Bitcoin Nears $100K Milestone

22 Nov 2024 , 01:27 PM

Early Friday trading saw Bitcoin, the biggest cryptocurrency in the world by market value, soar to a new all-time high of $99,314.95, approaching the historic $100,000 milestone. The rally comes after Republican Donald Trump won the election, raising hopes that his government could create a regulatory climate that is favourable to cryptocurrency.

In the two weeks following Trump’s presidential victory, Bitcoin has increased by almost 45% and more than doubled from its low of $38,505 this year. Bitcoin was up 1.3% at $98,788 at 10:35 AM IST, and analysts predicted the milestone may be surpassed shortly.

During his campaign, Trump embraced digital assets, vowing to build a national bitcoin stockpile and turn the US into the “crypto capital of the planet.”

Since the election, almost $4 billion has poured into bitcoin exchange-traded funds that are listed in the US. Options on BlackRock’s ETF made a great debut this week, with call options—bets on the price rising—being more popular than puts.

Other significant cryptocurrencies had increases as well, including as Polkadot (9%), Ethereum (8%), Solana (8.7%), BNB (3.6%), Dogecoin (2%), Cardano (up 11%), and Shiba Inu (3%). With a 24% increase over the past day, XRP experienced the biggest gain among the leading cryptocurrency tokens.

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