Bitcoin’s positive performance highlights the ongoing bullish momentum of the cryptocurrency industry and financial marketers in general since the election of Donald Trump. Over the past seven days, Bitcoin has gained 30%, enough to double the value of the flagship asset year-to-date.
The market cap of the major asset now stands at $1.77 trillion, overtaking silver as the eighth-largest asset and poised to overtake Saudi Aramco, which is ranked seventh at $1.807 trillion. Many believe it will eventually overtake gold in market cap as well.
Bitcoin Could See More Growth In 2025
Market experts believe that the recent rally is just the tip of the iceberg in terms of Bitcoin’s future price growth. According to cryptocurrency analyst Rekt Capital, the current Bitcoin bull market may not peak until October 2025.
This prediction is based on historical analysis of Bitcoin halving price and performance of the asset. In 2016, Bitcoin bottomed 547 days before the halving and reached its bull market highs 518 days later. The same happened during the 2020 halving when Bitcoin bottomed 517 days before the event and topped out 549 days later.
It now appears that history will repeat itself, as Bitcoin hit its lowest price 517 days before the halving in 2024.
BTC Price Actions in Relation to Halving Events - Rekt Capital
Rect Capital noted:
“The halving works like a mirror. Bitcoin’s bear market bottoms occur over a similar period of days before the halving compared to the number of days it takes for Bitcoin to form its bull market tops after the halving.”
Meanwhile, many believe that it is now a Bitcoin buyers market, and more people will continue to buy, which will continue to push the price higher.
Bitcoin analyst Vijay Boyapati noted that the asset spent six months absorbing selling from holders like Mt Gox, the German government, and other bankruptcy liquidations, and now, there are no major sellers left.
He said:
“There are no longer major sellers, only buyers. Liquidity is likely to emerge only on the upside at much higher prices. It may take some time, but once the 100k level is broken, the “madness” phase of the bull market will begin as the media is finally saying.
Boyapati added that the FTX redemption could boost Bitcoin prices since the distribution is in dollars, and most lenders will be looking to gain exposure to BTC after missing out on two years of bullishness.
Additionally, analysts like Vivek Sun have established a correlation between Bitcoin prices and global liquidity, noting that a return to expansionary monetary policies always leads to higher Bitcoin prices. With many central banks embracing quantitative easing, ZeroHedge on X pointed out that the correlation was correct.
Bitcoin Prices Correlate with Increases in Global Liquidity - ZeroHedge
Meanwhile, there are also growing positive signs that the US could create a strategic Bitcoin reserve. David Bailey, CEO of Bitcoin Magazine, noted that this is the most important policy for the crypto industry under the Trump administration. Senator Cynthia Lummis, who proposed the National Bitcoin Reserve Act, also agreed. She noted that the bill could gain bipartisan support in its first 100 days as long as the public supports it.
Bitcoin-related products see huge surge in trading volume
BTC’s positive performance has had an impact on other crypto-related assets and products. Bloomberg analyst Eric Balchunas noted that the Bitcoin Industrial Complex, which includes exchange-traded funds (ETFs), MicroStrategy MSTR, and Coinbase COIN, saw a combined trading volume of $38 billion on November 11.
Bitcoin ETFs and Private Equity See $38 Billion in Volume – Eric Balchunas Balchunas noted that this is a record for the asset class, with the BlackRock IBIT ETF alone seeing $4.5 billion, while Fidelity FBTC saw over $1 billion. Bitcoin ETFs saw $7.2 billion in volume that day, the highest daily volume since March 14, highlighting a strong week of inflows for the product.
Meanwhile, MicroStrategy, which recently announced its $2 billion acquisition of BTC, also saw $13 billion in trading volume on MSTR, its largest daily volume ever. Coinbase has also benefited from the renewed interest in Bitcoin, with the platform now ranked 33rd on the Apple App Store’s top apps list. This is its highest ranking since February 2022.