Bitcoin has reached an all-time high of $90,000, a level the cryptocurrency market has never witnessed. This growth has been possible due to last week’s strong earnings and deepened investor optimism in pro-crypto statements from President-elect Donald Trump.
Bitcoin’s surge to $90,000 has created quite a stir in the financial world. After a sharp rally over the past week, the cryptocurrency edged past the major milestone, up over 30% since Election Day. Investors are eyeing even higher levels from here, with some calling for Bitcoin at $100,000 before the year’s end.
Bitcoin’s Price touched $89,623 late Monday and held near $90,000 Tuesday morning. Market Sentiment is generally upbeat, as analysts believe that uptrends will continue. Historical Growth: Bitcoin has surged over 300% since hitting its low of below $16,000 last year.
Trump’s Pro-Crypto Promises Fuel Rally
The price jump has been partly driven by President-elect Donald Trump’s ambitions to make the U.S. the “crypto capital of the planet.” On the campaign trail, Trump vowed to fill federal regulatory roles with individuals who were friendly to crypto. According to industry experts, the move could usher in friendlier terrain for cryptocurrency.
Trump reportedly considers key appointments involving crypto-friendly figures like Hester Peirce and Daniel Gallagher, who will head agencies such as the Security and Exchange Commission. This has boosted optimism for a regulatory landscape that is friendly to digital assets.
Bitcoin’s Climb Spurs Investor Optimism
Matt Hougan, Chief Investment Officer of Bitwise, said that a good regulatory regime is one of the main catalysts behind this recent market momentum and could propel Bitcoin towards six-figure gains. Analysts agree that Bitcoin’s recent price pump ushers in a new cycle for the crypto market.
According to the analysts, this recent price action suggests that there will be more significant gains to come now, and the $100,000 mark is not that far-fetched anymore. Investors have termed this period a chance to leverage regulatory tailwinds and strong market sentiment.
Bitcoin is now in price discovery mode after breaking through all-time highs,” said Mike Colonnese of H.C. Wainwright. He also focused on how favorable sentiment around Trump’s pro-crypto stance would prevail and, thus, an upside bias is more favorable for Bitcoin.
A Historic Year for Bitcoin
From the early days of its presence in the crypto market to the record high, Bitcoin is creating history. Despite dramatic price swings, Bitcoin has climbed steadily over the past decade. This surge function of evolving expectations of central bank policies- demonstrates the development of mainstream finance and global market acceptance.
Having investors, analysts, and crypto enthusiasts keeping their fingers crossed, it has been predicted that this year will break records following the rise of Bitcoin through new milestones.
This news is republished from another source. You can check the original article here
