stark contrast in call and put volumes emphasizes a heavy bias toward expectations of significant price appreciation.
Earlier analyst projections, which had forecasted that Bitcoin could hit the $100,000 mark by the end of the year, seem to be coming true. Geoff Kendrick, Standard Chartered’s global head of digital assets research, made an even more optimistic prediction, anticipating that Bitcoin could reach $125,000 by the end of 2024 and $200,000 by late 2025.
The Glassnode data on both active and new Bitcoin addresses shows spikes in activity as the price climbs. On November 10, 2024, when Bitcoin reached around $80K, active addresses totaled approximately 790,937, and new addresses were at 342,792, reflecting a significant surge in network participation. This pattern aligns with previous peaks, such as on November 6, when active addresses reached 895,171 and new addresses hit 367,468, at a price of around $75K. Another similar instance occurred on July 1, with active addresses peaking at 897,630 and new addresses at 432,026, when Bitcoin was hovering around the level of $62K.
BTC New Addresses. Source: Glassnode
The consistent increase in both active and new addresses during Bitcoin’s price rallies implies strong user interest and market optimism, showing no signs of fading.
With rising market activity and increased investor participation, flexible, secure, and user-friendly wallets like NOW Wallet offer tools for efficient asset management.
Keeping the interface clear and straightforward, NOW Wallet enables users to store, buy/sell, exchange, stake, and manage assets across over 50 blockchains. Moreover, any tokens on EVM-compatible blockchains can be stored and manually added, even if they are not originally listed in the wallet’s interface. NOW Wallet also supports non-fungible tokens (NFTs), allowing users to securely store and efficiently manage their favorite digital collectibles.
The wallet is accessible on mobile devices (iOS and Android) and desktops (Mac, Windows, and Linux). Since NOW Wallet is non-custodial, it doesn’t require registration or KYC verification and user funds are safely stored on the user’s own device, ensuring complete privacy and security.
NOW Wallet is part of the NOW ecosystem built around ChangeNOW, one of the leading instant crypto exchange services. Most of ChangeNOW’s core features also apply to the wallet, including seamless cross-chain swaps and fiat-to-crypto operations. This means that using NOW Wallet provides access to fast transactions (usually completed within just 5 minutes), low exchange limits (starting at only $2), transparent fees, and competitive rates. If users don’t already have crypto, they can easily buy it using their bank accounts, Visa/Mastercard, or mobile payment services – Apple Pay and Google Pay. Like ChangeNOW, NOW Wallet supports over 60 fiat currencies, including USD, EUR, GBP, CAD, and more.
With WalletConnect integration, NOW Wallet can connect to any dApp on Ethereum, BSC, Polygon, AVAX C-chain, Optimism, Fantom, and Algorand simply by scanning a QR code.
NOW Wallet’s Pro feature offers users cashback in NOW Tokens, native currency of ChangeNOW ecosystem, on every transaction, reduced fees on off-chain swaps, and free AML checks. Users can streamline their transactions with a permanent exchange address, allowing for the reuse of the same address for recurring payments. Each membership tier provides increasing benefits, including higher cashback rates and additional AML checks, with the Brilliant plan offering unlimited AML checks and up to 50,000 NOW tokens in monthly cashback.
In-wallet staking supports multiple cryptocurrencies such as TRX, SOL, ADA, and NOW tokens. Each staking option offers a unique annual percentage rate (APR) based on the chosen validator. NOW Token staking specifically provides a 6.25% APR, with progressively increasing rewards the longer the tokens are staked. The staking system includes an anti-inflation mechanism that halves token rewards after every 1.5 million NOW tokens are distributed, helping to maintain demand.
Additionally, there is a 100,000 NOW token cap per stake to ensure fair distribution of rewards among users. Users have full control over their staking experience through the wallet’s built-in management features, allowing them to freeze, unfreeze, and vote with ease – catering to both newcomers and experienced crypto holders.
If users encounter any issues, NOW Wallet’s support team is available around the clock to provide assistance. A live chat option is available directly within the app, and the support team boasts an impressive 99% error resolution rate, successfully helping users process transactions with incorrectly designated tokens, networks, or amounts.
Conclusion
In the current Trump-boosted bull run, the crypto market is experiencing renewed optimism and significant inflows, with Bitcoin reaching record highs and a surge in investor interest across assets. As the market anticipates favorable regulations and potential price milestones, tools like NOW Wallet are well-positioned to support users in navigating this dynamic landscape.
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