Bitcoin [BTC] has entered a positive phase following the recent election of Donald Trump as the 47th President of the United States.
Prior to Trump’s win, there were already speculations that BTC could reach the long-awaited milestone of $100,000, a prediction that is now gaining further traction as Bitcoin approaches $90,000.
Even though Bitcoin is edging closer to the $90,000 mark, experts are cautious about future price movements due to the ongoing volatility in the market.
Aside from Bitcoin’s notable price increase, other cryptocurrencies in the market are also experiencing significant growth.
Impact of Bitcoin’s Approach to $90,000
The recent 11% surge in Bitcoin’s price within 24 hours, bringing it to $89,700 on November 12th, has led to a notable increase in trading volumes for U.S. spot Bitcoin exchange-traded funds (ETFs) and companies such as MicroStrategy Inc. (MSTR) and Coinbase Global Inc. (COIN).
The combined daily trading volumes for these assets hit a record of $38 billion, a substantial jump from the previous high of around $25 million recorded in March.
Commenting on this development, ETF analyst Eric Balchunas from Bloomberg Intelligence said,
“The Bitcoin Industrial Complex (ETFs + MSTR, COIN) saw $38b in trading volume today, lifetime records being set all over the place, incl $IBIT which did $4.5b, which points to a robust week of inflows. Just an insane day, it really deserves a name a la Volmageddon.”
Notable Surge in Bitcoin ETFs
Interestingly, it was not just the usual suspects like Bitcoin ETFs, MSTR, and COIN that witnessed a surge—BlackRock’s spot BTC ETF also broke previous trading volume records.
Shortly after Trump’s election victory, BlackRock’s Bitcoin ETF experienced an inflow of over $1.1 billion in a single day, setting a new benchmark.
MicroStrategy saw one of the most significant gains on November 11th, with its stock price surging by over 25% to $340. Additionally, Coinbase’s stock skyrocketed by nearly 20%, reaching $324.20—its first time over $300 since 2021.
MSTR and COIN emerged among the top five most-traded stocks during early trading, surpassing even tech giants like Apple and Microsoft, as highlighted by ETF analyst Eric Balchunas.
Community Response and Future Outlook
Reflecting on the impact of Trump’s victory, Sam MacDonald responded to Balchunas’ tweet by saying,
“@EricBalchunas just trying to gauge the vibe in Wall Street. Are these numbers turning heads? Seems (from afar) like the Trump effect is pushing everything higher.”
While the recent surge in Bitcoin’s price has generated excitement, it remains uncertain whether this rally is solely driven by Trump’s win or if other factors are also contributing to it.
As the market continues to evolve in the days ahead, it will be interesting to see if Bitcoin’s upward momentum will be sustained or if a correction is on the horizon.