For the first time, Bitcoin's
This historic surge occurred in the days following Donald Trump’s reelection as the United States President, a win that has sparked a rally not only in Bitcoin but also in other popular cryptocurrencies like Cardano
Trump’s election campaign promises to prioritize crypto leadership and establish a US Bitcoin reserve appear to have resonated strongly with the market. He also pledged to assign crypto-supportive regulators, fueling confidence among investors that crypto assets would be nurtured under his administration.
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Throughout 2024, Bitcoin has seen an 80% rise, largely driven by the Federal Reserve's decision to cut interest rates and the demand for US-based exchange-traded funds (ETFs). Recent data from Farside Investors revealed that on November 7, Bitcoin ETFs attracted record inflows of $1.37 billion, representing investors' bullish response to crypto-positive political changes.
Bitcoin's rise past the $80,000 level has spurred optimism about the potential for further price increases in the coming weeks. One crypto analyst, Crypto Rover, pointed out that Bitcoin often reaches all-time highs within 50-60 days after the US elections. Based on these patterns, he projects that Bitcoin might achieve $100,000 by January 2025, should market dynamics align favorably.
Another expert, Doctor Profit, noted that over the last few days, retail investors have purchased roughly 60,000 BTC, while BlackRock has acquired approximately 1,800 BTC. Doctor Profit believes this high buying rate could propel Bitcoin to the $100,000 mark by the year's end if sustained.
In other news, Cardano's price has increased by more than 40% due to speculation about Charles Hoskinson potentially joining the Trump administration.
