Yet Another New High For Bitcoin, How High Will It Go?
In 2024, Bitcoin remains on a soaring rise and will set a new all-time high of $80,116 this Sunday, November 10. This amazing success comes at a time when Donald Trump was just re-elected and Bitcoin ETFs are getting a lot of institutional investments.
Bitcoin hit a major milestone on November 10, 2024, when it went over $80,000 on Bitstamp for the first time in its history. This made its market capitalization go over $1.5 trillion.
The daily rise of 4.50% is part of a larger trend. Since Donald Trump won the election on November 6, there has been a weekly rise of 15.65%, which is the biggest weekly rise since February.
Investors are very excited about the Republican candidate's win because he ran on a platform of supporting cryptocurrencies and promised to create a national strategic store of Bitcoin.
Major cryptocurrency like Ether, Dogecoin, and Cardano have all followed this trend, which is driven by the hope of better rules in the United States.
The value of Bitcoin has grown by 80% since the beginning of 2024. This is mostly because Bitcoin ETFs were released in the US. These brand-new financial goods have been a huge hit. They make investing in Bitcoin as easy as investing in stocks. BlackRock's iShares Bitcoin Trust, which is the biggest, broke all records by getting $1.4 billion in investments on November 8 alone.
Even though there aren't many Bitcoins available, investors are showing a lot of interest. Mining only creates 450 new Bitcoins every day, but people are still buying more and more of them: recently, individuals bought 60,000 bitcoins, and the big investment firm BlackRock bought 1,800 units. There are only two million Bitcoins left on exchange sites, which drives prices to all-time highs.
Because of this one-of-a-kind situation, experts are revising their predictions upwards. A lot of experts now think that Bitcoin could hit $100,000 by the end of 2024. Bernstein Research goes even further and says that Bitcoin will be worth $200,000 by the end of 2025.