Crypto today: BTC approaches $90K, DOGE eyes $1, AAVE’s exchange outflows signal extended rallies

Digital coins continue to ride on Donald Trump’s election victory, with the global cryptocurrency market cap challenging GDPs of nations like France and the UK.

While Trump-themed tokens join Dogecoin’s outperformance in the ongoing bull run, Bitcoin’s jump towards $90,000 has triggered optimism in the entire altcoin market.

AAVE is among the top tokens dominating trends today, with traders positioning for profits amid surging exchange outflows.

Bitcoin breaks $89,000

Bitcoin skyrocketed to new ATHs of $89,599 on Tuesday as enthusiasts continued to bet on explosive rallies under Trump’s administration.

The largest crypto by market capitalization trades at $88,949 after slight dips from the daily high.

Meanwhile, the $140 billion 24-hour trading volume signals optimism within the BTC community and the possibilities of swift rebounds to new ATHs.

Bitcoin appears to have all it takes to hit $100,000 by year-end, and renowned analyst Michael van de Poppe forecasts $500,000 this cycle.

Michaël van de Poppe

@CryptoMichNL

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#Bitcoin at $88,000 and we’re at the start. This is the Dot.com bubble of crypto. The #Altcoins haven’t even started. Bitcoin goes to anything around $500K this cycle. It’s great.

12:37 AM · Nov 12, 2024

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Dogecoin targets levels above $1

The original meme token stole the show this bull run with meteoric surges, up over 150% in the past week.

Dogecoin maintains its robust upside momentum after gaining 45% within 24 hours.

Meanwhile, the impressive performance has renewed interest in possible price targets for DOGE.

Broad-based rallies contributed to Dogecoin’s rise. Further, Elon Musk’s influence saw the meme token outperforming the altcoin space.

The Tesla billionaire proposed introducing a Department of Government Efficiency (D.O.G.E).

The narrative has skyrocketed Dogecoin’s popularity in the cryptocurrency world.

Amidst the eye-catching performance, the shift has switched to DOGE’s possible price targets. The alt trades at $0.4158, with its market cap above $1 billion.

The latest surge saw Dogecoin printing a Golden Cross, a super-bullish indicator. The token gained nearly 7,000% after last cycle’s Golden Cross.

DOGE appears poised for $1 in the upcoming weeks or months. Moreover, analyst Ali Charts highlighted a channel setup that could send Dogecoin to the $2.40 – $18 range.

Ali

@ali_charts

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A test of the middle or upper boundary of the channel puts #Dogecoin $DOGE at $2.40 or $18!

3:56 AM · Nov 12, 2024

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AAVE set for further rallies on increasing exchange outflows

The digital token changes hands at $190, with over $570 billion daily trading volume highlighting robust bullishness.

AAVE has seen notable fluctuations lately.

Firstly, it recorded significant declines in exchange outflows after Trump’s win, suggesting a cautious stance among investors.

Nevertheless, that has changed, with exchange outflows soring gradually over the past 72 hours.

That could signal some activity and possibly confidence resurgence among market players.

Furthermore, surged exchange outflows could indicate a strategic approach by traders booking profits and executing new positions.

Coinglass stats shows more traders are betting on AAVE price gains, confirming renewed optimism.

The altcoin’s profitability cements the emerging market picture. IntoTheBlock data shows that 64% of Aave investors are “in the money” at current prices.

The surging exchange outflows, long position preference, and impressive profitability confirm a healthy ecosystem for the token.

That will likely absorb possible bearish pressure and support stable rallies in the coming sessions.