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Another New Peak For Bitcoin, How Far Will It Go?

Sun 10 Nov 2024 ▪ 3 min read ▪ by Fenelon L.
Getting informed Event

Bitcoin continues its meteoric rise in 2024, reaching a new historical peak of 80,116 dollars this Sunday, November 10. This exceptional performance comes in a context marked by the recent reelection of Donald Trump and the massive influx of institutional investments via Bitcoin ETFs.

Bitcoin monte

A historical surge driven by political events

On November 10, 2024, Bitcoin crossed a symbolic threshold by surpassing the 80,000 dollar mark on Bitstamp for the first time in its history, propelling its market capitalization beyond 1.5 trillion dollars.

This 4.50% increase for the day fits into a broader trend, with a weekly progression of 15.65% since Donald Trump’s electoral victory on November 6 – the largest weekly increase since February.

The victory of the Republican candidate, who campaigned on pro-cryptocurrency promises, including plans for a national strategic reserve of Bitcoin, has clearly galvanized investors.

This prospect of a favorable regulatory environment in the United States has also dragged along other major cryptocurrencies like Ether, Dogecoin, and Cardano.

ETFs and institutional demand as drivers of the increase

Since the beginning of 2024, Bitcoin has seen its value rise by 80%, an increase primarily due to the launch of Bitcoin ETFs in the United States. These new financial products, which allow investing in Bitcoin as simply as in the stock market, have seen meteoric success. The largest of them, BlackRock’s iShares Bitcoin Trust, has shattered records with 1.4 billion dollars in investments just for the day of November 8.

Investors show remarkable appetite in the face of a Bitcoin supply that remains very limited. Mining only produces 450 new Bitcoins per day, while demand continues to rise: individuals have recently purchased 60,000 bitcoins, and the giant BlackRock has itself acquired 1,800 units. Exchange platforms are left with only two million BTC, a rarity that naturally drives prices to new heights.

This exceptional situation is pushing experts to revise their forecasts upward. Several analysts now estimate that Bitcoin could reach 100,000 dollars by the end of 2024. Bernstein Research goes even further, predicting a Bitcoin at 200,000 dollars by the end of 2025.

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Fenelon L. avatar
Fenelon L.

Passionné par le Bitcoin, j'aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.