On Friday, November 22, 2024, Bitcoin, the market’s biggest cryptocurrency by trade volume, hit a new all-time high of $99,000. Since all holders are making profits, this event has caused a surge of excitement in the market.
Bitcoin was valued at $37,000 earlier this year. However, as the year concludes, the value has more than tripled. The entire market has also been impacted by this; as of right now, the market is valued at $3.29 trillion, up 3.32% over the previous day.
Trump’s Win Fuels BTC Rally
Notably, the rise was sparked by the outcomes of the November US elections, which saw Donald Trump emerge victorious. Because they believed that Trump’s government would support cryptocurrencies and the underlying blockchain technology, investors were more optimistic about the future of cryptocurrencies.
Bitcoin has risen 45% in just two weeks following the election, hitting a high of $99k. However, the asset’s price has slightly decreased to $98,673 as of this writing. Additionally, Bitcoin’s trade volume increased 5.8% in the last day, reaching $96 billion.
Trump publicly supported cryptocurrencies during his campaign, accepted contributions from prominent figures in the industry, and pledged to establish America as the “Bitcoin capital of the world.”
Additionally, he pledged to guarantee favorable crypto rules, beginning with the dismissal of Gary Gensler, the current chairman of the Securities and Exchange Commission (SEC). In addition to enforcing strict regulations that hindered the expansion of the cryptocurrency sector, Gensler has sued a number of large cryptocurrency firms for allegedly breaking federal securities laws while serving as SEC chair.
It’s interesting to note that institutional investment in exchange-traded funds (ETFs) has increased since Trump won. With issuers like BlackRock, Grayscale, and Fidelity at the lead, Bitcoin ETFs have seen inflows of about $4 billion.
Crypto Community Shows Mixed Reaction
Meanwhile, rumors and excitement about what lies next for Bitcoin are on the rise on cryptocurrency social media. Users on X, Reddit, Telegram, 4Chan, and BitcoinTalk are collectively referencing Bitcoin to $100k at the greatest pace in history, per new research from Santiment.
Santiment pointed out that certain traders’ lack of faith could be the driving force behind the amazing surge. According to the data, the number of high mentions of lower price levels has increased unusually.
Bitcoin frequently swings against the expectations of the majority, according to historical data. Therefore, the record surge may be propelled by the negative traders and “non-believers.” Traders are keeping a close eye on the trend to determine whether the flagship cryptocurrency will make history or if it will correct to lower levels.
Conclusion
Bitcoin recently reached a historic all-time high of $99,000, more than tripling its value from $37,000 earlier this year and propelling the total cryptocurrency market capitalization to $3.29 trillion.
The surge has been attributed to optimism following Donald Trump’s election victory, as his pro-crypto stance and pledges to support blockchain innovation have reignited investor confidence. Institutional investments in Bitcoin exchange-traded funds (ETFs) have surged, with inflows of approximately $4 billion from major issuers like BlackRock and Grayscale.
While the milestone has fueled bullish sentiment and widespread speculation of Bitcoin hitting $100,000, skepticism among traders remains, potentially driving further price movements. As Bitcoin’s trajectory continues to defy expectations, the market watches closely for signs of sustained growth or a possible correction.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.