Over 90: The Rise of Bitcoin

Amid global political developments in leadership, Bitcoin (BTC) experienced an extraordinary rally, reaching a new all-time high of $93,265 before stabilizing above $90,000. It managed to create a significant milestone in the crypto market by surging more than 60% from its price of $50,000 just a few months ago.

Whether this dramatic rise is driven by Trump winning the election, approval of spot Bitcoin ETFs, or big institutional investors such as MicroStrategy, Fidelity and Paypal entering the playing field, it represents confidence in the long-term value of BTC.

Since reaching its all-time high of $93,265 on last Wednesday the 13th of November, it has been trading around the price of $91,500. The rally also extended across the entire crypto market, elevating the prices of smaller coins such as Dogecoin and Ether. It has especially positively impacted Ethereum, as its price reaches $3,100 at the time of writing.

While most crypto experts and analysts have predicted the market to continue the bullish trend. For example, the CEO of IG North America said, “Many people believe that we will inevitably get to bitcoin at $100k, and I expect bitcoin to continue building momentum.”

Others have warned investors and traders of the potential corrections ahead. The CEO of Hinkal protocol, Georgi Koreli explained, “With bitcoin reaching $90K and hitting a new all-time high, investors should be cautious about the potential volatility ahead. This doesn't mean that we will not see $95K or even $100K soon, but rather that BTC might pause or slide back to regain its strength.”

Many cryptocurrencies and altcoins still face regulatory uncertainties. Yet, a pro-crypto stance in the US may create a favorable environment for Bitcoin, Ethereum and other regulated cryptocurrencies throughout the world.

If supportive measures for Bitcoin continue, more institutional investors will participate which will result in expanded markets and favorable regulations. We have to wait and see if this will be a beginning of a prolonged bull market or will volatility strike again. One thing is clear that Bitcoin has cemented its place in global financial markets.