For the first time, Bitcoin’s value has surpassed $95,000, marking a significant milestone in the cryptocurrency market. The surge follows increased investor confidence, particularly after Donald Trump’s election as U.S. President, reports Reuters.
In Asian trading, Bitcoin reached $95,040, setting a new all-time high. This year, Bitcoin’s value has doubled, with a staggering 40% increase occurring within just two weeks after the U.S. presidential election.
The rally is fueled by Trump’s campaign promises to support cryptocurrencies and blockchain technology, with plans to position the U.S. as the “crypto capital” of the world. He even proposed the idea of holding Bitcoin in national reserves. As Trump’s election prospects became clearer and following his victory, Bitcoin’s value skyrocketed.
Post-election, over $4 billion in investments have flowed into Bitcoin-focused exchange-traded funds (ETFs) in the U.S. Trading options for BlackRock’s ETF have also performed strongly. Meanwhile, shares of other cryptocurrency companies have seen notable gains. Bitcoin mining firm MARA Holdings experienced a 14% jump in stock value, and crypto-investment firm MicroStrategy’s market valuation exceeded $100 billion.
Analysts see Bitcoin’s bullish trajectory as a positive signal for investors. Many predict the cryptocurrency could reach $100,000 before the year’s end, cementing its dominance in the financial markets.
