Bitcoin (BTC), the world's largest cryptocurrency, has been on a remarkable rally, smashing through previous all-time highs and surging above $87,000 on November 11. This historic surge has been fueled by a wave of optimism following Donald Trump's victory in the 2024 US presidential election, sparking hopes of a more favorable regulatory environment for cryptocurrencies under the new administration.
The crypto market has witnessed an influx of over $500 billion since Trump's win on November 5, with Bitcoin being a major beneficiary of this demand. Institutional interest in Bitcoin has skyrocketed, with companies like MicroStrategy announcing the acquisition of an additional $2 billion worth of BTC, bringing its total holdings to a staggering 279,420 bitcoins worth around $22 billion.
Inflows into cryptocurrency investment products, particularly Bitcoin exchange-traded funds (ETFs), have also hit record levels. Last week, crypto investment products saw inflows of nearly $2 billion, pushing global assets under management to a new high of $116 billion, according to data from CoinShares.
Analysts and traders are increasingly optimistic about Bitcoin's potential to reach $100,000 and beyond in the current bullish cycle. However, some experts also caution about potential volatility and pullbacks along the way, advising investors to exercise caution amidst the broader uptrend.
