Bitcoin prices surpassed $97,000 for the first time on Thursday, November 21, on expectations of a friendlier US regulatory approach to cryptocurrencies under President-elect Donald Trump. Bitcoin prices were up 5.7% at around $97,445 with a current market cap of $1.93 trillion, according to data on Coinmarketcap.
The price of world’s largest cryptocurrency Bitcoin hit its all-time high of $97,628, and is marching towards the $1,00,000-mark.
Bitcoin rate has more than doubled this year and the crypto market as a whole consolidated gains of approximately $900 billion since Trump was voted in as the next US president and a slew of pro-crypto lawmakers were elected to Congress.
“A year ago, Bitcoin was trading at $30,000. Today, it has surged past $97,000—a remarkable growth of over 300%. This rally is fueled by growing optimism following Donald Trump’s reelection as the President of the United States. Bitcoin has been setting new all-time highs, driven not only by renewed confidence but also by increasing inflows into Bitcoin ETFs and options. Institutional participation in the market is further propelling this upward trend,” said Edul Patel, Co-founder and CEO of Mudrex.
Since Trump’s reelection just two weeks ago, Bitcoin has jumped 40%, and the news of Trump’s plan to establish a dedicated White House role for crypto policy further boosted market sentiment resulting in the price action, Patel said.
At this pace, he believes the $100,000 milestone appears to be within reach in a few days.
“Overall, evolving regulatory clarity and growing mainstream adoption are playing a significant role in this year’s rally,” Patel added.
Trump promised to make the United States the “crypto capital of the planet” and to accumulate a national stockpile of bitcoin.
Bitcoin’s staggering rally underscoring the growing influence of the digital asset sector as it advocates for the establishment of a dedicated White House position focused on cryptocurrency policy under Donald Trump.
Trump’s team is reportedly in discussions about creating such a role, with industry representatives lobbying for it to include direct access to the president-elect, who has emerged as a prominent supporter of cryptocurrencies.
These developments contribute to the positive sentiment in the US digital asset market, alongside MicroStrategy Inc.’s plans to accelerate Bitcoin purchases and the introduction of options trading on U.S.-listed Bitcoin exchange-traded funds (ETFs).
More than $4 billion has flowed into US-listed Bitcoin ETFs since the election. This week marked a strong debut for options trading on BlackRock’s Bitcoin ETF, with call options — indicating bullish bets on price increases — outpacing put options, Reuters reported.
(With inputs from Reuters)
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