The largest cryptocurrency in the market by trade volume, Bitcoin, reached a new all-time high of $99,000 on Friday, November 22, 2024. This development has created a wave of excitement in the market, as 100% of holders are in profit.
Earlier this year, Bitcoin was trading at a low of $37k. Fast-forward to the end of the year, and the value has more than tripled. This effect has also rubbed off on the entire market, as the total market valuation now stands at $3.29 trillion, indicating a 3.32% increase in the last 24 hours.
Anticipated Pro-Crypto Administration Fuels Rally
Notably, the rally was ignited after the results of the United States November elections that produced Donald Trump as the winner. Investors regained confidence in the future of cryptocurrency as they anticipated that Trump’s administration would be positive to cryptocurrency and the underlying blockchain technology.
In just two weeks after the election, Bitcoin has increased by 45% reaching a high of $99k. However, at the time of writing, the price of the asset has declined marginally to $98,673. Moreover, Bitcoin’s trading volume over the last day surged by 5.8% to rest a $96 billion.
Source: CoinMarketCap
During Trump’s campaign, he openly embraced cryptocurrency, received donations from top crypto leaders and other members of the crypto community, and promised to make America the “Bitcoin capital of the world.”
He also promised to ensure favorable crypto regulations starting with firing the current Securities and Exchange Commission (SEC) chairman, Gary Gensler. During his term as the SEC chair, Gensler has made stringent policies that stifled the growth of the crypto industry and also took several big crypto companies to court on alleged violations of federal securities laws.
Interestingly, since Trump’s victory, there has been a rise in institutional investment in the form of exchange-traded funds (ETF). Bitcoin ETFs have enjoyed inflows of almost $4 billion with issuers like BlackRock, Grayscale, and Fidelity at the forefront.
Social Media Data Shows Mixed Anticipation
Meanwhile, crypto social media is abuzz with speculations and anticipation of what is to come for Bitcoin. According to a recent report from Santiment, users on X, Reddit, Telegram, 4Chan, and BitcoinTalk are collectively mentioning Bitcoin to $100k at the highest rate in history.
However, Santiment noted that the incredible rally might be fueled by the lack of faith of some traders. The data show that there has been an unusual increase in the high mentions of lower price levels.
Historical records show that Bitcoin often moves in the opposite direction of the majority’s expectations. Hence, the bearish traders and “non-believers” might be the driving force of the historic rally.
As the trend continues, traders are closely watching to see if the flagship cryptocurrency will make history or if there will be a correction to lower levels.
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