Bitcoin, the world’s top cryptocurrency, is on an impressive upward trajectory, showing signs of breaking new ground.
On Friday, the 14-year-old digital token surged to a record-breaking $99,502.92, just shy of the $100,000 milestone by less than $500.
It has been steadily climbing, maintaining an upward trend despite occasional small dips along the way.
At this pace, Bitcoin is set to break the $100,000 mark today.
This surge, attributed to optimism surrounding President-elect Donald Trump’s potential crypto-friendly administration, marks a 48% increase since the US election results were announced on 5 November.
The crypto market as a whole has also shown substantial growth, with its total market capitalisation reaching $3.3 trillion.
Bitcoin alone accounts for $1.97 trillion of this, despite its market dominance dipping below 60% due to a stronger performance from altcoins like Ethereum and XRP.
Donald Trump, who once dismissed Bitcoin as a “scam,” has drastically altered his stance, accepting crypto donations during his campaign and pledging to make the United States the "crypto capital of the planet."
He even hinted at establishing a national Bitcoin reserve, a move that many in the crypto community see as a game-changer.
The Trump family’s entry into the crypto industry through their business, World Liberty Financial, has further buoyed investor confidence.
The company’s plans remain largely undisclosed, but its mere existence is being interpreted as a strong endorsement of digital assets by the incoming administration.
Earlier this week, reports revealed that Trump Media and Technology Group, the company behind Trump's social media platform Truth Social, is in "advanced" discussions to acquire Bakkt, a cryptocurrency exchange.
The all-stock deal, valued at $155 million, would further cement Trump Media's growing involvement in the crypto space.
The impending resignation of SEC Chairman Gary Gensler, a figure unpopular with crypto investors due to his stringent enforcement actions, has added to the market's buoyancy.
While Trump previously vowed to dismiss Gensler, the SEC Chairman’s decision to step down voluntarily in January 2024 has been seen as a victory for the crypto sector.
Gary Gensler is stepping down as the chairman of SEC.
Sumit Gupta, Co-founder of CoinDCX, explained,
“Digital assets have already benefited from the incoming administration of President Trump, with many anticipating that his potential second term could bring more favourable regulatory policies for the crypto sector.”
Bitcoin's impressive climb has been driven by a 9% increase in trading volumes, with $95.84 billion worth of BTC exchanged within 24 hours.
This surge comes amid rising interest from institutions, as demonstrated by the state of Texas proposing a Bitcoin reserve and Chinese courts recognising Bitcoin as legal property.
WazirX’s Market Desk highlighted this shift, stating,
“The increased institutional appetite is insatiable… the geopolitical significance [of Bitcoin] is highlighted for it.”
While Bitcoin captures headlines, other cryptocurrencies are experiencing significant gains.
In the past 24 hours, Ethereum and Solana have risen by over 7%, while XRP saw a dramatic near 24% surge.
Dogecoin, Cardano, and Shiba Inu have also posted notable increases.
Edul Patel, CEO of Mudrex, remarked on this trend, saying,
“Despite the rally, Bitcoin’s market dominance has dipped, signalling growing strength in altcoins like Ethereum, Doge, Solana, and XRP.”
Currently, Bitcoin is on the brink of breaking through the crucial resistance just below $100,000.
With the ongoing bullish momentum in the crypto market, the six-figure milestone could be reached at any moment today.
South Africa's Schindlers Digital Assets has created a legal process allowing cryptocurrency holders to buy property, making it easier to use digital assets for real estate transactions. The first event will be a property auction on 21 November 2024, marking a key step in integrating crypto with the real estate market.
AnaisMichael Saylor plans to present a Bitcoin investment strategy to Microsoft’s board ahead of a key vote on 10 December. The proposal, backed by shareholder activism, suggests Microsoft consider Bitcoin as a potential investment, citing MicroStrategy's success with the asset.
AnaisA Brazilian pianist lost access to his Bitcoin wallet worth over 2 million reais after misplacing his recovery phrase. Despite efforts to recover it, he faces the harsh reality that without the backup phrase and PIN, the funds are likely gone for good.
JoyNFT sales surged to $181 million in the week ending 17 November 2024, driven by the broader cryptocurrency market rally, particularly Bitcoin's rise. Ethereum and Bitcoin led the market, while other blockchains like Solana also contributed to the rebound.
AnaisSince Trump's election, Bitcoin has seen a surge of 230,000 new funded wallets, signalling strong retail interest driven by FOMO. This influx of new investors is contributing to Bitcoin's price stability and pushing its dominance in the crypto market above 50%.
WeatherlyZK International is adopting cryptocurrency payments, starting with Bitcoin, to improve transaction speed and reduce costs for global trade. This move aims to simplify cross-border payments and provide a more efficient and flexible financial system for its international partners.
WeatherlyBhutan’s Bitcoin reserves have now crossed $1 billion, positioning the nation as one of the top holders of cryptocurrency.
XingChiHe shared that he first stumbled upon cryptocurrency a few years ago and immediately piqued his interest. After doing his own research on it, he decided to do a little bit of personal investment on crypto.
XingChiRoman Sterlingov, founder of the Bitcoin Fog crypto mixer, was sentenced to 12.5 years in prison for laundering over $400 million linked to illegal activities. He was also ordered to forfeit $395.5 million and his share in a Bitcoin wallet holding 1,345 BTC, worth over $103 million.
WeatherlyWorldcoin grapples with legal challenges over its data practices as it faces potential fines, yet WLD's market resilience shows the unpredictable nature of cryptocurrencies.
WeiliangMartin Grant’s inclusion signals a proactive approach by Binance.US to navigate the evolving regulatory landscape.
CatherineSolana's Parcl sees major withdrawals post-airdrop amidst a broader market downturn and network congestion.
AlexToncoin (TON) has surged over 112% in the past month, driven by a $115 million incentive program and the popularity of Notcoin, a Play-to-Earn game. Recent hints at an IPO by Telegram's co-founder have further fueled TON's meteoric rise, reaching a new all-time high of $7.65 in April 2024.
WeatherlyThe 2024 Bitcoin halving, marked by the emergence of spot Bitcoin ETFs and a dwindling tradable supply, presents a departure from past events. These novel factors, alongside uncertainty in the Federal Reserve's policy, introduce intriguing dynamics that could reshape Bitcoin's trajectory.
JoyUS and UK authorities are jointly investigating $20+ billion worth of crypto transfers routed through Russian exchange Garantex, raising questions about the scale and nature of these financial activities.
KikyoEIP-3074 needs careful integration to avoid potential risks to Ethereum accounts. It's important for wallets to display clearly what users are signing, akin to handling one's private keys.
AlexAfter Hong Kong's principal approval of BTC and ETH ETFs, Japan, Korea, Taiwan, and Singapore are also considering their own citizens' attitudes towards this development.
Miyuki在香港原则性批准BTC和ETH的ETF后, 日本, 韩国, 台湾和新加坡也在考虑自己国民对此的态度
MiyukiThe Google search volume for Bitcoin halving has reached an all-time high, yet the most interested investors are not from the US or China.
Weiliang