The cryptocurrency market reached an unprecedented milestone on November 11, with its total market capitalization soaring to a record $3.12 trillion.

This marks a 7% surge within a single 24-hour period, driven primarily by Bitcoin’s rapid price increase to $89,500.

If the cryptocurrency market were considered a country, it would rank as the eighth largest economy by GDP, trailing only the United States, China, Germany, Japan, India, the United Kingdom, and France.

France’s GDP in 2024 is estimated to be $3.130 trillion in nominal terms.

UK’s projected GDP according to the International Monetary Fund is  $3.59 trillion in 2024.

In comparison, Bitcoin’s market capitalization alone has surpassed $1.77 trillion, which is greater than Spain’s GDP, according to the IMF.

However, at 11:30 pm, GMT-5, BTC had stepped down to hover above $88,800.

The significant growth in the market underscores the increasingly influential role of digital assets in the global financial ecosystem.

Bitcoin surpasses silver and nears major tech giants

Bitcoin’s market cap jumped past $1.77 trillion, surpassing the value of silver, which is $1.736 trillion.

This achievement positions Bitcoin as the world’s eighth-largest asset, ranking behind only gold and tech powerhouses such as Nvidia, Apple, and Microsoft.

According to data from Google Finance, the broader crypto market cap now even surpasses that of Microsoft and is approaching that of Nvidia and Apple, the world’s most valuable companies.

The last time the total crypto market cap approached this magnitude was on November 15, 2021, when Bitcoin reached its then-record high of $69,000 during the 2020-2021 bull market.

Markus Thielen, founder of 10x Research, expects Bitcoin to maintain its dominance as the market progresses toward a potential $4 trillion valuation. He said,

We anticipate Bitcoin’s dominance to remain strong, with the current rally primarily centered on Bitcoin and extending toward Ethereum and Solana.

Bitcoin surge fuelled by institutional interest

The current surge in Bitcoin’s price has been fueled by a wave of institutional interest and the continued popularity of Bitcoin ETFs.

Bloomberg’s Senior ETF Analyst Eric Balchunas noted that BlackRock’s iShares Bitcoin Trust (IBIT) recorded an impressive $4.5 billion in trading volume.

Furthermore, the broader “Bitcoin industrial complex,” including Bitcoin ETFs, MicroStrategy, and Coinbase, hit a lifetime high of $38 billion in combined trading volume.

Commenting on Bitcoin’s climb, The Kobessi Letter stated,

The fact that gold is still 10 TIMES larger than Bitcoin is incredible. Not only does this show how big gold is, but it also shows how big Bitcoin can be.

Despite a remarkable year-to-date increase of over 100%, Bitcoin would need to multiply its market cap tenfold to match that of gold.

Crypto market cap could hit $10 trillion by 2026

The recent Bitcoin rally coincides with market optimism fueled by Trump’s election victory, which is anticipated to bring a more favorable regulatory environment for digital assets.

Standard Chartered highlighted that under a supportive administration, the total crypto market cap could swell to $10 trillion by 2026.

The bank also pointed out potential regulatory changes and shifts within the SEC that may benefit the sector.

Analysts project that if this positive sentiment holds, Bitcoin could surpass the $100,000 milestone by the end of 2024, having recently peaked at $89,500 and sitting within 14% of reaching six figures.

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Alibaba stock price has nosedived even after Beijing announced a $1.4 trillion plan to rescue the troubled economy. BABA has retreated in the past six consecutive weeks as investors react to Donald Trump’s win and its implication for the Chinese-US relationship. It dropped to $95.4, down by 20% from its highest level this year. 

Alibaba stock drops after Trump election

BABA share price has been in a strong sell-off after Trump’s win raised the possibility of a tense relationship between the United States and China. 

The tensions rose after the New York Times reported that Trump had picked Marco Rubio, a Senator from Florida to become the Secretary of State in his administration. Rubio is one of the top China hawks in the Senate, meaning that relations will escalate.

Trump has also threatened to be tough on China, including by imposing tariffs in his bid to lower the trade surplus. As with the last administration, there is a likelihood that delisting Chinese companies from US bourses could be an option. 

