As of the latest update, Bitcoin (BTC) was seen trading at an impressive value of $97,335.22, showing a significant surge of 5.14% within the past 24 hours. This positive momentum has been attributed to various factors, including the recent victory of Donald Trump as the 47th President of the United States.
Statistics from CoinMarketCap reveal that Bitcoin has experienced a notable 8% growth over the past week and a remarkable 43% surge in the last month alone.
This continuous rally is pushing the cryptocurrency closer to the coveted $100,000 milestone, with market confidence bolstered by the anticipation of a more favorable regulatory environment for crypto assets under the new administration led by Trump.
Influence of Trump on Bitcoin Market
The ongoing surge coincides with the success of pro-crypto lawmakers in Congress, sparking optimism about potential regulatory changes that could further drive the cryptocurrency market forward.
Analyst Tony Sycamore from IG Markets noted, “Although Bitcoin is currently overbought, it is gravitating towards the $100k mark.”
However, not all experts attribute Bitcoin’s rise solely to the political landscape. Jesse Myers, co-founder of OnrampBitcoin, emphasized the impact of post-halving dynamics on the market.
Bitcoin ETF Performance under Trump’s Influence
Following the election, Bitcoin ETFs observed a significant increase in investor interest, with a substantial influx of $773.4 million recorded by Farside Investors by November 20th.
U.S.-listed Bitcoin ETFs have collectively drawn over $4 billion post-election, indicating a strong demand for such investment products. BlackRock’s Bitcoin ETF (IBIT.O) witnessed a positive response in its options market, with bullish bets outperforming bearish ones.
Impact on Crypto Stocks
Furthermore, companies associated with the crypto sector experienced notable gains amidst Bitcoin’s price rally. MARA Holdings, a major Bitcoin mining entity, saw its shares surge by almost 14%, reflecting positive investor sentiment. Similarly, MicroStrategy, known for its strategic Bitcoin acquisitions, observed a 10% rise in its stock value, surpassing a market capitalization of $100 billion.
These instances demonstrate the profound influence of Bitcoin’s surge on the broader cryptocurrency market and related equities.
Tom Lee, an analyst at Fundstrat, expressed optimism by stating, “I expect Bitcoin to comfortably surpass $100,000 by the end of this year.”