Bitcoin’s meteoric rise continued this Thursday, shattering previous records by surging past $99,000. During intra-day trading, the top cryptocurrency soared 5.7%, reaching a new peak of $98,988 on Bitstamp, boosting its market capitalization to $1.93 trillion.
This unprecedented surge reflects heightened investor optimism tied to incoming U.S. President Donald Trump’s rumored crypto-friendly policies and the anticipated appointment of a pro-crypto Securities and Exchange Commission (SEC) chief.
The overall cryptocurrency market cap has risen by 3%, hitting $3.37 trillion, with 24-hour trading volume spiking 5% to $190 billion.
Trump’s Victory Fuels Bitcoin Rally
Bitcoin has seen explosive growth this year, more than doubling its value. Industry-wide momentum added $900 billion to the global crypto market cap, and with Bitcoin now just $3,000 shy of $100,000, market sentiment is euphoric.
Edu Patel, CEO of Mudrex, highlighted that Bitcoin’s price has skyrocketed from $30,000 last year to today’s historic levels, representing over 300% growth. Patel attributes this rise to Trump’s election win, institutional participation in Bitcoin ETFs, and optimism over crypto-friendly regulations.
Trump Eyes Crypto Oversight Office?
Reports suggest the new administration is considering creating a dedicated office to manage cryptocurrency policies, sparking a surge in Bitcoin’s price. This potential shift in regulatory focus has the industry buzzing as crypto executives seek opportunities to align with the administration.
Institutional Adoption Drives Growth
MicroStrategy’s “Bitcoin-first” strategy has also catalyzed Bitcoin’s rise. Michael Saylor has reinforced the company’s focus by increasing its BTC holdings, inspiring other firms to follow suit.
Additionally, Bitcoin ETFs continue to gain traction, with over $4 billion flowing into ETFs since the November elections. BlackRock’s BTC ETF with call options is also contributing to the market’s strength, per recent reports.
