The Bitcoin price has surged to unprecedented heights, marking another milestone in its volatile journey. Over the past 24 hours, Bitcoin (BTC) has soared by more than 11%, reaching a staggering US$89,476.02** (AU$133,392.78). This rally represents a 32% increase over the past week and a 158% gain over the last 12 months, pushing its market cap to US$1.76 trillion**.
Ethereum (ETH), the second-largest cryptocurrency, has also seen significant gains—up 4% in a day and 40% over the week—though it remains 32% below its 2021 peak.
Key Drivers Behind the Bitcoin Price Surge
- Political Influence:
The election of Donald Trump as U.S. president has fueled optimism among crypto investors. Trump’s pro-crypto policies, including easing regulations and potential plans for a U.S. Bitcoin stockpile, contrast sharply with the stricter stance expected under a Democratic administration. - Institutional Adoption:
BlackRock’s Bitcoin ETF recorded US$1.1 billion in single-day inflows, signaling strong institutional confidence. This milestone highlights growing mainstream acceptance of cryptocurrencies. - Market Sentiment:
Analysts describe Bitcoin as being in "beast mode," with traders debating whether to chase the rally or wait for a pullback. The lack of clear resistance levels makes predicting short-term targets challenging.
Expert Insights on Bitcoin’s Rally
Caroline Bowler (CEO, BTC Markets):
Investor optimism has surged with Trump’s pro-growth policies and crypto-friendly regulatory outlook. Record ETF inflows underscore this confidence.
Chris Weston (Pepperstone Group):
Bitcoin’s impulsive trend leaves little room for near-term speculation. The focus now is on holding for long-term gains.
FAQs About Bitcoin’s All-Time High
Q: What’s driving Bitcoin’s latest price surge?
A: Trump’s election, institutional ETF inflows, and broader market optimism are key factors.
Q: How high could Bitcoin go?
A: Experts caution against short-term predictions but note institutional adoption could push prices higher.
Q: Is Ethereum benefiting similarly?
A: Yes, though Ethereum remains below its 2021 peak, it’s gaining alongside Bitcoin.
The Future of Bitcoin
With institutional inflows and regulatory tailwinds, Bitcoin’s rally may have room to run. However, volatility remains a hallmark of the crypto market. Investors should weigh risks and opportunities carefully.
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