At 10:35 AM IST, Bitcoin’s price hit $97,532, with analysts predicting that the $100,000 milestone could soon be within reach.
The cryptocurrency’s price has more than doubled this year and is up about 40% in the two weeks since Trump was voted in as the next US president and a slew of pro-crypto lawmakers were elected to Congress.
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“Bitcoin has seen remarkable growth, crossing $97,000 and nearing the crucial $100,000 threshold, which would push its market value beyond $2 trillion. This surge, driven by the Republican victory in the US elections, has seen BTC rise nearly 40% in just two weeks,” said Shivam Thakral, CEO of BuyUcoin.Balaji Srihari, Business Head at CoinSwitch, added, “Since the US election, Bitcoin has been consistently hitting new records, supported by expectations of a more favorable regulatory environment and the potential for a national Bitcoin reserve. This could further legitimize Bitcoin as a government-backed asset.”
He further noted that “BlackRock’s Bitcoin ETF debut and the options trading on Nasdaq are strong indicators of growing crypto adoption. Additionally, speculations about Microsoft potentially incorporating Bitcoin into its treasury could further solidify institutional confidence in the asset.”Also Read: Crypto Gems: Top crypto assets to watch & buy in November 2024
Trump embraced digital assets during his campaign, promising to make the United States the “crypto capital of the planet” and to accumulate a national stockpile of bitcoin.
More than $4 billion has streamed into US listed bitcoin exchange-traded funds since the election. This week, there was a strong debut for options on BlackRock’s ETF, with call options – bets on the price going up – more popular than puts.
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Meanwhile, other major cryptocurrencies also saw gains, including Ethereum (up 1.1%), Solana (up 2.8%), XRP (up 3.2%), Cardano (up 1.4%), Chainlink (up 14%), and Bitcoin Cash (up 14.1%).
In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, rose to $1.925 trillion. Bitcoin’s dominance is currently 60.3%, according to CoinMarketCap. BTC volume in the last 24 hours surged 12% to $84.16 billion.
(With inputs from agencies)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
