Originally published on: November 11, 2024
Bitcoin is making waves in the financial world, breaking through uncharted territory with a price tag that could soon reach $100,000 for the first time in history. The recent surge in Bitcoin’s price, reaching a new high of $82,410, has experts predicting that it will hit $85,000 within the next week.
According to Ryan Lee, chief analyst at Bitget Research, Donald Trump’s victory in the United States presidential election has fueled investor interest in Bitcoin and other risk-on assets. This surge in demand could propel Bitcoin towards the six-figure mark by the end of the year.
Despite initial skepticism about Bitcoin’s rally, the cryptocurrency has continued to climb since Trump’s win, surpassing a record $1.6 trillion market capitalization on November 11th. Options markets also indicate strong investor sentiment, further supporting Bitcoin’s upward momentum.
The positive momentum in Bitcoin has also had a ripple effect on Ether, which surged past $3,200 over the weekend. With Bitcoin surpassing the $80,000 mark, Ether is expected to experience further gains in the coming week, possibly outpacing Bank of America’s market capitalization.
As Bitcoin and Ether continue to make headlines with their impressive price gains, investors are keeping a close eye on the cryptocurrency market for more exciting developments. Stay informed with the latest updates and insights by subscribing to the Finance Redefined newsletter for a weekly dose of DeFi news and financial analysis.
