The price of Bitcoin (BTC) surpassed $80,000 for the first time in history, just days after Donald Trump was re-elected in the U.S. presidential election, and its market capitalization exceeded $1.5 trillion.
On November 10, the top cryptocurrency rose nearly 4.50%, reaching an inflation-adjusted high of $80,116 (Bitstamp data). Smaller tokens also rallied, including Ether (ETH), Dogecoin (DOGE), and Cardano (ADA).
BTC/USD daily price chart. Source: TradingView
During his election campaign, Trump pledged to position the United States as a leader in the cryptocurrency industry, further suggesting developing strategic Bitcoin reserves and appointing a cryptocurrency regulator. Since his win on November 6, Bitcoin is up 15.65% and is on track for its best weekly performance since February.
Bitcoin will surpass gold and stocks by 2024
Bitcoin has surged about 80% in 2024, driven by strong demand for U.S.-based exchange-traded funds (ETFs) and interest rate cuts by the Federal Reserve. In doing so, it has outperformed traditional investments such as stocks and gold.
Gold and S&P 500 Index vs. BTC/USD Annual Performance. Source: TradingView
Spot Bitcoin ETFs, such as BlackRock Inc.’s $35 billion iShares Bitcoin Trust (IBIT), have played a large role in the ongoing BTC price boom.
For example, IBIT had daily net inflows of nearly $1.4 billion on November 8, according to Farside Investors data. The day before, trading volume for the iShares ETF hit an all-time high, highlighting the positive impact of Trump’s political return on the cryptocurrency industry.
Bitcoin ETF net cumulative flow. Source: Farside Investors
Top analysts claim that BTC price will reach $100,000 next.
Bitcoin’s rise above $80,000 has raised hopes for a continued rally in the coming weeks, with several analysts predicting it will head towards $100,000 next.
relevant: Bitcoin expected to reach $200,000 by the end of 2025: Bernstein Research
Crypto Rover, for example, cited Bitcoin’s tendency to hit all-time highs “50 to 60 days after the U.S. election,” suggesting that if the fractal goes as intended, the price could reach $100,000 by January 20245. I mentioned that it can be done.
source: cryptocurrency rover
“Over the past few days, retail investors have purchased 60,000 BTC, while BlackRock has purchased 1800 BTC. At the same time, only 450 Bitcoins are mined each day and only 2 million BTC are available for purchase on exchanges,” said analyst Doctor Profit. adding:
“If we continue at this pace, we will reach $100,000 by the end of the year.”
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.