The Biggest Crypto Predictions for November 2024
The crypto market has began noting a comeback as October emerged as the turning point for many digital assets. This is expected to contunue as we move into November but even so there are certain potential developemtns that should have the investors’ attention on.
BeInCrypto’s analysis of three of the biggest crypto predictions for November shows that the market is ready for an unconventional era.
Bitcoin Will Establish a New All-Time High
Bitcoin’s price is just at the cusp of breaching the resistance at $73,800 and forming a new all-time high. The crypto king is currently trading at $72,181 after noting a 14% growth throughout October.
One of the biggest driving factor for Bitcoin are going to be the spot BTC ETF inflows and the same was iterated by Juan Pellicer, Senior Researcher at IntoTheBlock in an exclusive quote to BeInCrypto.
“The confluence of catalysts makes this setup particularly compelling – we’re seeing consistent Bitcoin ETF inflows indicating robust institutional demand, while the emerging restaking ecosystem is creating an entirely new demand dynamic for BTC. As these native yield opportunities expand, we’re observing a reduction in exchange supply as holders migrate their BTC into yield-generating protocols, creating a supply squeeze effect that, combined with the technical breakout and macro correlation, suggests the path of least resistance is higher for Bitcoin through November,” said Pellicer.
Read More: Bitcoin Halving History: Everything You Need To Know
Meme Coin Mania Continues
Meme coins have been a key focus for investors this past month. This is because many of these joke tokens outperformed several major top altcoins. The coming month will likely continue this trend as more meme coins have emerged this past month.
Ryan Lee, the Chief Analyst at Bitget Research, exclusively told BeInCrypto that there are deeper dynamics at play.
“The wealth effect in this sector is unmatched, attracting waves of traders with viral hits like Nerio, Moondeng, and recent AI Meme projects such as Goat. This ongoing appeal keeps memecoins at the forefront, especially as BTC reaches new milestones, fueling speculative enthusiasm. Institutional support and the rise of an AI narrative are also intensifying this trend,” Lee told BeInCrypto.
In the past month, the meme coin sector has seen a 44% jump in total market capitalization. Meme coins collectively are now worth $62 billion, up from $43 billion, and this will likely continue in November.
Political Coins Are Ready for an Explosion
The upcoming elections in the United States of America are among the most anticipated events of the year. Ahead of the elections, which are set to be held on November 2, crypto tokens associated with political memes have already exploded.
Read More: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
The likes of MAGA, Make America Based Again (MABA), and Trump Meme (MEME) have seen rises amounting to 242%, 594%, and 633%, respectively. Thus, there is a good chance that these tokens could blow up once elections begin.
However, another crucial point to note with these political meme coins is that their lives will be short-term. Once the hype of the elections dies, these tokens will likely be sold off by investors or fall flat.
The post The Biggest Crypto Predictions for November 2024 appeared first on BeInCrypto.
