- Bitcoin (BTC) set a new ATH at $89,604.50 beating out silver.
- The asset now continues to hold strong as gold price takes a dip.
- Analysts discuss the reasons behind BTC’s pump.
Bitcoin (BTC), the pioneer crypto asset set an eye-popping ATH at $89,604.50 earlier today, led by Asian markets. This latest price pump was highly expected by a handful of analysts who now believe the price of BTC will continue to pump till it hits new highs in the $90,000 to $100,000 price range.
Indeed, their predictions were true so far, wherein the last two weeks alone, BTC price shot up from $73,000 setting a series of ATHs over the past 14 days. In detail, the two-week rally saw BTC shot up by 32%, from a low of $66,700 on November 6. Presently, BTC has surpassed silver’s market cap and the price of gold is also slowly falling as funds flow into BTC.
Bitcoin Surpasses Silver, is Gold Next?
With a market cap reaching $1.74 trillion, Bitcoin now ranks as the world’s eighth largest asset, beating silver, which sits at $1.725 trillion. The next target? Potentially surpassing Saudi Aramco at $1.827 trillion. It is truly remarkable how Bitcoin evolved from a niche asset to a trillion-dollar powerhouse.
Meanwhile, tech leaders like Apple, Microsoft, and NVIDIA are seeing mixed results, Tesla’s 9.6% stock boost—possibly due to its 9,720 BTC holdings—stands out. Bitcoin’s current momentum surpasses that of many leading tech stocks. The price of gold falls steadily as more funds flow into BTC and crypto.
BTC’s Political Surge Following Election Upset
Bitcoin’s recent rise is certainly connected to US politics. So far, every Bitcoin Halving cycle has coincided with the US Presidential Election years. This year, the election was secured by pro-crypto candidate, Donald Trump’s. No doubt, this pro-Bitcoin stance could be sparking new interest from large investors.
With gold down nearly 3%, some investors may be looking to BTC as a hedge against market uncertainty. Trump’s win seems to be another reason Bitcoin is catching investors’ eyes. Adding on, the US elections have pushed more pro-crypto candidates into prominent positions in US politics than ever before.
Institutional Demand Booms Amid Bitcoin ETF Rush
The interest in Bitcoin is also flowing in from major institutions that have steadily been entering the market. To highlight, BlackRock’s iShares Bitcoin ETF (IBIT) saw $1 billion in trades just after the election, with similar trading volume in the first half-hour on Monday alone. High trading volumes from traditionally cautious institutional investors reflect a shift in attitude—Bitcoin’s “risky” reputation is rapidly changing.
What’s Next for BTC?
Bitcoin’s next steps remain uncertain but also highly bullish. With its Relative Strength Index (RSI) at 84.56, the asset appears overbought, which could signal a pullback. Still, BTC’s price movement might defy expectations, making it a fascinating watch as excitement builds. All in all, seasoned analysts expect BTC price to hit $100,000 in the coming days.
The post Bitcoin’s Monumental Rise: How the US Presidential Election Pumped BTC Price to $89,604.50 appeared first on Crypto News Land.
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