(TheRedAlertNews.com) – In a staggering development, Bitcoin has surged past $84,000, driven by optimistic sentiment following Donald Trump’s return to the Oval Office.
Cryptocurrency markets are buzzing with excitement as bullish analysts predict prices might skyrocket even further, with Bitcoin expected to breach the $100,000 mark before year’s end.
The digital currency ecosystem, in full rally mode, saw Bitcoin’s price increase by 6% according to Coin Metrics.
Ether enjoyed a stable 2% rise, totaling a 30% cumulative gain for the week and reclaiming a value above $3,000.
Dogecoin also saw an impressive 8% climb, demonstrating buoyant investor confidence in the crypto market.
Cryptocurrency markets are anticipating a major sentiment shift towards digital assets with Trump’s victory, echoing a continued growth pattern.
Under Trump’s pro-crypto promises, bullish pundits suggest Bitcoin could soar above $100,000.
“Cryptocurrency markets are positioning for a momentous shift in sentiment towards digital assets under returning US president Donald Trump, which bullish pundits predict could send bitcoin rocketing above $US100,000,” AFR writes in a report.
Bitcoin experienced an overnight increase of over 9%, briefly surpassing $76,000 right after Trump triumphed over Kamala Harris.
Remarkably, Bitcoin’s value has increased by over 80% this year alone, signaling strong underlying capital flows into the crypto space.
Ether’s 2% rise capped a substantial 30% gain over the week, while Cardano’s decentralized finance token climbed by 1.7%.
Notably, companies tied to cryptocurrencies, like Coinbase and MicroStrategy, saw share price increases of 15% and 12% respectively.
Donald Trump’s campaign to make the U.S. the “crypto capital of the world” includes domestic Bitcoin mining proposals, alongside ambitions to replace SEC Chairman Gary Gensler.
Although lacking direct authority for the latter, such promises spur optimism in pro-crypto circles, adding momentum to market euphoria.
Spot crypto ETFs have achieved significant inflows post-election, quantified as $2.01 billion for BTC and $132 million for ETH, CNBC reports.
As analysts maintain their bullish stance, Bitcoin is predicted to reach unprecedented levels, potentially achieving the $100,000 milestone by the year’s end.
This energetic movement within the crypto domain mirrors the renewed confidence from investors, steered by the enthusiastic economic policies promised by Trump’s administration.
As the market enters this new phase, stakeholders are keen to see just how high the crypto market will fly.
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