As a seasoned crypto investor with a knack for spotting trends and a keen eye for market dynamics, I must say that the recent surge of Bitcoin to the $80,000 mark is nothing short of exhilarating. With over a decade of experience navigating the cryptosphere, I’ve seen my fair share of ups and downs, but this bull run has certainly stood out as one for the books.
In a historic milestone, the value of a single Bitcoin (BTC) surpassed $80,000 for the first time, mere days following the re-election of Donald Trump as President of the United States.
On November 10th, the leading cryptocurrency surged nearly 4.5% to attain a fresh inflation-corrected peak of $80,116, according to Bitstamp data. Meanwhile, other tokens like Ether (ETH), Dogecoin (DOGE), and Cardano (ADA) also saw an upward trend.
During Trump’s election campaigns, he pledged to place the United States at the forefront of the cryptocurrency market. His plans included creating a strategic Bitcoin reserve and appointing individuals who support digital currencies as regulators. After his victory on November 6th, Bitcoin experienced a surge of 15.65% and is currently on track for its best weekly performance since February.
Bitcoin beats gold, stocks in 2024
In the year 2024, Bitcoin experienced a significant jump of around 80%, primarily fueled by increased appetite for U.S.-based exchange-traded funds (ETFs) and Federal Reserve’s decision to lower interest rates. Consequently, it has outshone traditional investments such as stocks and gold in terms of growth.
Investment products like the BlackRock Inc.’s $35 billion iShares Bitcoin Trust (IBIT) have significantly contributed to the escalating Bitcoin price surge we’re currently witnessing.
On November 8th, IBIT noted almost $1.4 billion in daily net inflows as per Farside Investors’ data. The previous day saw a record-breaking trading volume for the iShares ETF, suggesting that Trump’s potential political resurgence may have fueled optimism in the crypto sector.
BTC price will hit $100K next, asserts top analysts
The surge of Bitcoin past $80,000 has sparked excitement that it might continue its upward trend in the upcoming weeks, as several experts predict a potential increase towards $100,000.
For example, Crypto Rover pointed out that Bitcoin often hits new peaks around 50 to 60 days following U.S. elections, implying that it might surge to $100,000 by January 20245 if this pattern continues.
According to analyst Doctor Profit’s analysis, over the past few days, approximately 60,000 Bitcoins have been purchased by individual investors, while institutional investor BlackRock acquired around 1800 Bitcoins. It’s important to note that only about 450 new Bitcoins are mined every day, and currently, just over two million Bitcoins are available for purchase on exchanges.
“If we continue in this speed we will reach $100,000 by end of year.”
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2024-11-10 16:06