Originally published on: November 12, 2024
Bitcoin is making history with its unprecedented daily gains, inching closer to the $90,000 milestone. Following its substantial rise, Bitcoin is now on track to reach new heights.
On November 11, Bitcoin surpassed the $85,000 threshold, marking its largest daily gain ever by skyrocketing over $8,400 in just one day. This remarkable surge, as reported by Alex Thorn, the head of research at Galaxy, is a significant milestone for the cryptocurrency.
Comparing this achievement to previous records, Bitcoin’s second-best daily gain occurred in August 2021 when its price surged over $7,576 in 24 hours. This recent surge is unparalleled and hints at Bitcoin’s potential for even greater growth in the future.
Currently trading above $88,006, Bitcoin has seen a 28% increase on the weekly chart. This bullish trend is fueled by various factors, including the outcome of the US presidential election and the growing demand for risk-on assets.
Market analysts predict that Trump’s victory will lead to a surge in Bitcoin’s value, possibly pushing it above $100,000 before the end of 2024. The US-based Bitcoin exchange-traded funds (ETFs) are also playing a significant role in driving Bitcoin’s rally, with substantial inflows recorded in recent days.
With a record-breaking $38 billion in combined daily trading volume, Bitcoin ETFs are contributing to Bitcoin’s parabolic growth. This surge is a result of positive market sentiment, fueled by expectations of favorable crypto regulations and improved monetary policies under the incoming Trump administration.
As Bitcoin continues to break records and set new milestones, investors are keeping a keen eye on its trajectory. With promising prospects for future growth, Bitcoin’s price may soon reach unprecedented levels, leading to exciting opportunities for investors in the cryptocurrency market.
