bullish

Rally

United

FOMO

<p>The total crypto market cap surged by around 3 percent in the last 24 hours, led by Bitcoin (BTC, to hover around $2.91 trillion on Monday, November 11, during the early European session. The cryptocurrency market has signalled the return of the bull market after consolidating in the past eight months.</p>   
<p>Moreover, Bitcoin price surged to a new all-time high (ATH) of about $81,800 earlier today, thus registering the largest weekly close of over $14k in length&nbsp;</p>   
<h2 class="wp-block-heading" id="h-factors-that-contributed-to-the-crypto-rally-today">Factors that Contributed to the Crypto Rally Today</h2>   
<h3 class="wp-block-heading" id="h-crypto-short-squeeze"><strong>Crypto Short Squeeze</strong></h3>   
<p>The cryptocurrency market registered palpable gains in the last 24 hours, largely attributed to a major short squeeze. With over $624 million liquidated from the crypto market, more leveraged crypto traders have been attempting to long Bitcoin and the altcoin market to capitalize on the ongoing bullish breakout.</p>   
<p>As a result, the crypto market could run further in the coming weeks, fueled by FOMO traders attempting to pump prices higher.</p>   
<h3 class="wp-block-heading" id="h-high-demand-from-institutional-investors"><strong>High Demand from Institutional Investors</strong></h3>   
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<p>The demand for both Bitcoin and the altcoin market has significantly spiked in the recent past, following the expected crypto parabolic rally. With Gold and major stock indexes having reached a major mid-term resistance level, more investors have been rotating their funds to the crypto market to maximize their profits.</p>   
<p>In addition to spot Bitcoin ETFs registering a net cash inflow of over $7.2 billion in the past five weeks, the US spot Ether ETFs registered the highest weekly cash inflow of about $154 million.</p>   
<h3 class="wp-block-heading" id="h-favouring-political-and-economic-outlook"><strong>Favouring Political and Economic Outlook&nbsp;</strong></h3>   
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<p>The cryptocurrency market gained more bullish momentum over the weekend following the positive high-impact news from the United States last week. After the conclusion of the U.S. 2024 elections, more pro-crypto candidates, led by President-elect Donald Trump, won by a huge margin.&nbsp;</p>   
<p>As a result, the United States is expected to pass a bill soon to purchase 1 million BTCs over the next five years to counter its national debt crisis, of over $35 trillion.</p>   
<p>Meanwhile, both the US Federal Reserve and the Bank of England initiated a quarter cut of the respective interest rates to trigger economic growth in the short term. With China having approved a $1.4 trillion economic boost ahead, the global liquidity is expected to grow exponentially, and potentially impact the ongoing crypto bullish outlook.</p>

Top Reasons Why the Crypto Market is Up Today

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