Bitcoin Smashes Close to $98,000—Is the $100K Barrier Next?
Bitcoin continued its price explosion this Thursday, hitting all time high and crossed the $97,000 mark in intraday trading. The crypto asset’s price subsequently surged 5.7% to $97,811 on Bitstamp, bringing its market capitalization to $1.93 trillion.
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recent surge Bitcoin value This is not only a market trend but also reflects growing optimism over incoming U.S. President Donald Trump’s potential crypto-friendly policies and his pick for the Securities and Exchange Commission (SEC) chairmanship.
This optimism has led to a 3% increase in the cumulative market capitalization of cryptocurrencies, which currently stands at $3.37 trillion. Thursday’s 24-hour trading volume rose 5% to $190 billion.
Trump wins, bullish trend
In a clear sign of the bullish trend in the Bitcoin market: its price has more than doubled this year. The entire industry has also joined the rally, contributing a staggering $900 billion to the total cryptocurrency market capitalization. With Bitcoin just $3,000 away from the $100,000 milestone, the industry is hopeful about the digital asset’s prospects in the coming weeks.
Mudrex CEO Edu Patel said the price of Bitcoin last year was $30,000. Today, the asset’s price surged to over $97,000, a gain of more than 300%.
Patel said several factors are driving Bitcoin’s price, including Trump’s election and optimism about his election as SEC chairman and his policies. Crypto-Friendly Policy. Additionally, he acknowledged increasing institutional participation in Bitcoin options and ETFs.
Does Trump plan to create a special position to regulate cryptocurrencies?
Bitcoin’s recent price surge highlights the asset and cryptocurrency’s growing importance to the economy. The Trump administration has also indicated the possibility of creating a dedicated office to oversee the government’s cryptocurrency policy.
According to some sources, the president’s team is currently considering setting up this office, and many cryptocurrency executives are seeking to meet with the president.
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MicroStrategy Just Convinced Investors to Pay $520,234 Per BitcoinHere’s the biggest Bitcoin game I’ve ever seen: pic.twitter.com/yeZfGlcm6j
— ELI5 by TLDR (@explain_briefly) November 20, 2024
Institutional Adoption, MicroStrategy’s Bitcoin-First Policy Drive Prices Higher
Some experts also attribute Bitcoin’s recent rise to MicroStrategy’s bold “Bitcoin-first” policy. MicroStrategy’s Michael Saylor doubled down on this approach and purchased additional BTC to expand his portfolio. Other companies have followed suit and plan to add the asset to their inventory.
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The growing popularity of Bitcoin ETFs has also helped, with the market currently benefiting from the introduction of options trading. According to multiple sources, more than $4 billion has flowed into Bitcoin ETFs since the November election. Additionally, this week, Reuters reported that BlackRock got off to an exciting start by launching a BTC ETF with call options.
Featured image from Pixabay, chart from TradingView