The other option that could hurt Alibaba is limiting American technology like semiconductors from being sold to the firm. These measures could hurt the company, especially its cloud-computing division, which aims to be China’s alternative to Amazon’s AWS. 

Still, it is unclear whether these measures will have a major impact on Alibaba in terms of its revenue growth. For one, more tariffs on Chinese goods, as we have seen in the past, have not had an impact on the volume it sells to the country. 

BABA earnings ahead

The next important catalyst for Alibaba’s stock price will come out on Friday when the company publishes its financial results. 

These results will show whether the company’s growth is continuing or whether it has continued to slow. The average revenue estimate for its revenue is $33.27 billion, up by just 5.4% from the same period last year.  The highest revenue estimate is $34.2 billion, while the lower estimate is $32.9 billion. 

Alibaba’s earnings per share is expected to have dropped in the last quarter. Precisely, analysts expect that the EPS will be $2.07, lower than the $2.17 it made last year. 

A key challenge for Alibaba is that the Chinese economy is not doing well, and the recently announced stimulus will be aimed at local governments and not areas that would spur consumer spending. Chinese retail sales and inflation have remained under pressure in the past few months.

The other key challenge for Alibaba stock is that its cloud computing division is not growing as fast as its peers. Its revenue rose by just 6% in the second quarter to $3.6 billion, while its top competitors like AWS and Azure jumped by double digits.

The main issue with Alibaba Cloud is that its business mainly targets Chinese companies and has struggled to grow internationally. 

Analysts are bullish on Alibaba share price

Wall Street analysts are generally bullish on the BABA stock price. 47 of the 48 analysts who have shared their outlooks have a buy or a strong buy rating. Only one analyst has a hold rating. Some of the most bullish analysts are from companies like Barclays, Goldman Sachs, Baird, and JP Morgan.

The average Alibaba stock price forecast among analysts is $119, much higher than the current $84.54. This target implies a 255 upside from the current level.

Most analysts believe that Alibaba is highly undervalued and that its large share buybacks will lead to more upside.

Read more: Buy Alibaba stock for a 50% return over the next twelve months: Loop Capital

Alibaba stock price analysis

BABA chart by TradingView

The weekly chart shows that the BABA share price has pulled back, falling in the past six consecutive weeks. This retreat happened after it retested the crucial resistance point at $116.51, its highest swing in January 2023 and the 23.6% Fibonacci Retracement level.

The stock has formed a cup and handle pattern, one of the most popular bullish signs in the market. Also, it has remained above the 50-week and 100-week exponential moving averages, meaning that bulls are in control for now.

Therefore, the Alibaba stock price will likely have a bullish breakout, with the next point to watch being at $182.62, up by 91% from its current level.

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Elon Musk’s investments in Donald Trump’s presidential campaign have yielded a substantial return.

Since Trump’s victory, Musk’s net worth has skyrocketed by approximately $70 billion, largely due to a dramatic surge in Tesla’s stock price.

In the last four trading days following the election, Tesla’s stock price soared by an impressive 39%, propelling the company’s market capitalization well beyond $1 trillion.

This remarkable performance has significantly boosted Musk’s fortune, which is largely tied to his Tesla holdings.

Musk’s all-in approach to supporting trump

Elon Musk’s backing of Trump has gone well beyond mere financial assistance.

He spearheaded a voter registration drive, actively participated in campaign rallies, and offered $1 million giveaways to registered voters who signed petitions for his America PAC.

The billionaire also leveraged his social media platform, X (formerly Twitter), to champion Trump’s candidacy and frequently disseminate information about his opponent and various political issues.

From Mar-a-Lago to the White House: Musk’s influence on the Trump administration

Musk’s influence appears to extend beyond the campaign trail itself.

NBC News reported that he participated in a phone call between Trump and Ukrainian President Volodymyr Zelenskyy, meanwhile reports in The New York Times and ABC suggest that the X boss has been involved in discussions regarding staffing decisions for the new administration.

He has also been a frequent visitor at Trump’s Mar-a-Lago resort.

Brendan Carr, a potential nominee for the Federal Communications Commission, is considered a close ally of Musk.

