Bitcoin has officially crossed the $85,000 mark for the first time in its history, sparking optimism that it could hit six figures before the year ends. Explore why Bitcoin might reach new heights this November. At precisely 18:41 UTC, Bitcoin’s price soared to a record-breaking $88,455, setting a new all-time high. This milestone comes just one week after former President Donald Trump secured his second term in the 2024 U.S. presidential election, with his victory igniting a fresh wave of enthusiasm among investors.
Trump’s Election Victory Drives Bitcoin’s Surge
Trump’s win has ushered in renewed confidence among market participants, who are increasingly flocking to assets like Bitcoin. The growing demand for “risk-on” investments in the wake of his success has contributed significantly to Bitcoin’s impressive rise. As the market reacts positively, Bitcoin’s price has continued its upward trajectory, with many analysts predicting the cryptocurrency could breach the $100,000 threshold before the end of 2024.
Ryan Lee, the chief analyst at Bitget Research, believes that the results of the U.S. election may set the stage for Bitcoin to surpass the $100,000 mark by the close of the year. According to Lee, implied volatility in the derivatives market and the rising open interest in futures markets are signaling that traders are preparing for a high-volatility move in Bitcoin. Trump’s victory is seen as a positive development for the cryptocurrency sector, with many hoping for clearer regulations that could foster blockchain innovation.
Pro-Crypto Legislative Landscape Under Trump
Trump’s re-election, combined with the Republican Party’s increased influence in the Senate, has bolstered hopes for more favorable policies toward cryptocurrencies. Coinbase CEO Brian Armstrong referred to the current political climate as “the most pro-crypto Congress ever.” The potential for pro-crypto legislation to move forward is boosting investor sentiment, with the anticipation of clearer rules for the cryptocurrency market.