Bitcoin surpassed $80,500 for the first time in history and its market capitalization surpassed $1.5 trillion within days of Donald Trump’s reelection
Bitcoin surpassed $80,500 for the first time in history and its market capitalization surpassed $1.5 trillion within days of Donald Trump’s reelection in the US presidential election.
The leading cryptocurrency store increased by nearly 5 percent to hit a new inflation-adjusted record high of $80,700. The $35 billion iShares Bitcoin Trust (IBIT) has contributed significantly to the continuous increase in Bitcoin’s value
Farside Investors data shows IBIT reported net inflows of almost $1.04 billion per day in November. The iShares ETF’s trading volume hit a record high the day before, underscoring the cryptocurrency industry’s positive reaction to Trump’s political resurgence.
According to options market positioning, open interest in calls for year-end expiration BTC options has significantly increased in recent weeks.
Additionally, Glassnode’s weekly reports show that capital inflow is still increasing, indicating a steady increase in demand. Over the past 30 days, the Bitcoin Realized Cap has risen by 30.8 percent, making it one of the highest inflow levels since January 2023.
It is currently trading at an all-time high (ATH) of $656 billion With a net 30-day capital inflow of $20.5 billion; however, the Relative Strength Index (RSI) is above 70, indicating a downward trend and being close to its overbought level. If the RSI declines from the overbought level, traders should exercise caution as the likelihood of a price pullback increases.
Trump had pledged to establish the world’s largest economy as a leader in the cryptocurrency space, adding that he would designate pro-crypto regulators and create a strategic Bitcoin reserve.
Bitcoin is poised to post its best weekly performance since February with a 15-point 65 percent increase, partly because of the Federal Reserve’s interest rate cuts and the high demand for US-based exchange-traded funds (ETFs),
Bitcoin increased by about 80% in 2024. It has performed better than more conventional investments like gold and stocks.
Donald Trump has taken the opposite position from the Biden administration, which is thought to support stringent regulation of a contentious industry that largely eludes institutional oversight, by portraying himself as the defender of cryptocurrencies.
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