Summary Review: Bitcoin hit a record high of $80,000 after Trump’s reelection, supported by rising demand for U.S.-based Bitcoin ETFs and a favorable economic outlook. Analysts expect the upward trend to continue, with projections of Bitcoin reaching $100,000.
Bitcoin surged past the $80,000 mark for the first time, reaching a market cap of over $1.5 trillion following Donald Trump’s reelection in the U.S. presidential election. On November 10, Bitcoin rose nearly 4.5% to an inflation-adjusted peak of $80,116 (based on Bitstamp data), while other popular cryptocurrencies like Ethereum, Dogecoin, and Cardano also saw gains.
Trump’s campaign promises included plans to establish the U.S. as a leader in cryptocurrency, proposing a national Bitcoin reserve and appointing crypto-friendly regulators. Since his November 6 victory, Bitcoin has gained over 15%, marking its best weekly performance since February.
Bitcoin Outperforms Traditional Assets
Bitcoin has outpaced both gold and stocks in 2024, with an 80% rise driven largely by U.S. exchange-traded fund (ETF) demand and favorable interest rate moves from the Federal Reserve. Notably, BlackRock’s iShares Bitcoin Trust (IBIT) saw significant inflows, recording $1.4 billion in net purchases on November 8. These surges reflect renewed optimism in the crypto market, fueled by political and financial support.
Analysts Predict $100K Milestone
With Bitcoin’s breakthrough above $80,000, many analysts are predicting further gains, potentially pushing Bitcoin toward the $100,000 mark in the coming months.
Summary Review: Bitcoin hit a record high of $80,000 after Trump’s reelection, supported by rising demand for U.S.-based Bitcoin ETFs and a favorable economic outlook. Analysts expect the upward trend to continue, with projections of Bitcoin reaching $100,000.
Disclaimer: Nothing in this article, or any content from Web30 News, should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves risks, and investors should be aware that capital is at risk and returns are never guaranteed. Please conduct thorough research and consult with a qualified financial advisor before making any investment decision.
