ALBAWABA - Bitcoin, the first decentralized cryptocurrency, neared $90,000 for the first time today following Donald Trump’s win in the US presidential election and new support for the currency from the US Congress. Experts and analysts are urging that now is the right time to invest in Bitcoin, as the cryptocurrency is expected to continue rising through the end of 2024.
Bitcoin hits about $90,000
Bitcoin scored about $90,000, pushing the total value of the cryptocurrency market past its peak during the coronavirus pandemic.
According to CoinMarketCap data, Bitcoin was up 9.76% in 24 hours, trading at $88.55K. Additionally, the decentralized cryptocurrency saw an increase of 28.9% in the last 7 days, bringing its total market cap to approximately $1.75 trillion.
Analysts expect Bitcoin to exceed $100,000 by the end of 2024. (Shutterstock)
Overall, the price of Bitcoin surged by almost 32% since the beginning of the US presidential election on November 5. This was driven by promises from President-elect Donald Trump to support Bitcoin.
Analysts expect Bitcoin to exceed $100,000 by the end of 2024, driven by increased demand for ETFs and potential interest rate cuts by the US Federal Reserve.
Trump supports Bitcoin
Upon winning the US presidential election, Donald Trump promised to establish a Bitcoin reserve and support the growth of the US Bitcoin mining sector.
“If I am elected, it will be the policy of my administration, United States of America, to keep 100% of all the bitcoin the US government currently holds or acquires into the future,” Trump stated previously.
James Butterfill, CoinShares Head of Research, commented: “We would argue that prices could rise further given we have a combination of positive political momentum, social media hype, a continuation of interest rate cuts and the prospects of Bitcoin becoming a strategic reserve asset in the US.”
