Bitcoin’s rally this month has been nothing short of impressive, with the flagship cryptocurrency pushing past $97,000 on Thursday. The climb follows a series of events that have created a favorable environment for its growth, and it doesn’t look like the momentum is fading anytime soon.
In early trading during the Asian session, Bitcoin reached $97,764 as per CoinMarketCap data, inching closer to the $100,000 milestone—a level that would bring its total market value to over $2 trillion. Over the past 14 days, Bitcoin has surged nearly 30%, fueled by a mix of political shifts and economic policy changes in the U.S.
The Republican victory claimed by MAGA president-elect Donald Trump in the November elections is one of the driving forces behind the rally. Traders are calling this the “Trump trade,” reflecting optimism about the new administration’s pro-crypto stance. This enthusiasm hasn’t been limited to Bitcoin—stocks and bonds have also seen gains since the election results.
Adding to the excitement, the Federal Reserve’s decision to cut interest rates has reignited traders’ appetite for risk, further boosting Bitcoin’s appeal. Institutional interest has also played a big part, with BlackRock’s IBIT options gaining traction. These options, which follow Bitcoin prices and are physically settled, saw an impressive $1.9 billion in trading volume on their first day. Out of 354,000 contracts traded, the majority were bullish, showing strong confidence in Bitcoin’s upward trajectory.
Financial analysts from traditional institutions and those specialized in crypto and on-chain movements have begun projecting Bitcoin prices as high as $200,000 in the near future. With such bold targets and increasing participation from large players in the market, Bitcoin seems poised for further growth.
Could the $100,000 milestone be right around the corner? We’ll keep you updated right here at HowToBuyBitcoin.org.