- Bitcoin has registered a rapid rise in its value in the past 24-hours
- The coin has reached a record-high of over $89,000 as it inches closer to the $100k mark
As a seasoned researcher with a keen eye for market trends and over a decade of experience in the financial industry, I must say that the current surge in Bitcoin’s value is nothing short of breathtaking. The rapid rise to over $89,000, just 24 hours after the US Presidential election result, is reminiscent of a rollercoaster ride, albeit one with a highly profitable payoff.
1) Following the outcome of the U.S. Presidential election, there’s a positive sentiment brewing within the financial markets. Moreover, the second term for President Donald Trump has influenced the cryptocurrency market notably, with Bitcoin (BTC) assuming dominance.
remarkably, the cryptocurrency known as King Coin has shattered several records in a single day, reaching a peak of $89,666 on the Coinbase platform, according to TradingView. Currently, it’s being traded at prices above $88,000, with a value of $88,664 as shown by CoinMarketCap.
Over the last day, the value of this digital currency has experienced a jump of more than 10%, and since President Trump’s election, it has seen a continuous growth of over 30%. In the past 24 hours alone, its trading volume reached an impressive $116.47 billion, while its market capitalization was estimated at an impressive $1.75 trillion.
Read Bitcoin’s [BTC] Price Prediction 2024–2025
Noteworthy is that the coin last experienced such a significant surge back around late March and early April of this year. At that time, the coin reached over $70,000 and it has now returned to that level this week. Impressively, the coin increased by more than $9000 in just one day, with Bitcoin’s closing price for Sunday being 80,087.81, according to TradingView.
Furthermore, the current surge in Bitcoin (BTC) price seems similar to its past bullish trends. This suggests that reaching $100k might be imminent for the leading cryptocurrency. Additionally, TradingView indicators like Parabolic SAR and RSI show a significant buying interest in the market at present.
On the one-day chart, the dots sit beneath the candlesticks, suggesting an ongoing upward movement, a positive or ‘bullish’ outlook. Simultaneously, the Relative Strength Index (RSI) is significantly above 70, indicating that Bitcoin is currently overvalued, reflecting excessive market greed.
Bitcoin’s ripple effect
It appears that Bitcoin hitting new record highs is significantly affecting not just the crypto market but also various financial and non-financial institutions with similar interests. Today, the stock price of MicroStrategy, a software firm specializing in Bitcoin, reached its highest point in 24 years, peaking at $351.73.
Coinbase, an American-based cryptocurrency exchange, also registered a similar trend.
Read More
- TRB PREDICTION. TRB cryptocurrency
- GBP EUR PREDICTION
- TNSR PREDICTION. TNSR cryptocurrency
- RLC PREDICTION. RLC cryptocurrency
- POL PREDICTION. POL cryptocurrency
- SEI PREDICTION. SEI cryptocurrency
- HBAR PREDICTION. HBAR cryptocurrency
- OKB PREDICTION. OKB cryptocurrency
- CNY RUB PREDICTION
- API3 PREDICTION. API3 cryptocurrency
2024-11-12 03:05