In a historic milestone, Bitcoin’s price has crossed the $80,000 mark for the first time in history, with its market capitalization exceeding $1.5 trillion just days after Donald Trump’s reelection in the United States presidential elections.
Record-Breaking Rally
On November 10th, the top cryptocurrency rose by almost 4.50% to reach a new inflation-adjusted record high of $80,116 (data from Bitstamp). Smaller tokens, including Ether (ETH), Dogecoin (DOGE), and Cardano (ADA), also rallied.
Trump’s Impact on Crypto
During his election campaigns, Trump had vowed to position the US as a leader in the crypto industry, further proposing to develop a strategic Bitcoin reserve and appointing pro-crypto regulators. Following his win on November 6th, Bitcoin has risen by 15.65% and is on the course to deliver its best weekly performance since February.
Bitcoin Outpaces Traditional Investments
Bitcoin has surged roughly 80% in 2024, driven by strong demand for US-based exchange-traded funds (ETFs) and Federal Reserve interest rate cuts. In doing so, it has outpaced traditional investments like stocks and gold.
Gold and S&P 500 Index vs. BTC/USD Year-to-Date Performance
| Asset | YTD Performance |
| — | — |
| Gold | -8% |
| S&P 500 Index | 15% |
| BTC/USD | 80% |
Source: TradingView
Spot Bitcoin ETFs Drive Price Boom
Spot Bitcoin ETFs such as BlackRock Inc.’s $35 billion iShares Bitcoin Trust (IBIT) have played a huge role in the ongoing BTC price boom. For instance, IBIT recorded daily net inflows of nearly $1.4 billion on November 8th, according to Farside Investors data.
Bitcoin ETFs Net Cumulative Flow
| Date | Net Inflows |
| — | — |
| Nov 6 | $1.2B |
| Nov 7 | $1.3B |
| Nov 8 | $1.4B |
Source: Farside Investors
Analysts Anticipate Continued Bull Run
Bitcoin’s climb above $80,000 has raised anticipations for a continued bull run in the coming weeks, with multiple analysts anticipating a rise towards $100,000 next.
Crypto Rover’s Analysis
According to Crypto Rover, Bitcoin’s tendency to establish record highs ’50-60 days after the US elections’ suggests that the price could reach $100,000 by January 2025 if the fractal plays out as intended.
Doctor Profit’s Analysis
Analyst Doctor Profit argued: ‘In the last few days, 60,000 BTC were bought by retail investors, 1800 BTC was bought by BlackRock, at the same time only 450 Bitcoin are mined each day and only two million BTC are available to buy on exchanges. If we continue in this speed, we will reach $100,000 by end of year.’
Investment Caution
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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