Bitcoin’s price has climbed to unprecedented levels, peaking at above $93,000 on 13 November, driven by a wave of political and economic catalysts following Donald Trump’s election win on 5 November.
The cryptocurrency’s rise has been swift and sharp, with a 35% surge from $67,000 to its record high in just eight days.
As of writing, Bitcoin is trading slightly above $90,000, maintaining strong support as bulls take profits.
The market rally has sparked significant attention, with analysts crediting Trump’s pro-crypto stance, the Federal Reserve’s interest rate cut, and growing corporate investment as primary drivers.
Since Trump’s election, the Bitcoin network has seen an influx of 230,000 new funded wallets, bringing the total to 54.6 million as of 18 November.
This surge in wallet creation signals heightened retail interest, amplifying the cryptocurrency’s legitimacy among everyday investors.
An increase in the number of holders during a rally often indicates that the asset is drawing new buyers.
This influx of demand has played a key role in stabilising Bitcoin’s price, even as long-term holders take profits during the recent surge.
The role of institutional players in this rally cannot be overstated.
MicroStrategy’s announcement of a $42 billion Bitcoin acquisition plan and record-breaking inflows into Bitcoin ETFs have significantly bolstered market sentiment.
Over 11 and 12 November alone, Bitcoin ETFs saw $2 billion in capital inflows, with the BlackRock iShares Bitcoin Trust now managing over $40 billion in assets.
Shunyet Jan, head of derivatives and institutional at crypto exchange Bybit, emphasises the shift towards institutional dominance in the crypto space:
“Unlike the bull markets of 2017 and 2021, it’s Bitcoin leading the way.”
Despite the global excitement, scepticism remains.
Reserve Bank of Australia Governor Michele Bullock dismissed Bitcoin as a speculative asset rather than a currency during a speech at the Australian Securities and Investments Commission forum.
She exclaimed:
“Don’t call it an alternative currency. It’s not a currency, it’s not money, it’s being used as some sort of asset class. I don't understand it. I don't really see a role for it, certainly in the Australian economy or the payments system. Not sure of the purpose of it."
Adding to the criticism, ASIC Chairman Joseph Longo remarked:
“The demand for it is the bigger fool theory,” brushing off the price surge with a blunt, “Who cares?”
Technically, Bitcoin’s immediate support lies at $88,000, while resistance at $92,500 has kept prices consolidating near the $90,000 mark.
Analysts argue that holding above $88,000 is crucial for maintaining bullish momentum towards the $100,000 milestone.
The Bull-Bear Power indicator currently favours buyers, with a positive reading of 12,523 signalling strong market confidence.
However, should Bitcoin fail to sustain this support level, a retracement to $80,783 could provide an entry point for buyers seeking to capitalise on dips.
Experts are optimistic about Bitcoin’s path forward.
Iliya Kalchev, an analyst at the crypto lender and exchange Nexo, expressed optimism following Trump's victory, stating,
"The bull market is back."
He added,
“As we edge closer to $100,000, the market is likely to see increasing interest from both retail and institutional investors.”
The cryptocurrency’s dominance has grown significantly, now comprising over 50% of the entire crypto market’s value—a marked rise from the 40% share seen during the last peak in November 2021.
As FOMO drives more capital into the market, analysts predict a spillover effect benefiting other assets like Ethereum and Solana.
NFT sales surged to $181 million in the week ending 17 November 2024, driven by the broader cryptocurrency market rally, particularly Bitcoin's rise. Ethereum and Bitcoin led the market, while other blockchains like Solana also contributed to the rebound.
AnaisZK International is adopting cryptocurrency payments, starting with Bitcoin, to improve transaction speed and reduce costs for global trade. This move aims to simplify cross-border payments and provide a more efficient and flexible financial system for its international partners.
WeatherlyBhutan’s Bitcoin reserves have now crossed $1 billion, positioning the nation as one of the top holders of cryptocurrency.
XingChiHe shared that he first stumbled upon cryptocurrency a few years ago and immediately piqued his interest. After doing his own research on it, he decided to do a little bit of personal investment on crypto.
XingChiRoman Sterlingov, founder of the Bitcoin Fog crypto mixer, was sentenced to 12.5 years in prison for laundering over $400 million linked to illegal activities. He was also ordered to forfeit $395.5 million and his share in a Bitcoin wallet holding 1,345 BTC, worth over $103 million.
WeatherlyThe National Center for Public Policy Research is warning Microsoft that they could potentially be looking at a lawsuit if they decide to not invest in Bitcoin and the prices of Bitcoin increase.
XingChiWith Trump emerging victorious, the community is watching closely to see if Trump keeps to his promises.
XingChiBitcoin is outpacing traditional assets like gold due to increasing adoption by individuals and institutions. With political backing and a surge in value, it’s gaining traction as a reliable store of value, alongside stablecoins for everyday transactions.
JoyThe crypto industry has invested heavily in the 2024 US election, with companies like Coinbase and a16z donating millions to support pro-crypto candidates. In total, the sector has contributed over $133 million to super PACs backing crypto-friendly policies.
AnaisTether generates 1 billion USDT, strategically enhancing liquidity and market readiness.
BrianSolana aggregator Jupiter plans a system upgrade focused on reliability and user feedback, aiming to enhance performance and maintain its lead in the evolving blockchain market.
AlexBinance introduces Sleepless AI gaming on Launchpool, offering AI token staking and trading starting December 28, 2023, with various rewards and mandatory KYC for participants.
KikyoNaver's cutting-edge AI robots, fuelled by a 5G cloud, might reshape crypto trading, but concerns linger over global infrastructure readiness and regulatory hurdles.
Hui XinBounce Brand's AMMX token launch, involving oversubscribed AUCTION and DAII pools, signifies robust interest and growth in decentralized finance.
BrianDOJ reveals an $80 million 'Pig Butchering' crypto scam hitting Americans, intertwined with global human trafficking networks. UK joins the fight, imposing sanctions on individuals linked to the scheme, shedding light on a dark nexus of financial fraud and exploitation.
JoyAfter enduring a ten-year wait, Mt. Gox creditors are now witnessing the long-awaited arrival of payments, marking a significant development in the aftermath of the exchange's collapse.
Hui XinOn Christmas Day, cryptocurrency scammers managed to siphon off a staggering $3 million from unsuspecting victims. Employing a tactic using Google Ads to direct users to fake websites equipped with wallet-draining software, these scammers continue to plague the cryptocurrency landscape with their malicious schemes.
JoyThe analoS Airdrop is making waves in the cryptocurrency world, offering a massive giveaway of $ANALOS tokens. With its distinctive philosophy and ambitious ecosystem incentives, analoS is challenging established memecoins and attracting a wide range of crypto enthusiasts. This event is not just a token distribution but a signal of an evolving crypto landscape where innovation and community engagement are key to success.
AlexManta Pacific introduces Manta New Paradigm, a Layer 2 platform offering enhanced yields and a significant $MANTA token airdrop, backed by major firms and led by industry experts.
Kikyo