Bitcoin price hit a new all-time high of $98,933 on Thursday, December 5. The previous record was set on March 28, when BTC price reached $89,825.
The latest surge in Bitcoin price comes amid a broader rally in the cryptocurrency market. Several other major cryptocurrencies, including Ethereum, BNB, and XRP, also hit new all-time highs on Thursday.
The rally in the cryptocurrency market has been attributed to a number of factors, including the upcoming inauguration of President-elect Donald Trump, the launch of several new Bitcoin exchange-traded funds (ETFs), and the growing institutional interest in cryptocurrencies.
Trump has been a vocal supporter of cryptocurrencies, and he has pledged to create a "level playing field" for digital asset innovation in the United States. He has also nominated several crypto-friendly candidates for key positions in his administration, including Gary Gensler for Treasury Secretary and Paul Atkins for SEC Commissioner.
The launch of several new Bitcoin ETFs in recent months has also helped to boost demand for the cryptocurrency. These ETFs, which are traded on traditional stock exchanges, offer investors an easy way to gain exposure to Bitcoin without having to purchase and store the cryptocurrency themselves.
Finally, the growing institutional interest in cryptocurrencies is another factor that has contributed to the recent rally in the market. Several major banks, hedge funds, and other institutions have announced plans to launch new cryptocurrency products and services in 2024.
While the cryptocurrency market is still considered to be highly volatile, the recent rally in Bitcoin price is a positive sign for the industry. It suggests that there is still strong demand for cryptocurrencies, and it could help to pave the way for further institutional adoption in the future.
