The price of #bitcoin☀️ has reached a new all-time high, surpassing the $80,000 mark for the first time. This milestone was achieved just a few days after Donald Trump’s victory in the recent U.S. presidential election.
On November 10, Bitcoin rose by almost 4.5%, setting a new record of $80,116 (according to Bitstamp). Besides Bitcoin, other cryptocurrencies such as Ether, #Dogecoin , and Cardano also saw gains.
Trump’s Support for the Crypto Industry and Its Impact on Bitcoin’s Growth
During his election campaign, Trump emphasized his plans to position the U.S. as a world leader in the cryptocurrency industry. He proposed establishing a strategic Bitcoin reserve and appointing pro-crypto regulators. Following his victory on November 6, Bitcoin surged by 15.65% and is on track for its best weekly performance since February.
Bitcoin Outperforms Gold and Stocks in 2024
In 2024, Bitcoin’s price has increased by approximately 80%, driven by strong interest in U.S.-based Bitcoin ETFs and a decrease in interest rates by the Federal Reserve. This has allowed Bitcoin to outperform traditional investments like stocks and gold.
Funds like BlackRock Inc.’s iShares Bitcoin Trust (IBIT), valued at $35 billion, have played a significant role in Bitcoin’s price surge. For example, on November 8, IBIT recorded a daily net inflow of nearly $1.4 billion, which contributed to the positive momentum in the crypto market.
Analysts Anticipate Bitcoin’s Price to Reach $100,000
The surge above $80,000 has sparked expectations of continued growth in the coming weeks, with many analysts predicting that the price could reach as high as $100,000.
Analyst Crypto Rover pointed to a pattern in which Bitcoin typically reaches new highs “50–60 days after U.S. presidential elections.” If this pattern holds, the price could hit $100,000 by January 2025.
“In recent days, retail investors have bought 60,000 BTC, BlackRock purchased an additional 1,800 BTC, while only 450 bitcoins are mined daily, and only two million BTC are available for purchase on exchanges,” noted analyst Doctor Profit. He added:
“If this trend continues, we can expect to reach $100,000 by the end of the year.”
#BTC☀ , #BULLishWithBULL , #CryptoNewss
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
