r 2, 2024
Bitcoin (BTC) price continues to rise and is approaching the $100,000 mark. As of December 1, 2024, the price of Bitcoin stood at $97,227. Although the price briefly dropped to $95,758, it subsequently stabilized above $97,000. It is worth noting that this price level could alienate retail investors.
In addition to Bitcoin, altcoins such as SHIB, FIL, MNT, and AAVE are also expected to see an uptrend. However, there is no clear conclusion on how Trump's re-election as president will affect the cryptocurrency sector.
Among institutional investors, Hong Kong-based gaming company Boyaa Interactive has converted its Ethereum holdings into nearly $50 million worth of Bitcoin. Meanwhile, Rumble plans to invest up to $20 million in Bitcoin, largely driven by increased institutional adoption and an improving political environment in the United States. In addition, Fund I of Recursive Capital, funded by Jack Dorsey, is supporting Bitcoin startup projects in Africa.
In terms of market performance, XRP surpassed Solana, hitting a 7-year high of $2, while Ethereum also hit a six-month high. It is worth noting that Ethereum futures open interest has reached a record high of $23 billion, showing a surge in market interest in Ethereum derivatives. At the same time, Ethereum whales' recent $188 million purchase may push its price above $4,000.
Looking ahead, the market expects the price of Bitcoin to reach $250,000 within a year. However, Robert Kiyosaki, author of Rich Dad Poor Dad, holds a different view, believing that Bitcoin may pull back to $60,000. Currently, $5.34 billion worth of Bitcoin has been withdrawn from exchanges, which may indicate that the market is about to see a pullback or rebound. If demand continues to exceed supply, Bitcoin will break through $100,000 in the near future.
It is worth mentioning that Bitcoin's position as a wealth preservation tool is increasingly consolidated, and its volatility has been lower than that of technology stocks such as Nvidia and AMD. The US Bitcoin ETF currently holds more than 1 million Bitcoins, accounting for 5% of the total supply. Globally, Brazil has proposed a strategic Bitcoin reserve bill, while El Salvador is exploring the use of volcanic energy for Bitcoin mining. With global liquidity expected to increase by $20 trillion, analysts predict that Bitcoin may reach $150,000 in 2025.
