As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous market fluctuations and trends. However, the current surge in Bitcoin’s price is nothing short of extraordinary. Coming from a time when Bitcoin was barely worth pennies, seeing it break the $97,000 barrier is nothing short of astonishing.
On this Thursday, Bitcoin experienced yet another surge in price, shattering its previous record and breaching the $97,000 threshold during trading hours. Subsequently, the value of the digital asset surged by 5.7%, peaking at $97,811 on Bitstamp. This upward trend propelled Bitcoin’s market capitalization to an impressive $1.93 trillion.
The significant increase in Bitcoin’s worth isn’t merely a market fluctuation, but an indication of increasing enthusiasm towards potential cryptocurrency-friendly initiatives under President Donald Trump’s administration, as well as his choice for the head of the Securities and Exchange Commission (SEC).
Due to this buoyant outlook, there’s been a 3% rise in the total value of the cryptocurrency market, currently sitting at an impressive $3.37 trillion. Moreover, on Thursday alone, the 24-hour trading volume surged by 5%, reaching a substantial $190 billion.
Bullish Trend Thanks To Trump’s Win
The obvious sign of the optimistic trend in the bitcoin market: its price has more than doubled this year. The whole industry has joined the upward surge, contributing an amazing $900 billion to the total crypto market capitalization. Given that Bitcoin is barely $3,000 short of the $100,000 milestone, the sector is bursting with hope about what the next few weeks can bring for the digital asset.
As stated by Edu Patel, who serves as CEO at Mudrex, Bitcoin’s value last year stood at approximately $30,000. However, the asset has experienced significant growth and its price soared beyond $97,000 today, representing an increase of more than 300%.
As a researcher, I’ve discovered that multiple elements appear to be driving Bitcoin’s price fluctuations. Among these factors are the election of Trump, optimism surrounding his selection as SEC chairman, and his favorable stance towards cryptocurrencies. Furthermore, it’s essential to note the increasing institutional involvement in Bitcoin options and potential ETFs.
Is Trump Planning A Special Position To Oversee Crypto?
The rising cost of Bitcoin emphasizes its increasing significance and role in our economic landscape. Notably, the Trump administration has hinted at establishing a dedicated department to manage their cryptocurrency-related policies.
Some reports indicate that the president’s advisors are presently evaluating this position, and a number of prominent figures in the cryptocurrency industry are eager to meet with the president.
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MicroStrategy just convinced investors to pay $520,234 per BitcoinThat’s the biggest Bitcoin play I’ve ever seen:
— ELI5 of TLDR (@explain_briefly) November 20, 2024
Institutional Adoption, MicroStrategy’s Bitcoin-First Policy Boost Price
Experts believe that Bitcoin’s recent surge in value is partly due to MicroStrategy’s aggressive “Bitcoin-centric” strategy. Michael Saylor of MicroStrategy has continued this tactic by buying more Bitcoin to expand its holdings. Other companies are adopting a similar approach and are considering adding Bitcoin to their assets.
The increasing preference for Bitcoin Exchange-Traded Funds (ETFs) significantly contributes as well, and at present, the market experiences a boost due to the availability of options trading. According to various reports, over $4 billion has been invested in Bitcoin ETFs since the November elections. Furthermore, this week, Reuters announced that BlackRock has started off strongly with its BTC ETFs offering call options.
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2024-11-22 00:04