
Bitcoin’s (BTC) price crossed the $80,000 mark for the first in history and over $1.5 trillion in market capitalization just days after Donald Trump’s reelection in the United States presidential elections.
On Nov. 10, the top cryptocurrency rose by almost 4.50% to reach a new inflation-adjusted record high of $80,116 (data from Bitstamp). Smaller tokens, including Ether (ETH), Dogecoin (DOGE), and Cardano (ADA) also rallied.
BTC/USD daily price chart. Source: TradingView
During his election campaigns, Trump had vowed to position the US as a leader in the crypto industry, further proposing to develop a strategic Bitcoin reserve and appointing pro-crypto regulators. Following his win on Nov. 6, Bitcoin has risen by 15.65% and is on the course to deliver its best weekly performance since February.
Bitcoin beats gold, stocks in 2024
Bitcoin has surged roughly 80% in 2024, driven by strong demand for US-based exchange-traded funds (ETFs) and Federal Reserve interest rate cuts. In doing so, it has outpaced traditional investments like stocks and gold.
Gold and S&P 500 index vs. BTC/USD year-to-date performance. Source: TradingView
Spot Bitcoin ETFs such as BlackRock Inc.’s $35 billion iShares Bitcoin Trust (IBIT) have played a huge role in the ongoing BTC price boom.
For instance, IBIT recorded daily net inflows of nearly $1.4 billion on Nov. 8, according to Farside Investors data. The day before, trading volume for the iShares ETF had reached an all-time high, highlighting the bullish impact of Trump’s political comeback on the crypto industry.
Bitcoin ETFs net cumulative flow. Source: Farside Investors
BTC price will hit $100K next, asserts top analysts
Bitcoin’s climb above $80,000 has raised anticipations for a continued bull run in the coming weeks, with multiple analysts anticipating a rise toward $100,000 next.
Related: Bitcoin forecast to hit $200K by end of 2025: Bernstein Research
Crypto Rover, for instance, cited Bitcoin’s tendency to establish record highs “50-60 days after the US elections,” noting that the price could reach $100,000 by January 20245 if the fractal plays out as intended.
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