Bitcoin Surges Past $98,000 After Trump's Reelection, Aiming for $110K by January

Dec 1, 2024, 12:42 PM

Bitcoin's price has surged following Donald Trump's reelection, reaching an intraday high of $98,722. The cryptocurrency market has been fueled by Trump's crypto-friendly stance and the influx of cash into Bitcoin exchange-traded funds (ETFs), particularly from BlackRock, which contributed to a 38% gain in November. Analysts are predicting Bitcoin could reach $110,000 by January, with expectations of a dip to $70,000 before climbing to $132,000 next year. The crypto market cap is anticipated to exceed $8 trillion this cycle due to several factors including spot ETFs approval, Russia recognizing crypto as property, and the potential for Trump to establish a strategic Bitcoin reserve.