Bitcoin price soars to a historic high
With Trump's re-election as the President of the United States, the demand and confidence in cryptocurrency in the market have also seen unprecedented growth. As the U.S. presidential election voting took place, Bitcoin started to show a breakout trend, and as Trump gradually expanded his lead in the Electoral College vote, Bitcoin prices further soared. According to market data, Bitcoin has reached a historic high of $76,884, rising 10.19% within just 24 hours.
The astonishing rise of Bitcoin not only set new historical records but also became a catalyst for many new millionaires. According to Finbold's research report, since October 7, the number of addresses holding more than $1 million in Bitcoin has increased to 132,842, meaning that in just one month, 11,487 new millionaires were created. Such data shows that even if some large holders sold off part of their assets during this period, the rapid rise in Bitcoin prices still attracted a large number of investors to enter the market.
Source: Finbold In just one month, 11,487 new millionaires were added
Tens of thousands of new Bitcoin millionaires reflect investment frenzy
Data shows that these newly minted Bitcoin millionaires mainly come from addresses holding values between $1 million and $9.99 million, reaching 121,126; while there are 11,716 addresses holding over $10 million. Compared to the 10,434 addresses with $10 million as of October 7, the number has grown by 12.29% in a month.
Despite the constant volatility in the market, the impact of Trump's victory has undoubtedly driven the growth of Bitcoin holders and attracted more investors' attention. Since October, the price of Bitcoin has risen from $63,514 to $69,384, and then further broken through to a peak of $76,000, showing an astonishing upward momentum in just a few days. However, it is worth noting that the increase in Bitcoin addresses does not necessarily equate to the number of independent holders; a single investor may hold multiple addresses, and multiple investors may concentrate assets in a single address, which may affect the statistical data.
Friendly policies boost Bitcoin towards new highs
Trump's victory has made the market more optimistic about cryptocurrency policies. Many cryptocurrency supporters generally believe that Trump is friendlier towards Bitcoin compared to other candidates. Additionally, his cabinet may include 'Bitcoin candidate' Robert F. Kennedy Jr. and Tesla founder Elon Musk, further enhancing market confidence in future policy support. Furthermore, Trump's presidency has provided confidence for Bitcoin to move towards a long-term target price of $100,000.
After the election, short-term uncertainties in the market have decreased, but Bitcoin's volatility should not be underestimated. The dramatic fluctuations in the past 24 hours show that although prices have risen rapidly, many traders still choose to take profits during this period. As investors' attention to Bitcoin increases, its price may continue to be influenced by market sentiment and policy direction, potentially leading to more volatility in the coming months.
Is the market facing long-term impacts?
The effect of Trump's victory not only drives Bitcoin prices to new highs but more importantly attracts new investors from around the world, further pushing the number of Bitcoin millionaires to surge. As market confidence increases and the friendliness of policies enhances, Bitcoin prices may continue to rise, providing more opportunities for investors to benefit. Although market volatility still exists in the short term, the future of Bitcoin is undoubtedly full of potential under the influence of global investors and policies.
[Disclaimer] The market has risks, and investments should be made cautiously. This article does not constitute investment advice; users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Investing based on this is at your own risk.
