Bitcoin is on a roll — again.
Bitcoin’s stratospheric rise continues, with the world’s largest cryptocurrency spiking to new heights on Thursday as an upsurge catalyzed by former president Donald Trump’s win earlier this month continued. The $100,000-per-BTC psychologically important mark is now just a stone’s throw away.
BTC Zeroes In On $100K As ‘Trump Trade’ Keeps On Giving
Bitcoin rose to as high as $98,310.57 earlier today, CoinGecko data shows. At this level, BTC is roughly 2% from the much-anticipated $100,000 milestone that would drive it above a $2 trillion market cap.
Bitcoin has gained roughly 46% over the past month, propelled by bullish sentiment across digital assets and broader equities following President-elect Donald Trump’s successful return bid for the Oval Office on Nov. 6. Industry participants have dubbed the parabolic rally the “Trump Trade,” as all assets, including equities, bonds, and digital currencies, have surged since Trump defeated Kamala Harris.
Traders view Trump’s win as a favorable environment, providing a clear runway for deregulation and business-friendly policies to spur continued rallies into next year.
For crypto, Trump’s administration is expected to drive regulation designed to establish a domestic Bitcoin reserve, safeguard crypto mining interests, end the current administration’s hostile regulatory stance, and foster innovation.
In fact, the President-elect’s team is reportedly planning to create a position focused on crypto policy, which would be a first for the White House, according to Bloomberg. The team is assessing potential candidates to serve in that role.
$100K Bitcoin Next?
The unprecedented demand for the newly launched BlackRock IBIT options, which track BTC prices and are poised to dramatically increase liquidity in the market, has also added to the latest bullish momentum.
On Nov. 19, the first day of trading on the Nasdaq, the new options contracts recorded nearly $2 billion in notional exposure traded on its first day, as ZyCrypto reported.
Bitcoin is now on track to surpass $100,000 in the coming one or two months, as observed by MN Capital founder Michaël van de Poppe. Up 3.2% on the day, Bitcoin is less than $3,000 from the historic six-figure achievement. Meanwhile, Bitcoin trader Bitcoin Munger shared a Glassnode chart on X showing massive accumulation across all cohorts, noting that BTC is likely to “blow way past” $100,000.
We are at all time highs and yet we are seeing furious accumulation across cohorts.
We are going to blow way past $100k. Tick tock! #Bitcoin pic.twitter.com/BRKAHFl8bq
— Bitcoin Munger (@bitcoinmunger) November 20, 2024
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