Following Donald Trump's victory in the US presidential election, the cryptocurrency market has surged, with Bitcoin reaching a new all-time high.
Over the past week, the market capitalization increased from $2.42 trillion to $2.47 trillion. During this period, Bitcoin rose by 3.63%, Litecoin dropped by 0.90%, Ripple gained 6.01%, and Ethereum saw an increase of 6.74%.
Bitcoin
Bitcoin hit a new all-time high of 76,415 this week, just shy of the 61.8 Fibonacci extension level. Following a pullback, a drop to the support level of 73,785 is possible, and if that level fails, we could see a decline to the horizontal support at 68,976.
If Bitcoin continues its upward momentum, particularly with the influence of Trump’s market impact, the next growth targets for the cryptocurrency will be 77,070 and 81,626.
Ripple
Ripple is bouncing back within the sideways range between 0.5089 and 0.5865, with enough room to move toward its resistance. If there is a breakout and consolidation above 0.5865, the price could target the highs from September 30 at 0.6545.
Ethereum
Ethereum is still trading within the ascending triangle, approaching the figure's resistance at the horizontal level of 2780.86. If it is broken out, the upward movement within the triangle could continue, targeting the next resistance at 3293.59.
Litecoin
After a brief dip, Litecoin has returned to the narrow range between 68.80 and 76.95, bounded by two dotted lines. The price now has some room to move towards its resistance. If it exits the range upwards with continued market growth, it could pave the way for LTC/USD to reach the next target of 81.76.
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