The value of Bitcoin, the world’s most popular cryptocurrency, hit a record high of $97,930 on Thursday, 21 November, demonstrating incredible growth. Over the past two weeks, since Donald Trump won the US presidential election, Bitcoin has gained more than 40% in value. This is evidenced by CoinDesk data.
Market dynamics
After reaching its peak, the price of the cryptocurrency slightly dropped to $97,247, but continues to show a stable upward trend. The day’s growth was 4.21%, and since the beginning of the year, the price of Bitcoin has more than doubled, which indicates that investors have significant confidence in digital assets.
Trump and the crypto industry
The victory of Donald Trump, who actively supported digital assets during his election campaign, was a catalyst for the cryptocurrency market. His promise to make the United States the “crypto capital of the world” and integrate Bitcoin into the national economy boosted investor optimism.
Since the election, US cryptocurrency exchanges have received more than $4 billion in new business, part of a global trend of growing demand for digital assets.
Bitcoin’s growth is accompanied by a boom in the shares of cryptocurrency-related companies:
- MARA Holdings, a cryptocurrency miner, rose by 14% overnight.
- MicroStrategy, a company known for its large investments in Bitcoin, grew by 10% to reach a market cap of over $100 billion.
In addition, the debut of BlackRock’s ETF options this week has boosted demand for crypto instruments.
Tony Sycamore, an analyst at IG Markets, noted that Bitcoin is currently in an overbought zone, but the psychological limit of $100,000 remains realistic.
“This is an optimistic signal not only for Bitcoin, but for the entire blockchain ecosystem,” said Will Peck, head of digital assets at WisdomTree.
Despite the rapid growth, regulatory issues surrounding cryptocurrencies remain unresolved. However, investors are hopeful that the Trump administration will clarify regulations, opening up new opportunities for the market.
Amid these changes, Bitcoin has every chance of becoming not only a digital asset, but also the basis of a new global financial paradigm.
