The Spike in Cryptocurrency Market Values: A 41% Surge in Bitcoin Price – Attributed to Trump’s Influence?
Bitcoin, formerly struggling to exceed the $60,000 threshold just a few weeks earlier, has become a focal point amid its remarkable surge.
Latest data from CoinMarketCap reveals that BTC has climbed to $88,683, marking a notable upsurge of 8.81% within a 24-hour period.
The cryptocurrency’s performance over the past week and month has been equally impressive, showcasing gains of 28.72% and 41.21% consecutively.
Influence of Trump on the Cryptocurrency Market Surge
This extraordinary rally has driven Bitcoin beyond the $89,000 mark, contributing to an overall uptick in the crypto market, surpassing its previous peak during the pandemic.
A significant portion of this growth has been fueled by market optimism, as traders speculate on a continuous uptrend under the current administration of Donald Trump.
Anthony Scaramucci, CEO of SkyBridge Capital, who had been critical of Trump during the election period, recognized the impact of the Republican win on Bitcoin’s recent bullish run.
Scaramucci has shown increasing confidence in the possibility of the U.S. establishing a Strategic Bitcoin Reserve, potentially leading to higher institutional investments and further boosting the cryptocurrency’s value.
Bitcoin’s Surge Beyond Trump’s Victory
However, not everyone shares the same perspective as Jesse Myers, co-founder of OnrampBitcoin.
“While the upcoming Bitcoin-friendly administration may have played a role as a recent catalyst… That’s not the main narrative here.”
According to Myers,
“The primary storyline revolves around being more than 6 months post-halving.”
He emphasizes that the halving event of Bitcoin has caused a disparity in supply and demand, where the available supply has been insufficient to meet the growing demand at existing price levels.
This demand-supply discrepancy has led to a surge in prices to rebalance, a pattern commonly observed post each halving event.
Referencing historical patterns post the halvings in 2012, 2016, and 2020, Myers anticipates a similar outcome post the 2024 halving, with the market entering a bullish phase propelling BTC’s value further up.
Thus, as per Myers, the surge post-halving is anticipated to drive the next substantial uptick for the cryptocurrency.
While acknowledging that Trump may not be the sole driver behind Bitcoin’s uptrend, Myers remains optimistic about Bitcoin’s long-term sustainability.
Peter Schiff’s Dismissal Despite Bitcoin’s Headlines
In contrast, Peter Schiff, a vocal critic of Bitcoin, remains skeptical amidst the recent surge. Schiff has disregarded the current rally, standing firm on his belief that Bitcoin’s ascension is speculative and unsustainable, cautioning investors about potential risks in the long run.
He remarked,
“Throughout the years, Bitcoin proponents have led many astray.”
With Bitcoin edging closer to the $90K mark as the RSI hits overbought levels, the future trajectory of the cryptocurrency attracts significant anticipation.