Bitcoin Barrels Close To $98,000—Is The $100K Barrier Next?

Christian Encila

Last Updated: November 21, 2024 9:00 pm

3 mins read

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Bitcoin continues its price explosion this Thursday, hitting a new all-time high and breaking the $97,000 barrier during intra-day trading. The crypto asset’s price then spiked 5.7%, reaching $97,811 on Bitstamp, boosting its market cap to $1.93 trillion.

The recent surge in Bitcoin’s value is not just a market trend, but a reflection of the growing optimism surrounding incoming US President Donald Trump’s potential crypto-friendly policies and his pick for the Securities and Exchange Commission (SEC) chief.

This optimism has led to a 3% increase in the cumulative cryptocurrency market cap, now standing at $3.37 trillion. The 24-hour trading volume on Thursday saw a 5% increase, reaching $ 190 billion.

Bullish Trend Thanks To Trump’s Win

The obvious sign of the optimistic trend in the bitcoin market: its price has more than doubled this year. The whole industry has joined the upward surge, contributing an amazing $900 billion to the total crypto market capitalization. Given that Bitcoin is barely $3,000 short of the $100,000 milestone, the sector is bursting with hope about what the next few weeks can bring for the digital asset.

According to Edu Patel, CEO of Mudrex, Bitcoin’s price last year was $30,000. Today, the asset’s price surged to more than $97,000, reflecting a growth of over 300%.

Bitcoin is currently trading at $98,128. Chart: TradingView

Patel said several factors are pushing Bitcoin’s price, including Trump’s election and optimism over his pick as chairman of the SEC, and his friendly crypto policies. In addition, he also acknowledged the growing institutional participation in Bitcoin options and ETFs.

Is Trump Planning A Special Position To Oversee Crypto?

The recent price surge of Bitcoin underscores the growing importance of the asset and cryptocurrency to the economy. The Trump administration has also signaled the possibility of creating a specific office to oversee the administration’s cryptocurrency policies.

According to some sources, the president’s team is currently considering this office, and many crypto execs are jockeying for an audience with the president.

1/
MicroStrategy just convinced investors to pay $520,234 per Bitcoin

That’s the biggest Bitcoin play I’ve ever seen: pic.twitter.com/yeZfGlcm6j

— ELI5 of TLDR (@explain_briefly) November 20, 2024

Institutional Adoption, MicroStrategy’s Bitcoin-First Policy Boost Price

Some experts also attribute Bitcoin’s recent run to MicroStrategy’s bold “Bitcoin-first” policy. Michael Saylor of MicroStrategy has doubled down on this approach and purchased additional BTC to boost its portfolio. Other companies have followed suit and are planning to add the asset to their inventories.

The growing popularity of Bitcoin ETFs also helps, and the market currently benefits from the introduction of options trading. According to multiple sources, more than $4 billion has flowed into Bitcoin ETFs since the November elections. Also, this week, Reuters reports that BlackRock is off to an exciting start with its BTC ETFs with call options.

Featured image from Pixabay, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.