Regulatory relief on the horizon? Musk’s companies poised to benefit

Musk has long advocated for reduced regulatory oversight, aiming to remove obstacles for his diverse business ventures, including Tesla, X, SpaceX, xAI, Neuralink, and the Boring Company.

These companies currently face numerous federal investigations and lawsuits related to various allegations, including securities law violations, workplace safety issues, environmental violations, consumer fraud, and vehicle safety defects.

Given the executive branch’s significant influence over regulatory bodies, Musk anticipates a more favorable regulatory environment under a Trump presidency.

Gene Munster of Deepwater Asset Management, a long-time Tesla bull, commented on CNBC, “He’s got the golden touch right now and has the ear.” Munster added that SpaceX and xAI are also likely to benefit from a Trump administration.

He concluded,

I’m stretched to try to find out how this could play out negative for Elon.

A rising tide: other tech billionaires benefit from Trump’s win

Musk and Larry Ellison, Oracle founder and the world’s second-richest person, are not the only tech billionaires experiencing post-election gains. Ellison, a close friend of Musk and a long-time Republican donor, has seen his net worth increase by about $20 billion due to Oracle’s 10% stock surge.

Coinbase CEO Brian Armstrong has also added approximately $4.5 billion to his wealth since Trump’s victory, with Coinbase shares soaring by 67% since the election.

The cryptocurrency exchange actively supported pro-crypto candidates, largely through the Fairshake PAC, setting the stage for a potentially more favorable regulatory environment for the crypto industry, which is also a win for Tesla, given its significant digital asset holdings currently valued at $729 million.

The rally in cryptocurrencies, with Bitcoin hitting a record high of over $88,000, further enhances Tesla’s financial position.

These developments paint a positive picture for Musk’s business empire under a Trump presidency.

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Salesforce stock price is firing on all cylinders, making it one of the best-performing companies in the Dow Jones Industrial Average. It has risen in the past ten consecutive weeks, its longest winning streak since 2017. As a result, it has jumped to a record high, giving it a market cap of over $307 billion. 

Salesforce stock price stages a massive comeback

CRM stock price has done well in the past few months, ending one of its treacherous periods when it crashed to a low of $126.20 in 2023. At the time, several activist investors like Starboard and Elliot Management intervened and pushed substantial changes.

Salesforce slowed down its acquisitions trends and also announced substantial layoffs in a bid to boost efficiency and increase profits. 

Recently, however, the stock has been in a strong bull run and is sitting at its all-time high, as we predicted earlier this year. On the weekly chart, we see that the CRM share price has been in a strong bull run, crossing the important resistance level at $316.65, its highest swing in February this year.

By moving above that level, Salesforce stock has invalidated the double-top pattern that was forming and whose neckline was at $211.3, its lowest point on May 28. 

CRM shares have remained above all moving averages, while the Relative Strength Index (RSI) and the MACD indicators have all pointed upwards. 

Therefore, using trend-following principles, the stock’s outlook is bullish, with the next point to watch being at $400, implying a 17% jump from the current level. On the flip side, a drop below the key psychological point at $280 will invalidate the bullish view.

CRM chart by TradingView

Strong growth and artificial intelligence 

The Salesforce stock price has jumped sharply, helped by its investments in artificial intelligence. It has inked a long-term partnership with NVIDIA, the biggest company in the world.

Also, it recently launched AgentForce, its AI solution that helps companies create their autonomous AI agents. Some of the firms using AgentFirce are Wiley, OpenTable, and Saks.

The most recent financial results showed that Salesforce’s revenue rose by 8% to $9.33 billion. Most of its revenue growth was in its subscription and support divisions, which grew by 10%. This growth, was however, weaker than the 12% it grew in the same period last year.

Salesforce also continued to return funds to its shareholders. It repurchased stock worth $4.3 billion in the second quarter and $0.4 billion in dividends.

Read more: Salesforce announces first-ever dividend as Q4 earnings beat expectations

CRM believes that its business will continue doing well. It expects that its third-quarter revenue will be between $9.3 billion and $9.36 billion. If that is correct, its annual revenue will be between $37.7 billion and $38 billion. 

