Originally published on: November 11, 2024
Bitcoin made history by surpassing the $85,000 mark for the first time ever, fueling speculation that it could hit six figures before the end of 2024.
The new peak of $85,000 was reached at 18:41 UTC, according to Cointelegraph data. This milestone comes on the heels of former President Donald Trump’s victory in the 2024 US elections, sparking a surge in bullish sentiment among investors.
With Bitcoin now just 17.6% away from the coveted $100,000 threshold, experts like Ryan Lee, chief analyst at Bitget Research, believe that the cryptocurrency could reach this milestone by the end of the year. The derivatives market’s implied volatility and increasing open interest in futures are indicators of a potential high-volatility move for Bitcoin.
Trump’s reelection and the Republican Party’s majority control of the Senate have bolstered hopes for favorable cryptocurrency regulations. Coinbase CEO Brian Armstrong dubbed this the “most pro-crypto Congress ever,” suggesting a positive outlook for the blockchain industry.
Moreover, the inflow from US spot Bitcoin exchange-traded funds (ETFs) has contributed to Bitcoin’s upward trajectory. BlackRock’s Bitcoin ETF saw a staggering $1 billion trading volume in the immediate aftermath of the election.
As Bitcoin continues to make headlines and climb towards the $100,000 mark, the future looks promising for cryptocurrency investors. Stay tuned for more updates on this exciting journey to new heights.
