Synopsis
Bitcoin surged to an all-time high of $99,314, driven by optimism following Donald Trump’s election win. The rally is supported by increased trading volumes and crypto-friendly regulatory expectations.
Bitcoin, the world’s largest cryptocurrency by market value, surged to a fresh all-time high of $99,314.95 in early trading on Friday, nearing the historic $100,000 mark. The rally follows Republican Donald Trump’s election victory, which has sparked optimism about a crypto-friendly regulatory environment under his administration.
Bitcoin has more than doubled from this year’s low of $38,505 and is up about 45% in the two weeks since Trump’s election win. At 10:35 AM IST, Bitcoin was trading 1.3% higher at $98,788, with analysts suggesting the milestone could soon be reached.
“The rally was driven by increased trading volumes in the “Bitcoin Industrial Complex” and the news of Trump’s media company filing for a trademark for a crypto payments service, lifting the market sentiment,” said Edul Patel, CEO Of Mudrex.
Crypto Tracker
TOP COIN SETSDeFi Tracker16.09% BuySmart Contract Tracker11.71% BuyWeb3 Tracker10.86% BuyAI Tracker9.85% BuyBTC 50 :: ETH 509.50% BuyTOP COINS (₹) Ethereum286,611 (8.86%)BuySolana22,109 (8.65%)BuyBNB53,596 (4.36%)BuyBitcoin8,361,794 (1.73%)BuyTether85 (0.27%)Buy”BTC now faces critical resistance at $99,950 before breaking into the six-figure territory, with strong support holding at $95,000.” Edul added.
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View Details »Vikram Subburaj, CEO of Giottus, said, “Strong ETF inflows and bullish sentiment are driving the rally this month. Bitcoin’s RSI (at 69) suggests that the asset is not yet in overbought conditions.”
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Trump embraced digital assets during his campaign, promising to make the United States the “crypto capital of the planet” and to accumulate a national stockpile of bitcoin.
More than $4 billion has streamed into US-listed bitcoin exchange-traded funds since the election. This week, there was a strong debut for options on BlackRock’s ETF, with call options – bets on the price going up – more popular than puts.
Meanwhile, other major cryptocurrencies also saw gains, including Ethereum (8%), Solana (8.7%), BNB (3.6%), Dogecoin (2%), Cardano (up 11%), Shiba Inu (3%), and Polkadot (9%). Among the top crypto tokens, XRP surged the most, jumping 24% in the last 24 hours.
“XRP has surged 24% following the resignation of US SEC Chairman Gary Gensler,” said Vikram Subburaj.
Meanwhile, Shivam Thakral, said “XRP led the charge with a remarkable increase, driven by renewed optimism surrounding a more crypto-friendly regulatory environment in the US Investors have their sights set on a possible short-term price goal of $1.40 for XRP.”
“As trading volumes rise and hopes for ETF approvals increase, the future looks extremely positive for XRP and the wider cryptocurrency market as we near the end of the year,” Shivam added.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
