Shotting up by more than 3%, Bitcoin price is now $98,367.
Bitcoin continues to surge after Trump’s victory AUSTIN, Texas – NOVEMBER 12: In this photo, a Bitcoin chart is displayed on a laptop screen in Austin, Texas, on November 12, 2024. Bitcoin hit a new record, with its index performance peaking above $89,000 this morning. Brandon Bell/Getty Images
Over the past two weeks of November, a few days after Trump’s victory over Harris, the price of Bitcoin has been rising unstoppably. Now, it is about to reach six figures.
On Thursday, Bitcoin not only broke through the $90,000 threshold, but also set a new record. With this, Bitcoin is now close to the much-anticipated $100,000 target.
VCPost said that currently optimism is high as investors react positively to expectations of supportive policies during Donald Trump’s second term and tend to invest in stocks and Bitcoin.
Bitcoin Achieves Record Feat
The cryptocurrency is up more than 3% year to date, hitting an all-time high of $98,367. The same is true for other cryptocurrency-related stocks, including Coinbase and MicroStrategy, which have also seen big gains.
Market analysts told CNBC that this has led to a renewed interest in cryptocurrencies, in part due to hopes that regulatory reforms will be favorable to cryptocurrencies. Trump’s stance on establishing a national Bitcoin reserve and easing regulations has boosted investor optimism. In addition, funding rates in the futures market have surged, and $88 million in short liquidations have led to a rise in Bitcoin prices during the Asian trading session.
Bitcoin’s 2024 rally has been strong so far, with the cryptocurrency up more than 130% since the start of the year. Market consolidation appears to be over, with investors rushing in to try to catch the early bullish momentum, and analysts believe Bitcoin could reach $100,000 sooner than anyone expects: a historic achievement for the industry.
However, VCPost understands that there are other impacts to Bitcoin that need to be aware of, with another Trump presidency likely to result in larger budget deficits, inflation, and a shift in the dollar’s global role, factors that would normally drive demand for Bitcoin.
As Bitcoin continues its rally towards $100,000, market analysts are watching to see if it stabilizes or continues to rise in the coming weeks.