As a seasoned analyst with over two decades of experience in the financial markets, I’ve witnessed numerous market cycles and trends. The current Bitcoin rally is undeniably one for the history books.
Bitcoin is edging closer to the $90,000 mark after recording its largest daily gain in history.
The cost of a single Bitcoin (BTC) is approaching its previous record high of $90,000 following a remarkable week that saw the highest returns since the U.S. banking crisis in March 2023.
Following its all-time high of $85,000 on November 11, Bitcoin experienced its most substantial one-day increase ever, climbing over $8,400 within a single day, as stated by Alex Thorn, the head of research at Galaxy, in a blog post published on November 12.
“November 11, 2024, was the biggest daily gain in Bitcoin history.”
Compared to its other significant daily gains, the second highest was recorded in August 2021. During this time, the value of Bitcoin surged by approximately $7,576 within a 24-hour period, rising from $38,871 to $46,448.
At the moment, the initial global cryptocurrency has surged by more than 28% in the past week and is now being traded at approximately $88,006, according to CryptoMoon’s latest update as of 9:56 am UTC.
According to certain financial experts, Donald Trump’s win as U.S. President could lead to increased demand for high-risk assets, potentially driving the price of Bitcoin over $100,000 by the close of 2024.
Bitcoin ETFs log second billion-dollar inflow day within a week
US-based Bitcoin exchange-traded funds (ETFs) are fueling Bitcoin’s dramatic price surge.
On November 11th, Bitcoin ETFs saw a total of $1.1 billion in positive net investments, following an accumulation of approximately $1.37 billion in Bitcoin on November 7th, as indicated by data from Farside Investors.
On November 11th, I witnessed an impressive surge in Bitcoin‘s value that triggered a remarkable response across key crypto-related stocks. Bitcoin ETFs, MicroStrategy, and Coinbase collectively reached an unprecedented daily trading volume of approximately $38 billion, eclipsing the previous peak of around $25 billion from March. This growth underscores the increasing interest and activity in the cryptocurrency market.
Trump’s victory catalyzed Bitcoin’s parabolic rally — $1 million BTC price next?
As a researcher delving into the realm of cryptocurrencies, I’ve observed an impressive upward trend in Bitcoin’s value since President Trump’s election, a period often linked to enhanced crypto regulations and optimism about potential improvements in monetary policies.
According to Hayes’ perspective, the economic policies of the newly inaugurated Trump administration might potentially drive Bitcoin’s value above $1 million. This prediction was made in a blog post published on November 12th.
“It took $4 trillion to decrease the debt-to-nominal GDP ratio from 132% to 115%. Let’s say the US reduces it further to 70%, which is where the ratio was in September 2008. Just using a linear extrapolation equates to $10.5 trillion of credit that must be created to accomplish this deleveraging. This is how Bitcoin goes to $1 million because prices are set on the margin.”
Quantitative easing is a type of monetary policy used by central banks, which involves buying a fixed quantity of government securities with the goal of boosting economic growth by infusing more money into the financial system.
Investing similar amounts of money into Bitcoin, or injecting liquidity, frequently encourages investors to look for greater yields by purchasing this cryptocurrency as an attractive alternative asset.
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2024-11-12 13:44