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Bitcoin is on track to achieve its seventh consecutive week of price increases, marking the longest streak since 2021. Growing optimism about a cryptocurrency-friendly US administration under Donald Trump has propelled this market to unprecedented heights.
Bitcoin achieves the longest price surge in the last three years
Bitcoin is witnessing its seventh consecutive week of price increases, an unprecedented record since September 2021. At that time, Bitcoin had peaked at nearly $69,000 in November 2021, before plummeting to just over $15,000 in 2022 due to a series of scandals and bankruptcies in the cryptocurrency industry.
Since the US presidential election in November this year, Bitcoin has increased by about 50%. One of the main reasons is the optimism that Donald Trump's administration will support cryptocurrencies. According to Strahinja Savic, Director of Data and Analytics at FRNT Financial, “Trump's support for cryptocurrencies has mitigated the reputational and regulatory risks that this industry has faced."
The support of President-elect Donald Trump for cryptocurrencies has provided significant momentum for the market. In particular, Trump's appointment of pro-crypto individuals to key positions in the government has increased investor confidence.
Bitcoin first surpassed the $100,000 mark on December 5 after Trump nominated Paul Atkins as Chairman of the US Securities and Exchange Commission (SEC). The value of this currency reached an all-time high of $103,800 on the same day. By Friday, Bitcoin was trading at $101,548, up about 1.8% for the week.
How long can Bitcoin maintain this upward momentum?
Bitcoin exchange-traded funds (ETFs) also play a crucial role in this price surge. Many investors have turned to ETFs to access Bitcoin, especially those who are limited by legal or social barriers when holding cryptocurrencies directly.
Peter Chung, Head of Research at Presto Research, said: “Even for investors who cannot hold Bitcoin directly, they can still participate through ETF funds or through stocks and bonds issued by companies like MicroStrategy and Coinbase.
Although this price surge is impressive, the Bitcoin market is inherently very volatile and dependent on many factors. Changes in monetary policy, legal regulations, and the development of related financial platforms will continue to affect the value of this currency in the near future.
