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Home Cryptocurrency

Bitcoin hits record highs, eyes $100,000 milestone

Olanrewaju Adeniyi by Olanrewaju Adeniyi
November 25, 2024
in Cryptocurrency
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Bitcoin reached a new all-time high on November 22, 2024, nearing the significant $100,000 mark in a remarkable rally fuelled by optimism over a potentially crypto-friendly regulatory landscape under the incoming Donald Trump administration.

The cryptocurrency has more than doubled in value this year, surging approximately 45 percent since the sweeping Republican election victory on November 5, which also saw the election of numerous pro-crypto lawmakers to Congress.

While the rise was more subdued on the 22nd, Bitcoin briefly exceeded $99,800 before retreating slightly to trade at $99,383, up 1.33 percent for the day. Despite the modest pullback, the momentum for further gains remains robust. Bitcoin is on track for its third consecutive week of double-digit percentage increase and its most robust monthly performance since February.

Read also: South Africa makes history by accepting cryptocurrency for property purchases

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Bitcoin as a standout asset in Trump-era trades

Bitcoin’s rise has positioned it as one of the key beneficiaries of the so-called “Trump trades,” which include assets expected to perform well under Republican policies. The cryptocurrency, created 16 years ago, appears to be inching closer to mainstream financial acceptance.

Shane Oliver, chief economist and investment strategist at AMP Sydney, highlighted the growing legitimacy of Bitcoin:
“The longer it survives, the more seriously it is taken. While it’s difficult to value, it has undeniable momentum, and for now, that momentum is upward.”

Indeed, Bitcoin has climbed about 130 percent in 2024 alone. Trump’s campaign promised to transform the U.S. into the “crypto capital of the planet” and accumulate a national Bitcoin reserve, further bolstering investor confidence.

Read also: Bitcoin jumps to $89,000 following Trump’s re-election triumph

How ETFs and policy shifts affect Bitcoin surge

The market also anticipates a shift in regulatory scrutiny. SEC Chair Gary Gensler announced his resignation effective January 2025, aligning with Trump’s inauguration. Under Gensler, the SEC had pursued legal actions against major crypto exchanges, including Coinbase, Kraken, and Binance, for alleged regulatory violations, claims the companies deny and are contesting in court.

In contrast, the approval of U.S.-listed Bitcoin exchange-traded funds (ETFs) earlier this year marked a significant breakthrough. These ETFs, previously blocked over investor protection concerns, have opened the door for institutional investors to enter the Bitcoin market. Since the election, more than $4 billion has flowed into U.S.-listed Bitcoin ETFs.

U.S.-listed crypto stocks, which have rallied recently, remained steady as Bitcoin’s price surge paused. MicroStrategy, a software company and primary Bitcoin holder, closed 6.2 percent higher on Friday, reflecting continued trading interest.

As Bitcoin continues its ascent, it remains one of the most closely watched assets in the financial world. Its momentum underlines the growing role of cryptocurrency in modern investment strategies.

Tags: Bitcoin
Olanrewaju Adeniyi

Olanrewaju Adeniyi

Olanrewaju is a creative media professional focused on tech storytelling and digital content creation. He produces engaging content on tech, AI, software, and innovation. He also trains staff on using AI tools for research, video editing, and productivity.

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