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Bitcoin is on the road to deliver its best weekly performance since February following Trump’s reelection.
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.
Source: Crypto Rover
“In the last few days 60,000 BTC were bought by retail investors, 1800 BTC was bought by BlackRock, at the same time only 450 Bitcoin are mined each day and only two million BTC are available to buy on exchanges,” argued analyst Doctor Profit, adding:
“If we continue in this speed we will reach $100,000 by end of year.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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