Bitcoin Closing In Fast On $90,000 As Post-Election Rally Continues

Christian Encila

Last Updated: November 13, 2024 1:00 am

3 mins read

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Crypto investors are getting excited about the latest price surge of Bitcoin, which occurred only days after the US election, fueled by favorable market sentiment toward the digital currency industry.

Long-term holders of the firstborn cryptocurrency are now becoming interested in Bitcoin, as the digital coin is fast approaching the much-anticipated $90,000 mark.

$90K Is Just Around The Corner

Data showed that BTC’s price continues to surge, and analysts are confident that it will hit the $90,000 level sooner than expected.

Just several days after Donald Trump reclaimed the White House, Bitcoin price has been moving upward as the upcoming administration offers a favorable treatment of the cryptocurrency sector.

Bitcoin hits a fresh ATH. Source: Bitstamp

For the first time, Bitcoin went beyond the $87,000 mark after reaching $87,198, which more than doubled the $37,000 recorded 12 months ago. Then, it slightly slipped a bit on Monday.

In early Tuesday, BTC once again hit another all-time high when the coin hit $89,804, which raised its total market value to a whopping $1.77 trillion. The leading crypto asset saw a gentle drop as long-term holders started to make movements.

At the time of writing, Bitcoin price is pegged at $88,800. The alpha coin hit a new all-time high on Monday. On Bitstamp, BTC registered $89,899.

Analysts also noted that as BTC’s price moves upward so does its daily trading volume increases with a current value of $133 billion.

BTCUSD trading at $87,257 on the daily chart: TradingView.com

Bitcoin: The Domino Effect

Analysts said that the positive sentiment on Bitcoin is also having a domino effect on the entire cryptocurrency sector.

Its price surge is also pulling the price of other digital currencies worldwide.

CoinGecko noted that in the past 24 hours, the market capitalization of the global cryptocurrency was boosted by 4.7% and now boasted a record high of $3.11 trillion.

In addition, in the past week, the crypto market has already experienced a massive $765 billion increase.

In another report, crypto analysts said that crypto-related investment products recorded the virtual coin’s highest year-to-date inflows of about $31.3 billion, and the total amount of assets under management hit $116 billion.

If you’re wondering what’s happening with #Bitcoin…

Yes, the incoming Bitcoin-friendly administration has provided a recent catalyst…

But, that’s not the main story here.

The main story here is that we are 6+ months post-halving.

And that means a supply shock has… pic.twitter.com/XkwPoPxrj2

— Jesse Myers (Croesus 🔴) (@Croesus_BTC) November 11, 2024

The ‘Trump Pump’

City Index senior market analyst Matt Simpson called the recent price movement in the cryptocurrency market a “Trump Pump”, explaining that many investors are betting that the Trump administration will pave the way for more cryptocurrency adoption.

Meanwhile, other analysts credited the positive sentiment on the crypto market as brought about by the promise of a more deregulated industry.

Lazard chief market strategist Ronald Temple said the incoming US president promised to dismiss the current head of the US Securities Exchange Commission (SEC), Gary Gensler, on the first day of his office.

The SEC has been pushing for the implementation of more rigorous regulations on cryptocurrencies, a move being criticized by crypto investors and entrepreneurs.

Featured image via Grok, 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.