Bitcoin Closing In Fast On $90,000 As Post-Election Rally Continues
13 November 2024 - 2:00AM
NEWSBTC
Crypto investors are getting excited about the latest price surge
of Bitcoin, which occurred only days after the US election, fueled
by favorable market sentiment toward the digital currency industry.
Long-term holders of the firstborn cryptocurrency are now becoming
interested in Bitcoin, as the digital coin is fast approaching the
much-anticipated $90,000 mark. Related Reading: Ethereum Whale Data
Signals Big Moves Ahead As Stakeholder Activity Spikes $90K Is Just
Around The Corner Data showed that BTC’s price continues to surge,
and analysts are confident that it will hit the $90,000 level
sooner than expected. Just several days after Donald Trump
reclaimed the White House, Bitcoin price has been moving upward as
the upcoming administration offers a favorable treatment of the
cryptocurrency sector. For the first time, Bitcoin went beyond the
$87,000 mark after reaching $87,198, which more than doubled the
$37,000 recorded 12 months ago. Then, it slightly slipped a bit on
Monday. In early Tuesday, BTC once again hit another all-time high
when the coin hit $89,804, which raised its total market value to a
whopping $1.77 trillion. The leading crypto asset saw a gentle drop
as long-term holders started to make movements. At the time of
writing, Bitcoin price is pegged at $88,800. The alpha coin hit a
new all-time high on Monday. On Bitstamp, BTC registered $89,899.
Analysts also noted that as BTC’s price moves upward so does its
daily trading volume increases with a current value of $133
billion. Bitcoin: The Domino Effect Analysts said that the positive
sentiment on Bitcoin is also having a domino effect on the entire
cryptocurrency sector. Its price surge is also pulling the price of
other digital currencies worldwide. CoinGecko noted that in the
past 24 hours, the market capitalization of the global
cryptocurrency was boosted by 4.7% and now boasted a record high of
$3.11 trillion. In addition, in the past week, the crypto market
has already experienced a massive $765 billion increase. In another
report, crypto analysts said that crypto-related investment
products recorded the virtual coin’s highest year-to-date inflows
of about $31.3 billion, and the total amount of assets under
management hit $116 billion. Related Reading: Bitcoin Closing In On
$80,000 For Record-Breaking Run After Trump Win If you’re
wondering what’s happening with #Bitcoin… Yes, the incoming
Bitcoin-friendly administration has provided a recent catalyst…
But, that’s not the main story here. The main story here is that we
are 6+ months post-halving. And that means a supply shock has…
pic.twitter.com/XkwPoPxrj2 — Jesse Myers (Croesus 🔴) (@Croesus_BTC)
November 11, 2024 The ‘Trump Pump’ City Index senior market analyst
Matt Simpson called the recent price movement in the cryptocurrency
market a “Trump Pump”, explaining that many investors are betting
that the Trump administration will pave the way for more
cryptocurrency adoption. Meanwhile, other analysts credited the
positive sentiment on the crypto market as brought about by the
promise of a more deregulated industry. Lazard chief market
strategist Ronald Temple said the incoming US president promised to
dismiss the current head of the US Securities Exchange Commission
(SEC), Gary Gensler, on the first day of his office. The SEC has
been pushing for the implementation of more rigorous regulations on
cryptocurrencies, a move being criticized by crypto investors and
entrepreneurs. Featured image via Grok, chart from TradingView
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
Von Nov 2024 bis Dez 2024
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
Von Dez 2023 bis Dez 2024