Bitcoin's rally continued on thursday (Nov 21), moving ever closer to the US$100,000 mark. The Bitcoin price surged over US$98,000 during European trading yesterday. The Digital assets moved higher by around 4% in the session, taking the meteoric ascent to unprecedented heights.
Today, on November 22, 2024, Bitcoin has opened at a price of approx. US$98,454. As the closing time approaches, Bitcoin (BTC) price has reached around US$99,248. The current market cap for Bitcoin has soared to US$1.90 trillion, with a trading volume of approx. US$99.18 billion in the last 24 hours.
Bitcoin has more than doubled its valuation this year with a significant 40% increase in the two weeks since Donald Trump US Presidential election win. The infamous cryptocurrency as of now, shows signs of a continual bull run.
The driving factor for the escalation of Bitcoin's price is growing expectations of new favourable Trump crypto policies. Trump’s promise to make USA ‘the crypto capital of the planet’ have boosted investor sentiment more ever since his election win. Further appointment of pro-crypto lawmakers by Trump administration in Congress may help Bitcoin break its historic psychological resistance.
IG Markets analyst Tony Sycamore commented that, “Bitcoin is certainly now firmly in overbought territory, but still being pulled towards the $100,000 mark." He added that “the rapid appreciation in the value of Bitcoin reflects still growing investor confidence in addition to wider adoption of digital assets."
In the aftermath of the election, more than US$4 billion has flowed into US-listed Bitcoin ETFs, a nod to growing institutional interest. This week, options on BlackRock's Bitcoin ETF had a strong start, with more people taking call options. These wagers show the investor’s expectations of a further Bitcoin price surge. The Bitcoin ETFs rally suggests optimism for the future price trajectory of Bitcoin.
The related stocks have also risen in sync with the price rally of Bitcoin, as investors place their bets on the wider growth of the crypto ecosystem. The rise of the digital asset and its associated markets indicates a potentially transformative period for the industry. The Bitcoin rally continues to be driven by both regulatory and investor momentum.