Islamabad, Nov 2: Bitcoin Crosses $81,000 for the First Time in History, Setting New Milestone
Bitcoin (BTC) recently hit an all-time high, surpassing $80,000 and pushing its market value beyond $1.5 trillion following Donald Trump’s reelection as U.S. president.
On November 10, BTC’s value surged by nearly 4.5% to a new inflation-adjusted peak of $80,116, according to Bit stamp. Alongside Bitcoin’s gains, other major cryptocurrencies like Ether (ETH), Dogecoin (DOGE), and Cardano (ADA) also experienced rallies.
Trump’s campaign promises included positioning the U.S. as a global leader in cryptocurrency, creating a strategic Bitcoin reserve, and appointing crypto-friendly regulators.
Since his victory on November 6, Bitcoin’s value has risen by 15.65%, marking its strongest weekly growth since February.
Bitcoin Outpaces Gold and Stocks in 2024
This recent rally has been driven in part by the emergence of Bitcoin ETFs, particularly BlackRock Inc.’s $35 billion iShares Bitcoin Trust (IBIT). Growing demand for U.S.-based exchange-traded funds (ETFs), along with Federal Reserve interest rate cuts, has fueled Bitcoin’s roughly 80% rise in 2024, outperforming traditional investments like stocks and gold.
For instance, IBIT saw daily net inflows of about $1.4 billion on November 8, and the previous day’s trading volume set a new record, underscoring how Trump’s reelection has bolstered enthusiasm in the crypto sector. This historic price surge has led analysts to anticipate continued gains, with predictions of Bitcoin reaching $100,000 soon.
Rising Demand and Limited Supply Drive Price Expectations
Analyst Doctor Profit noted that recent purchases included around 60,000 BTC from retail investors and 1,800 BTC from BlackRock, while only 450 Bitcoin are mined each day, and roughly two million BTC remain available on exchanges. “At this rate, we could see Bitcoin at $100,000 by year-end,” he added.
Bitcoin’s latest surge highlights the growing impact of institutional investments and political support in driving the cryptocurrency market, setting high expectations for further growth in the near future
