2024-11-11 22:37 |
Bitcoin surged past the $86,000 mark today, setting a new all-time high and propelling the global cryptocurrency market capitalization beyond the $3 trillion milestone.
The flagship cryptocurrency has jumped 7% in the last 24 hours, reflecting a significant uptrend as it enters a period of price discovery.
Over the past 30 days, Bitcoin’s value has soared by 39%, and in the past year, it has delivered gains of over 130% to investors.
This recent surge builds on Bitcoin’s strong momentum, which saw a rapid rise from $66,700 on November 6 to today’s record high.
Source: CoinMarketCap
The rally has bolstered the overall crypto market, signaling investor confidence and attracting fresh capital amid traditional market volatility.
Rotation from tech stocks and goldThe spike in Bitcoin comes as major tech stocks, often dubbed the “magnificent seven,” face a downturn.
Apple (AAPL), NVIDIA (NVDA), Amazon (AMZN), Microsoft (MSFT), and Meta Platforms (META) are trading lower, while Google (GOOGL) is only marginally up.
Meanwhile, Tesla, which holds 9,720 BTC on its balance sheet, has seen a 9.6% boost.
In contrast, gold prices are down nearly 3%, indicating a potential shift in investor sentiment from traditional safe havens to digital assets.
According to Matt Simpson, a senior market analyst at City Index, the so-called “Trump-pump” is fueling the latest Bitcoin rally.
“With Republicans on the cusp of taking the House to confirm a red wave in Congress, it seems the crypto crowd is betting on digital-currency deregulation,” Simpson remarked, suggesting optimism tied to former President Donald Trump’s expected return to the White House.
Political and regulatory winds favor BitcoinTrump’s campaign has placed an emphasis on supporting cryptocurrencies, and potential Republican control of both legislative chambers may encourage pro-crypto policies and reduced regulation.
This political backdrop has stirred excitement among investors, further lifting Bitcoin’s appeal as a hedge against traditional financial uncertainty.
Adding to the bullish sentiment, the newly launched iShares Bitcoin Trust ETF (IBIT) reportedly witnessed $1 billion in trading volume within its first 35 minutes, signaling robust demand for crypto-based investment products.
Senior Bloomberg analyst Eric Balchunas highlighted this surge as a significant indicator of institutional interest flowing into the Bitcoin market.
BTC next major milestone: $100,000With Bitcoin now surging past the $86,000 mark, analysts are looking ahead to the next major milestone: $100,000.
Sumit Gupta, co-founder of CoinDCX, highlighted Bitcoin’s robust position in the market, noting its appeal as a hedge against traditional market volatility and its status as “digital gold.”
According to Gupta, favorable regulatory shifts and increased institutional adoption through Bitcoin ETFs could drive further gains.
“The $100,000 mark is indeed the next major psychological milestone for Bitcoin, and reaching it could be fueled by further institutional inflows, ETF expansion, and supportive regulatory shifts,” Gupta stated.
He emphasized that Bitcoin’s unique characteristics—scarcity, decentralization, and growing institutional acceptance—position it as an increasingly vital asset in diversified portfolios.
Bitcoin’s strong performance underscores its status as a leading asset in the digital economy, drawing attention away from underperforming sectors.
The current rally and the political context surrounding it point to sustained investor enthusiasm, potentially driving further growth as markets brace for policy changes in 2025.
Whether this trend continues hinges on forthcoming economic developments and regulatory shifts.
However, for now, Bitcoin’s march past $86,000 marks another chapter in its history as a transformative financial asset.
The post Bitcoin hits a record $86,000: is $100K within reach? appeared first on Invezz
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