Originally published on: November 10, 2024
Bitcoin has achieved a significant milestone by surpassing the $80,000 mark for the first time in history, setting a new ‘inflation-adjusted’ all-time high amidst the aftermath of the US presidential elections. The cryptocurrency market has seen a surge with over $1.5 trillion in market capitalization as Bitcoin continues its upward trajectory.
Following Donald Trump’s reelection, Bitcoin’s price saw a remarkable increase of almost 4.50% on Nov. 10, reaching an unprecedented high of $80,116 according to data from Bitstamp. This surge also impacted other cryptocurrencies like Ether (ETH), Dogecoin (DOGE), and Cardano (ADA) which witnessed a rally in their prices as well.
Trump’s promise to propel the US as a leader in the crypto industry and his plans for a strategic Bitcoin reserve sparked optimism among investors. Since his victory on Nov. 6, Bitcoin has surged by 15.65% and is poised to deliver its strongest weekly performance since February.
Driven by strong demand for US-based ETFs and Federal Reserve interest rate cuts, Bitcoin has shown an 80% increase in 2024, outperforming traditional investments like stocks and gold.
The rise in Bitcoin’s price has been fueled by Spot Bitcoin ETFs such as Blackrock Inc.’s iShares Bitcoin Trust (IBIT) which saw a daily influx of nearly $1.4 billion on Nov. 8. The bullish impact of Trump’s return to power on the crypto industry was evident with record trading volumes for the iShares ETF.
As Bitcoin climbs above $80,000, experts predict a continued bullish trend with the possibility of reaching $100,000 in the near future. Analysts anticipate a rise toward the six-figure mark citing historical trends and market conditions.
The recent surge in Bitcoin’s price has captured the attention of investors worldwide, signaling a positive outlook for the cryptocurrency market in the coming weeks. With the potential for further growth and new investment opportunities on the horizon, staying informed and conducting thorough research is crucial for making sound financial decisions in the ever-evolving crypto landscape.
