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Bitcoin Hits $99,400, Hovers Below Elusive $100,000 Mark – When Will It Break Through?

Bitcoin Hits $99,400, Hovers Below Elusive $100,000 Mark – When Will It Break Through?
23 Nov 2024

Bitcoin climbed to $99,400 on Thursday, edging closer to the psychological $100,000 milestone as cryptocurrency markets continue their post-election rally amid expectations of a more favorable regulatory environment under President-elect Donald Trump.

The world’s largest cryptocurrency has surged more than 40% in the two weeks following Trump’s victory over Vice President Kamala Harris, fueled by the incoming administration’s pro-crypto stance and the anticipated departure of Securities and Exchange Commission (SEC) Chair Gary Gensler, who announced he would step down on January 20.

Bitcoin Price 22 November

The Bitcoin price has moved steadily upward since Donald Trump’s election win on the 5th of November. Source: Brave New Coin Bitcoin Liquid Index.

Trading volumes have more than doubled to $25 billion daily on the spot market, compared to $10-12 billion a few months ago, reflecting heightened investor interest. The surge has pushed bitcoin’s market dominance to 58% of the total cryptocurrency market, which now exceeds $1.9 trillion.

“The sentiment for Bitcoin is extremely bullish right now: From traders, media, retail investors and big institutions: Everybody wants to be part of the actual bull run which might be still in the beginning,” said Marc P. Bernegger, cofounder of crypto fund of funds AltAlpha Digital.

Trump’s campaign promises to make the U.S. the “crypto capital of the planet” and establish a bitcoin “strategic reserve” have bolstered market confidence. The president-elect’s cryptocurrency-friendly approach has been evident through his campaign’s acceptance of crypto donations and his appearances at bitcoin conferences. His family has also launched World Liberty Financial, a new venture focused on cryptocurrency trading.

Patrick Liou, principal of institutional sales for Gemini, emphasized the significance of the $100,000 threshold. “Based on previous experiences, realized volatility to the upside tends to catch investor attention, which is still relatively low when examining historical Google search trends for ‘bitcoin.’ This could potentially fuel a further run for bitcoin above the $100,000 mark in the lead up to the inauguration and in Q1 2025,” he stated.

The rally also builds on momentum from January’s approval of spot bitcoin ETFs, which allow investors to gain direct exposure to bitcoin without holding the cryptocurrency itself. Citi analysts noted that these ETFs have seen some of their largest inflows on record following the election.

Eric Demuth, CEO and co-founder of Bitpanda, views the current market conditions as a watershed moment. “The final element of uncertainty has been removed, and the world’s largest financial market is on the verge of embracing liberal, crypto-friendly regulation for our industry,” he said, adding that the convergence of increased retail adoption, European crypto market regulation, and integration into traditional financial systems has created optimal conditions for growth.

However, experts caution that cryptocurrency markets remain volatile. Bitcoin’s history includes a dramatic fall from nearly $69,000 in November 2021 to below $17,000 during the 2022 crypto market crash, triggered by aggressive Federal Reserve rate hikes and the collapse of FTX. This history serves as a reminder of the potential risks for investors.

 


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