According to Cointelegraph: Bitcoin is nearing the $90,000 mark after setting a new record for the largest single-day gain in its history. On November 11, Bitcoin soared over $8,400, surpassing its previous daily gain record of $7,576 in August 2021. The recent surge follows a weekly rally, marking Bitcoin’s strongest performance since the March 2023 banking crisis in the U.S.
Record Daily Gain and Weekly Highs Amid Bullish Sentiment
After breaching the $85,000 level on November 11, Bitcoin’s sharp rise has driven renewed investor interest. Alex Thorn, head of research at Galaxy, highlighted the historic nature of this rally, stating, “November 11, 2024, was the biggest daily gain in Bitcoin history.” As of November 12, Bitcoin continues trading above $88,000, fueled by increased demand in spot Bitcoin ETFs and market optimism.
Bitcoin ETFs Contribute to Price Surge
U.S.-based spot Bitcoin ETFs played a significant role in Bitcoin’s recent upward momentum. On November 11, Bitcoin ETFs recorded net inflows of $1.1 billion, following a $1.37 billion inflow on November 7, according to data from Farside Investors. These substantial inflows are helping propel Bitcoin’s price, with combined trading volume in Bitcoin ETFs, MicroStrategy, and Coinbase reaching $38 billion on November 11.
Trump’s Victory Fuels Bullish Projections
Market analysts attribute Bitcoin’s recent parabolic rise partly to Donald Trump’s election victory, which has heightened expectations for pro-crypto regulations. Trump’s potential economic policies could support a continued rally, with some market analysts, like Arthur Hayes, speculating that Bitcoin could eventually reach $1 million. Hayes suggests that large-scale quantitative easing, similar to policies seen in previous financial crises, could drive Bitcoin’s price to unprecedented levels as investors seek alternative assets.
As the cryptocurrency market remains buoyed by political developments and robust institutional inflows, Bitcoin appears poised to test new all-time highs in the coming months, with the $100,000 mark now a widely discussed milestone.