Analysts expect the upcoming earnings to show that its revenue rose to $9.3 billion, while its annual figure will be $37.86 billion. CRM has a long track record of beating analysts’ estimates. For example, its last earnings per share was higher than estimates by 20 cents. 

A key concern is that Salesforce stock price is severely overvalued. It has a forward price-to-earnings ratio of 52.57, much higher than the sector median of 30.6. This makes it more valuable than companies like Nvidia and Microsoft which are growing at a faster rate. 

The best approach to value a SaaS company is known as the rule of 40, which looks at the growth trends and its margins. In Salesforce’s case, it has a net income margin of 15.4% and revenue growth of 8%, giving it a figure of 23%. This means that the firm is severely overvalued since the ideal figure is usually 40 and above.

Salesforce stock price will likely continue doing well if the company publishes strong financial results. Its next earnings will come out on November 27. 

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Donald Trump’s recent presidential victory has set off significant enthusiasm in the cryptocurrency market, particularly for Bitcoin ETFs.

His pledge to establish the US as the “crypto capital of the planet” resonated with investors and marked a potential turning point for digital asset regulation.

Bitcoin prices have surged in the wake of the election results, and approached the $90,000 mark on Tuesday, after breaching the milestone of $75,000 on November 6.

This fervour was matched by a flood of capital into Bitcoin-focused ETFs, with over $1.3 billion invested since the election.

A research report by Citi suggests that ETFs are playing a pivotal role in driving Bitcoin’s current price surge.

Bitcoin ETFs: Simplifying investment in crypto

Bitcoin, launched in 2009 as a decentralized digital currency, originally appealed to those who valued control and privacy.

Early adopters stored their assets in private wallets and mined or traded coins, navigating a complex and sometimes risky landscape.

However, the advent of Bitcoin ETFs has changed the game for many mainstream investors.

Unlike traditional Bitcoin ownership, ETFs provide an easier, regulated way to gain exposure to the cryptocurrency’s price movements.

Spot Bitcoin ETFs were introduced to the market in January after years of regulatory delays.

While these funds don’t offer the same level of autonomy as holding Bitcoin directly, they do provide a simpler route for investors to include cryptocurrency in their portfolios without dealing with private keys or unregulated exchanges.

Top choices for BTC ETFs

Choosing the right Bitcoin ETF can significantly impact returns.

The largest funds usually have advantages in terms of lower fees and higher trading liquidity, which benefits investors through minimal bid-ask spreads.

iShares Bitcoin Trust ETF (IBIT)

This ETF, managed by BlackRock, is currently the leading option for most investors.

With $34 billion in assets, it has more than double the size of its next competitor.

The iShares fund attracted $1.1 billion in new investments in just a few days following the election.

Its expense ratio sits at an attractive 0.25%, with a narrow bid-ask spread of just 0.02%, ensuring cost-effective trades.

Fidelity Wise Origin Bitcoin Fund (FBTC)

Fidelity’s offering holds $15 billion in assets.

Although its expense ratio matches iShares at 0.25%, the fund sees lower trading volume.

Nevertheless, it remains a viable option with narrow spreads that signal investor trust and competitive fee structures.

Grayscale Bitcoin Trust ETF (GBTC)

Initially launched in 2013 as a different structure, Grayscale’s ETF transitioned into its current form after the SEC allowed spot Bitcoin ETFs.

With $17 billion in assets, it boasts a solid base but is hindered by a higher 1.5% expense ratio—a legacy from its original model.

Grayscale also introduced a more cost-effective alternative, the Grayscale Bitcoin Mini Trust ETF (BTC), featuring a 0.15% fee.

Weighing costs and liquidity in ETF selection

While Bitcoin ETFs can simplify crypto investing, careful consideration of associated costs and liquidity is vital.

The iShares Bitcoin Trust’s vast scale and low fees make it the standout choice for many, but alternatives like Fidelity’s fund provide additional diversity for those seeking broader exposure.

The Grayscale ETF’s higher fees may deter some, but its long-standing market presence remains a draw for others.

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