Bitcoin (BTC) Continued to Rise on Thursday Extending Its Gains by Another 6% to Stay Just Shy of the $98,000 Mark

The world's largest and oldest crypto asset has been consistently marching towards the ambitious $1,00,000 levels since the outcome of US elections earlier this month.

Bitcoin (BTC) price continued its upward trajectory on Thursday. The world’s largest crypto asset was trading at a price of $97,862.64 with a gain of 5.96 per cent in the last 24 hours. Bitcoin price began the day at a price of $92,394 earlier. BTC price surged more than 45 per cent in the last two weeks, following the outcome of US presidential elections earlier this month.

According to data from Coinmarketcap, Bitcoin price saw a volume growth of 18 per cent as BTC worth $88.61 billion was exchanged hands in the last one day. Bitcoin, whose supply is capped at a maximum 21 million, currently has 19.79 million Bitcoins mined, circulated and available to trade thus far.

Bitcoin price has seen a surge of more than three times in the last one year and this rally is driven by growing optimism following Donald Trump’s reelection as the President of the United States, said Edul Patel, Co-founder & CEO at Mudrex.

Bitcoin has been setting up new all-time highs, driven not only by renewed confidence but also by increasing inflows into Bitcoin ETFs and options. Institutional participation in the market is further propelling this upward trend. At this pace, the $100,000 milestone appears to be within reach in a few days. Overall, evolving regulatory clarity and growing mainstream adoption are playing a significant role in this year’s rally.

The total market capitalization of all the crypto assets rose nearly 3 per cent to $3.18 trillion mark. The total trading volume of the crypto market rose about 10 per cent to $198.12 billion in the last 24 hours. Interestingly, the total dominance of Bitcoin the crypto space stood close to 60.52 per cent.

The latest interest in the crypto assets has been attributed to Trump’s win in the US elections, who has presented himself as a crypto supporter. Also, a new influx of institutional money is expected in the Bitcoin ETFs, driven by a political and economic landscape increasingly favouring digital assets.

Bitcoin is approaching a key milestone of $100,000 and a remarkable rise increase in just the past two weeks. This meteoric rise follows Donald Trump's election as the next US President, alongside the election of several pro-crypto lawmakers to Congress, sparking optimism for the future of digital assets, said Sumit Gupta, co-founder, CoinDCX.

Bitcoin’s ascent shows no signs of slowing down. The momentum is also building in the institutional space, with the launch of options trading for BlackRock’s iShares Bitcoin Trust ETF (IBIT) seeing a strong debut. Since Trump’s victory, the broader crypto market has added over $800 billion in value, signaling a bullish outlook for Bitcoin and digital assets in general.

Despite this rise in the Bitcoin prices, the Union Finance Ministry has stated that the Centre will adhere to global regulations on crypto assets, regardless of the current surge or hype. A source within the Finance Ministry told Business Today that India will prioritise policies that are beneficial to its own economy, without being influenced by other countries.

The official also mentioned that the Department of Economic Affairs is finalizing a paper on cryptocurrency, which will be released soon.