Bitcoin Hits All-Time High $91,000: Can It Reach $100K by Year-End?

Bitcoin reached a new all-time high and crossed $91,000, continuing its growth since election night in the United States of America.

Bitcoin surged 20,000 in 7 days!

Bitcoin began to rise significantly after it became clear that Donald Trump would win the US elections.

During election day in the USA, Bitcoin was worth around $67,000. Seven days later, 1 BTC was worth a record $89,995.12, almost reaching the magical $90,000 mark!

Why is Bitcoin going up?

President-elect Trump strongly supported cryptocurrencies and announced that he would turn the US into "the crypto capital of the planet."

Trump also launched his crypto business called World Liberty Financial.

This new venture, billed as a decentralized finance (DeFi) money market platform, introduced a proprietary cryptocurrency dubbed $WLFI.

"Obviously [it's] a clear Trump trade as he is so supportive of the industry, and this can only mean more demand for crypto stocks and the currencies themselves," said Nick Twidale, chief market analyst at ATFX Global in Sydney.

Trump's team includes people who support cryptocurrencies, such as tech magnate Elon Musk.

The new president also promised friendlier crypto rules, and his campaign included setting up a strategic US Bitcoin stockpile and boosting domestic token mining.

CinGecko data also shows that this effect impacts the growth of the value of digital assets to about 3.1 trillion USD.

When will Bitcoin cross the magic number of 100,000?

Experts are now estimating when, not if, Bitcoin will cross the $100,000 magic number.

Deribit exchange predicts that this historic moment for the crypto world will happen by the end of the year.

According to the Economic Times, software firm MicroStrategy Inc. bought about 27,200 Bitcoin from October 31 to November 10, which cost them 2 billion dollars.

Bitcoin leads the crypto market surge

Bitcoin is the oldest and most prominent cryptocurrency, and its value has increased by a staggering 30% in the past seven days.

Other currencies have also experienced growth, such as Dogecoin, backed by Trump ally Musk, which has achieved growth of as much as 152% in seven days.

"If I am elected, it will be the policy of my administration, United States of America, to keep 100 per cent of all the Bitcoin the US government currently holds or acquires into the future," Trump said at the Bitcoin 2024 conference in July.

Bitcoin Market at all-time high

Bitcoin in the last seven days:

• 05.11.2024. 67,000

• 06.11.2024. 75,000

• 12.11.2024. 89.995

The market share of top cryptocurrencies is as follows (as of 12.11.2024.):

• Bitcoin (BTC): 59.46%

• Ethereum (ETH): 12.68%

• Tether (USDT): 5.18%

• BNB (BNB): 3.51%

• Solana (SOL): 3.38%

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