Bitcoin Surges Past $99,000 Ahead of Trump's Return to the White House

Bitcoin's ecosystem expands with innovative layer 2 applications. Is Bitcoin maximalism holding back blockchain's potential?

Bitcoin’s price surged past $99,000 for the first time ever on Thursday, setting a new all-time high for the world’s largest cryptocurrency.

If the upward trajectory continues in the coming weeks, bitcoin could cross the $100,000 milestone before President-Elect Donald Trump takes office in January, according to market analysts.

“In the last 2-3 weeks, bitcoin has consistently reached new highs and is now approaching the critical psychological threshold of $100,000,” David Lawant, Head of Research at FalconX, a crypto prime brokerage, told TheStreet Crypto in an interview.

“What’s less discussed is that these sharp price increases are supported by exceptionally high trading volumes,” Lawant added. “For context, bitcoin has been trading over $25 billion daily on the spot market — often surpassing $40 billion — compared to $10-12 billion on a strong day just a few months ago. Notably, all five of bitcoin’s highest-volume trading days occurred in 2024. While trading volumes for other assets, except Solana, have also risen, they remain well below the peak levels of the last market cycle.”

Bitcoin surges past $99,000 ahead of Trump’s return to the White House

Bitcoin’s ecosystem expands with innovative layer 2 applications

Is Bitcoin maximalism holding back blockchain’s potential?

Trump’s presidency has already been a boon for digital assets, with many anticipating that his second term will bring policies favoring the cryptocurrency sector, according to analysts. The market received another jolt of optimism on Thursday when Gary Gensler, the Biden-appointed chair of the U.S. Securities and Exchange Commission, (SEC) announced his resignation. Speculation about Trump’s forthcoming SEC appointee has only added to bitcoin’s bullish momentum.

Bitcoin is currently trading at $98,000 as of press time.