At $90,000, Bitcoin has hit an all-time high that has never been seen in the cryptocurrency market. Last week’s impressive results have made this expansion feasible and increased investor confidence following pro-crypto remarks made by President-elect Donald Trump.
Bitcoin’s rise has somewhat agitated the financial sector to $90,000. The cryptocurrency, up over 30% since Election Day, just passed the significant milestone following a strong climb over the past week. From here, investors are aiming for even greater heights; some predict that Bitcoin could reach $100,000 before the year is over.
Bitcoin began a bull run on November 6 and, in only one week, soared from $69,000 to about $90,000. Fear of missing out (FOMO) and favorable market sentiment drove the spike, which caused both institutional and retail investors to expand their exposure to Bitcoin. Because analysts think the uptrend will continue, market sentiment is positive.
Trump’s Pro-Crypto Declarations Encourage Support
Source: Blockchain News
President-elect Donald Trump’s aspirations to establish the United States as the “crypto capital of the planet” have contributed to the price increase. Trump pledged throughout the campaign to appoint pro-crypto people to federal regulatory positions. Industry insiders predict that the action may bring cryptocurrencies into more favorable territory.
Hester Peirce and Daniel Gallagher are two crypto-friendly individuals that Trump is apparently considering for important appointments to lead organizations like the Security and Exchange Commission.
The Rise of Bitcoin Encourages Optimism among Investors
According to Bitwise’s Chief Investment Officer, Matt Hougan, a strong regulatory framework is one of the primary drivers of the current market momentum and has the potential to push Bitcoin toward six-figure gains. Analysts concur that the current surge in the price of Bitcoin marks the beginning of a new cycle in the cryptocurrency market.
Source: RIA Channel
After hitting all-time highs, Bitcoin is currently in price discovery mode, according to Mike Colonnese of H.C. Wainwright. He concentrated on how Trump’s pro-crypto attitude would garner a positive response. As a result, an upward tilt is more helpful for Bitcoin.
A Pioneering Year for Bitcoin
From its inception in the cryptocurrency market to its current peak, Bitcoin is making history. This surge of function of changing central bank policy expectations shows how mainstream finance has developed and how the global market has accepted it.
With analysts, investors, and cryptocurrency aficionados crossing their fingers, it has been prophesied that this year will set new records in the wake of Bitcoin’s ascent.
