Bitcoin, the very first cryptocurrency, has taken the market by a huge wave. The coin has been on a tremendous rally since Trump emerged victorious. Yesterday, the coin crossed the $80K mark for the first time. With this break-even point crossed, the coin is now soaring in the market, as the price surged above the $81K mark today. With the coin breaking various records in the crypto world, one after another, the main question that pops up in the minds of numerous investors is how high can the coin get during its high run. We will discuss this in the upcoming sections.
Trump’s Rally and Bitcoin Uproar
The US Presidential Election is the main reason behind this sudden uproar in the market. As Donald Trump emerged victorious in the market and the FED cutting bps rate, the original cryptocurrency went on a tremendous rally in the market. Trump being an active Bitcoin supporter has proclaimed in one of his rallies that he aims to become a “pro-Bitcoin President”. This was the point which marked the beginning of a tremendous rally in the market.
Bitcoin, the biggest token by total market capitalization has climbed 17% in the market in the last 7 days following Trump’s victory over Kamala Harris. With the expectation that Trump will offer many friendlier regimes in the US crypto market, a lot of people have bought up the famous cryptocurrency. This in turn led to a rise in the demand for the crypto coin throughout the crypto world. As this demand keeps on increasing with each passing day, experts are claiming that the coin break many further records in the coming days.
Bitcoin Current Market Standing
As Trump’s run began, many cryptocurrencies started making waves in the market. However, the one coin that stands out from the rest is Bitcoin. Ranked #1 by CoinMarketCap, the coin is now one of the most sought-after in the current market. Bitcoin is currently trading at $81,409.73 (at the time of the article’s writing), which is quite close to its current all-time high, $81,858.2902, which was achieved today as well.
7 days prior, the coin was trading at $61.08K. This is considered a huge increase even for a big-name currency like Bitcoin. With a total circulating supply of 19.78 million coins, the market capitalization of the coin now stands at $1.61 Trillion. This is the highest-ever recorded for a cryptocurrency in the current market.
Will Bitcoin cross the $100K mark?
With the ongoing rally, many BTC enthusiasts are wondering the same thing: will it cross the $100K mark by the end of this year or not? All of this speculation and doubts arose the moment BTC traded above the $81K mark yesterday. Up until 4 p.m. ET, the digital coin was flirting with the $77K mark, then suddenly in record time, the market value rose by over 15%.
As the coin keeps breaking its all-time highs, various enthusiasts are looking forward to the next big break in the Bitcoin market. However, several factors influence this growth showcased by the original cryptocurrency. Some of them are listed below:
- Politics: The main factor that resulted in the Bitcoin uprise this time is politics. Trump’s victory has greatly influenced the market in a highly positive way.
- Regulatory measures: If new regulatory measures are adopted by various countries against crypto, then it may lead to a price drop of the coins in the market.
- Institutional investors: Another major factor that can influence the coin’s value is major investors like BlackRock. This can either result in the coin’s value skyrocketing or downfall as these institutions sell all their shares as the currency reigns high in the market. It should be noted that BlackRock’s iShares have accumulated a total of 1.299% percentage of total BTC out there.
Various Technical experts have claimed that the coin’s crossing off its resistance level of $79,600 has given a boost to its ongoing rally, with the next major resistance at $81K. If the coin overcomes this as well, then there is a slight chance that it can further ascend to the $100K mark by the end of this year.
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Bitcoin: Current Market Standing & What The Future Holds For It
