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Cryptocurrency News Articles

Bitcoin Spikes Above $90K as 'Trump Trade' Precedent Sets the Tone for 2025Analysts Forecast

Nov 12, 2024 at 09:03 pm

The world's largest cryptocurrency spiked to new heights on Tuesday, setting an early precedent in what analysts forecast is just the beginning.

Bitcoin Spikes Above $90K as 'Trump Trade' Precedent Sets the Tone for 2025Analysts Forecast

Bitcoin price today hit a new all-time high above $90,000, continuing a relentless rally that began earlier this year.

The world’s largest cryptocurrency soared to around $90,244 on Tuesday afternoon, according to data from Coinbase. The token came close to setting a new record high on Monday, but ultimately fell short. However, Bitcoin price today managed to secure the milestone after rising over $90,000 earlier this week.

The leading cryptocurrency also broke the record for the largest single-day gain in history on Monday, as measured in U.S. dollars. The asset is now up 115% so far this year, having more than doubled its January 1 price of $42,000.

Meanwhile, the total market capitalization of crypto has also surged past $3.1 trillion, breaking the November 2021 record of approximately $3.07 trillion.

The latest surge in Bitcoin price comes amid a broader bullish trend across digital assets and equities following President-elect Donald Trump’s successful return bid for the White House last week.

Dubbed the “Trump Trade,” analysts told Decrypt earlier this month that they view Bitcoin and digital assets as a high-conviction play, particularly following the former president's inauguration on January 20.

"With the election overhang now behind us, the rally in crypto markets appears sustainable, buoyed by positive forward signals from the U.S." Julien Auchecorne, head of Auros Ventures, told Decrypt on Tuesday.

Exceeding forecasts made earlier in the year, the S&P 500 also rose above 6,000 points briefly for the first time last week, bolstered by a dovish U.S. Federal Reserve and easing interest rates. That move is expected to lower borrowing costs and fuel further momentum into risk assets, including crypto.

So where to from here?

Bitwise’s Chief Investment Officer Matt Hougan expects Bitcoin to breach $100,000 by year’s end and $200,000 by the end of 2025. Others, including New York global investment management and research firm Bernstein, have offered similar targets.

Meanwhile, Bitwise's European Head, Bradley Duke, sees crypto riding on strong tailwinds—at least for the foreseeable future—with a changing political landscape in the U.S. likely to usher in a “golden age” for the industry, he told Decrypt in a statement.

That coincides with the broader market's view of Trump’s win as a favorable environment, providing a clear runway in which deregulation and business-friendly policies alike are expected to fuel further rallies into next year.

For crypto, Trump’s administration is expected to drive regulation designed to establish a Bitcoin reserve, protect crypto mining interests, ease a hostile regulatory environment, and spur innovation.

While most view the market reaction to macro developments as firmly entrenched within a “sweet spot,” risks persist.

Those include geopolitical risks in the Middle East and Eastern Europe, ballooning U.S. debt, and possible climate disasters as potential catalysts for ending the party early.

For now, Bitcoin doesn’t seem to care.

News source:decrypt.co

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Other articles published on Nov 14, 2024