Bitcoin price hits a new all-time high again
On Wednesday, the price of Bitcoin surged to a new all-time high, just a day after setting a record. According to data, Bitcoin has first broken through the $95,000 mark, with trading volume close to $78 billion in the past 24 hours.
The main catalyst for this bullish trend is the launch of the first spot Bitcoin ETF product in the U.S. market—BlackRock's iShares Bitcoin Trust (IBIT) options trading. The new derivative contracts allow traders to bet on the price fluctuations and speed of changes in the fund shares.
On Tuesday, the contract saw a nominal trading volume of $1.9 billion on its first day of trading on Nasdaq, indicating strong market interest in this product.
In addition, there are several favorable factors behind this year’s Bitcoin rise, including the U.S. Securities and Exchange Commission (SEC) approving the first spot Bitcoin exchange-traded fund and the Republican victory in the presidential elections.
President-elect Donald Trump has promised to promote industry development through a series of policy measures, including establishing a domestic Bitcoin reserve.
Bitcoin price surpasses $93,500 to set a new high
The leading cryptocurrency Bitcoin (BTC) has once again broken its historical high. Earlier on Tuesday afternoon, the price of Bitcoin reached a new high of $93,521, with quotes on the Coinbase platform even higher, reaching $93,581. This milestone was achieved during a remarkable surge in Bitcoin following the re-election of pro-crypto candidate Donald Trump as President of the United States.
Market analysis and future expectations
According to data, just yesterday, the price of Bitcoin had just broken through the $93,500 mark and then further jumped above $94,000.
Analyst Valentin Fournier from trading firm BRN stated on Wednesday that this price movement confirms the company’s prediction of breaking the $100,000 target by the end of the year. “This confirms our argument about the accumulation phase before an explosion at the end of the year,” he wrote. “If this momentum continues, the price of Bitcoin could reach $120,000 before 2025, primarily benefiting from the increasing attention on its strong performance and long-term potential in the retail market since the U.S. presidential election.”
