Bitcoin is on the roll, and there is great anticipation that it will continue to increase.
The market is wagering that before President Donald Trump, elected just days ago, takes office, the trailblazing cryptocurrency asset may achieve a new benchmark of $100,000.
Amid strong views in the crypto sector, Trump’s election triumph has strengthened the crypto ecosystem, with Bitcoin hitting an all-time high of $76.5K following the Republican president’s victory.
Due to Trump’s efforts, Bitcoin reached its highest point on November 7, surpassing the $76K threshold. The findings indicate that the United States will have its first-ever pro-crypto president, thus this recent spike may be only the beginning.
Due to Trump’s efforts, Bitcoin reached its highest point on November 7, surpassing the $76K threshold. The findings indicate that the United States will have its first-ever pro-crypto president, thus this recent spike may be only the beginning.
The Impact Of Trump’s Win On The Rise
Since Trump’s election, the value of Bitcoin (BTC) has increased by 14%, more than 21% in the last month, and doubled in the last year.
After the U.S. Securities and Exchange Commission (SEC) authorized the first cryptocurrency-based exchange-traded fund (ETF) in January, the cryptocurrency community had high expectations for Bitcoin at the beginning of the year. Bitcoin reached the $73,000 milestone in under three months.
According to market fundamentals, the election of the first Bitcoin supporter to the White House may help Bitcoin overcome its current situation. One source claims that Bitcoin might hit $100,000 before to Trump’s inauguration after his election earlier this week.
During the spike after Trump’s election, other popular altcoins, such as meme tokens and tokens of decentralized exchanges, have also increased by more than 10%.
The “Trump trade” refers to the relationship between the increase in the bond and U.S. stock markets.
“BTC has now gone through three election cycles since its establishment in 2009, all of which resulted in skyrocketing growth that couldn’t return to pre-election levels,” QCP Capital traders wrote late Tuesday on their Telegram channel.
“We expect this bullish momentum to remain strong as we enter 2025,” QCP continued.
Global investment firm Bernstein predicts that Bitcoin might hit $200,000 by 2025. According to Bernstein’s analysts, record debt levels, monetary growth, and a lack of U.S. budgetary control have all contributed to a surge in demand for hard assets.
“The trend will further push spot Bitcoin ETFs’ successful momentum if there is enough room for expansion,” the firm stated.
The sentiment is consistent with the general direction of Bitcoin this year.
Additionally, Bitcoin ETFs were significantly impacted by Trump’s election. The investment vehicle experienced its highest-volume day ever after his triumph. More than $4.1 billion was exchanged, especially after the Associated Press called the race.
