According to the latest data, Bitcoin trading volume has hit a record high. The cryptocurrency surged past $89,956, setting a new record.
Data by Matrixport also shows that Bitcoin trading volume reached a record $145B within a single day, surpassing previous records recorded in the first quarter of this year. The rally continued until the later trading sessions, touching on $170 billion in trading volumes, according to data from CoinGecko.
The Matrixport analysts said easy checks were the primary driver of rising Bitcoin trading, with a focus on fresh money from retail investors excited by Donald Trump’s U.S. presidential election. The cryptocurrency sector is enthralled by Trump’s outline of an economic policy that will make the U.S. the “crypto capital of the planet,” his proposals for the Strategic Bitcoin Reserve, and his appointment of a new SEC chair.
Public awareness has also been reflected in the growth of the frequency of requests concerning Bitcoin, according to Google Trends. This word has not been as famous for the last five years. Interest rose by 78% on the trending page ‘Bitcoin,’ indicating increased retail interest in the cryptocurrency.
Other than retail trading, the spot Bitcoin ETF has attracted more than $4.2 billion, particularly after the election results. This inflow has once again added upward pressure on the Bitcoin price, which has risen to unprecedented levels. According to Matrixport, retail trading activity takes weeks, if not months, when such markets rise, which means that the BTC trend is bullish in the short term.
As of writing this article, Bitcoin had dipped 2.61% from its all-time high in what analysts refer to as the usual market volatility. But for any doubt about the optimism of crypto pioneers such as Michael Saylor and Arthur Hayes, both have pointed to Bitcoin hitting $100k and beyond. Bernstein, similar to other analysts, has stuck to an average of $200,000, anticipating that Trump will continue to encourage positive regulation of Bitcoins.
Bitcoin Bullish Momentum Driven by Patterns and Analyst Projections
The crypto market is still all bullish as technical analysis foresees patterns that suggest the possibility of a higher ground. A trader on social media identified an X formation on the four-hour chart of BTC-USD that resembles a bullish pennant formation and potentially takes the price to $10000 in the short run. Further, last month, Standard Chartered pegged the potential Bitcoin price at $125,000 for the start of 2025.
Some believe that BTC will undergo many corrections before it is ready to break yet another high. An analyst with the handle Pseudo-anonymous Rekt Capital provided his view that Bitcoin prices have enough space to continue rising through the current bull cycle, with the possibility of a high around October 2025.
Consequently, the growth trend in institutional and retail consciousness has amplified the prospects of BTC’s trajectory, mainly filled with obtrusive waves of volatility and value hikes in the near term, as characterized by professional analysts and industry players.
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