Originally published on: November 10, 2024
In a historic moment, Bitcoin’s price soared past $80,000 for the first time ever, surpassing $1.5 trillion in market capitalization shortly after the US presidential election re-election of Donald Trump.
On Nov. 10, the leading cryptocurrency experienced a significant uptick of nearly 4.50%, hitting a new inflation-adjusted peak of $80,116 according to Bitstamp data. This surge also propelled smaller tokens such as Ether (ETH), Dogecoin (DOGE), and Cardano (ADA) to rally.
Following Trump’s victory, which promised to position the US as a dominant force in the crypto industry, Bitcoin has witnessed a remarkable 15.65% increase in value, poised to deliver its most substantial weekly performance since February.
Throughout 2024, Bitcoin has surged by approximately 80%, driven by the high demand for US-based exchange-traded funds (ETFs) and interest rate adjustments by the Federal Reserve. This rapid growth has outpaced traditional assets like stocks and gold.
Spot Bitcoin ETFs have played a pivotal role in this price boom, with BlackRock Inc.’s $35 billion iShares Bitcoin Trust (IBIT) reporting massive daily net inflows of nearly $1.4 billion on Nov. 8. The surge in trading volume for the iShares ETF underscores the bullish impact of Trump’s return to power on the cryptocurrency industry.
With Bitcoin’s price surpassing $80,000, expectations are high for a sustained bullish trend in the upcoming weeks. Analysts predict a potential surge towards $100,000 in the near future.
Crypto Rover, referencing Bitcoin’s historical pattern of reaching record highs within 50-60 days post-US elections, suggests that the price could escalate to $100,000 by January 2025 if the trend persists.
Notably, analyst Doctor Profit emphasizes the recent surge in retail investor purchases and institutional investments, coupled with the limited supply of Bitcoin, as factors contributing to the current price spike.
It’s important to note that this article does not provide investment advice. Readers are advised to conduct their own research and due diligence before making any financial decisions. Stay informed with critical insights on investment opportunities, risk mitigation strategies, and trading updates by subscribing to the Markets Outlook newsletter. Subscribe today to receive exclusive content every Monday.
