Originally published on: November 12, 2024
Bitcoin has made history with its largest daily gain ever, pushing towards the $90,000 milestone.
The cryptocurrency’s price is rapidly approaching the $90,000 record high after experiencing its best weekly return since the March 2023 banking crisis in the United States.
On November 11, Bitcoin surpassed the $85,000 record high and saw an unprecedented daily gain of over $8,400, as reported by Alex Thorn, the head of research at Galaxy.
In comparison, the second-largest daily gain occurred in August 2021, with Bitcoin rising over $7,576 in a single day.
Currently, Bitcoin is up over 28% for the week, trading above $88,006, according to Cointelegraph data.
Market analysts predict that Donald Trump’s victory in the US presidential election will drive demand for risk-on assets, potentially propelling Bitcoin above $100,000 by the end of 2024.
US-based spot Bitcoin exchange-traded funds (ETFs) have been contributing to Bitcoin’s upward trajectory, with a significant influx of funds into Bitcoin ETFs recently.
The combined daily trading volume of Bitcoin ETFs, MicroStrategy, and Coinbase reached a record $38 billion, showcasing the growing interest in cryptocurrencies.
Trump’s win is associated with hopes of more favorable crypto regulations, leading to a surge in Bitcoin’s price. Some experts even believe that Bitcoin could reach the $1 million milestone in the future.
As the Trump administration’s economic policies take shape, Bitcoin’s price is expected to benefit from liquidity injections and investors seeking higher returns in alternative assets.
The future looks bright for Bitcoin as it continues its upward trajectory in the ever-changing world of cryptocurrency.
