NewsBTC
22 November 2024
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Bitcoin Hits New All-Time High of $97,811 Amid Market Surge

Bitcoin reached a new all-time high on Thursday, exceeding $97,000 during intra-day trading and hitting $97,811 on Bitstamp, raising its market cap to $1.93 trillion.

This price surge reflects growing optimism regarding US President Donald Trump’s potential crypto-friendly policies and his selection for the SEC chief. The cumulative cryptocurrency market cap increased by 3% to $3.37 trillion, with a 24-hour trading volume of $190 billion, up 5%.

Bullish Trend Following Trump’s Election

Bitcoin's price has more than doubled this year, contributing $900 billion to the total crypto market capitalization. With Bitcoin nearing the $100,000 mark, there is significant anticipation for the asset’s future performance.

Edu Patel, CEO of Mudrex, noted that Bitcoin's price rose from $30,000 last year to over $97,000 this year, marking a growth of over 300%. Factors influencing this increase include Trump's election and expectations around his SEC chairman choice, along with rising institutional interest in Bitcoin options and ETFs.

Potential Oversight of Cryptocurrency Under Trump

The recent Bitcoin price increase indicates its growing significance in the economy. The Trump administration is reportedly considering establishing an office dedicated to overseeing cryptocurrency policies, with many industry executives seeking meetings with the president.

Institutional Adoption and MicroStrategy’s Influence

Experts attribute part of Bitcoin's rise to MicroStrategy's "Bitcoin-first" strategy led by Michael Saylor, who continues to purchase BTC. Other companies are also planning to add Bitcoin to their portfolios.

The popularity of Bitcoin ETFs is increasing, with over $4 billion invested in these funds since the November elections. BlackRock is reportedly experiencing strong performance with its BTC ETFs and call options.

Featured image from Pixabay, chart from TradingView