In terms of market capitalization, Bitcoin is currently larger than Saudi Aramco, the oil giant.
Some predict that Bitcoin’s price will reach $100,000 by the month’s end.
Before dropping to $90,256 on Wednesday, Bitcoin surged to a new all-time high over $91,000. Since Trump’s victory in last week’s US presidential election, the flagship cryptocurrency has soared, setting new records. In terms of market capitalization, Bitcoin is currently larger than Saudi Aramco, the oil giant.
Trump promised throughout his campaign to turn America into the “bitcoin and cryptocurrency capital of the world,” as per the agency report.
A combination of macroeconomic fundamentals and new governmental initiatives is what market watchers say is driving this spike. Investors’ focus has shifted to alternative assets such as Bitcoin after the 25 basis points rate decrease by the U.S. Federal Reserve in November.
Institutional Adoption on the Rise
Among its competitors, the BlackRock Bitcoin ETF (IBIT) has been doing well, having received $778 million on Tuesday and roughly $3 billion in the previous seven days. Additionally, it has played a significant role in the $30 billion in trading volumes of the ‘Bitcoin Industrial Complex,’ which includes Bitcoin ETFs and equities such as COIN, MSTR, etc. With such a large influx of new investors, some predict that Bitcoin’s price would reach $100,000 by the month’s end.
According to statistics from Farside Investors, IBIT is roughly three times larger than its direct rival, Fidelity’s FBTC, because of its quick development.
In the wake of Trump’s triumph last week, institutional investors have flocked to purchase Bitcoin in anticipation of a massive gain, as shown by the recent inflows into IBIT and the recent ATH attained by the flagship cryptocurrency. At the time of writing, Bitcoin is trading at $90,256, up 1.05% in the last 24 hours as per data from CMC.
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