Why is cryptocurrency rising and Bitcoin at an all-time high?
The value of Bitcoin has reached unprecedented heights, soaring to over $90,000 in November 2024. According to TechTarget's article "Why is cryptocurrency rising and Bitcoin at an all-time high?" this surge can be attributed largely to the political climate following Donald Trump's victory in the U.S. presidential election on November 4th. Trump's pro-cryptocurrency stance during his campaign included promises such as appointing a crypto-friendly SEC chairperson and creating a national advisory council for cryptocurrencies.
This optimism was further fueled by regulatory approvals earlier in January that allowed spot Bitcoin ETFs, leading to significant capital inflows into these funds. The BlackRock iShares Bitcoin Trust alone received over $40 billion since its inception, showcasing investor confidence under what they perceive will be favorable policies towards digital currencies.
Crypto Highlights This Week: BTC, XRP & Dogecoin Steal Spotlight
This week marked notable achievements across various cryptocurrencies according to CoinGape's report titled "Crypto Highlights This Week: BTC, XRP & Dogecoin Steal Spotlight." Bitcoin achieved new highs with prices reaching up to $93,434 amidst increased institutional interest post-U.S elections. Ripple’s XRP also saw substantial gains of 93%, driven by market speculation around potential changes within the SEC leadership which could favor more lenient regulations toward cryptocurrencies like XRP.
Dogecoin too experienced a resurgence due partly to Elon Musk being appointed head of Government Efficiency under President Trump’s administration—a move seen positively by investors who have long associated Musk with support for DOGE.
Bull Run 2024: Key Altcoin Breakouts of the Week
A variety of altcoins are experiencing bullish trends amid the ongoing bull run as reported by CoinGape in their piece "Bull Run 2024: Key Altcoin Breakouts of the Week". Notably among them is Minotaurus (MTAUR), gaining popularity within blockchain gaming circles thanks to its innovative approach combining gameplay features with robust tokenomics structures aimed at sustainability.
XRP continues testing waters above $1, while Cardano pushes towards reclaiming previous highs near $3—both benefiting from broader positive sentiment sweeping through markets currently buoyed primarily via strong performances led initially by flagship assets like Bitcoin itself hitting record valuations globally, surpassing even some nations' GDPs!
Shorts piling into Bitcoin mining stocks risk $4.6bn squeeze
An intriguing development highlighted by DLNews involves short sellers targeting bitcoin mining stocks facing potential squeezes worth approximately $4.6 billion after recent price surges following Trump's electoral win, boosting overall cryptos including miners significantly higher than anticipated levels. This newfound momentum observed throughout the sector continues unabatedly, turning the previously bearish outlook increasingly optimistic.
Sources:
- Why is cryptocurrency rising and bitcoin at an all-time high?
- Crypto Highlights This Week: BTC, XRP, & Dogecoin Steal Spotlight
- Bull Run 2024: Key Altcoin Breakouts of the Week
- Shorts piling into Bitcoin mining stocks risk $4.6bn squeeze
- Ethereum ETFs Are Thriving Amid 'Overdue Excitement' and Rising Optimism: Analysts
- Weekly Institutional Insights: Bitcoin Clings to $90K; Ethereum Unveils Beam Chain
- Ethereum Classic, and Dogecoin Backed by Industry for Future Success But New Altcoin Promises Better ROI!
- Insight Into ETFSwap (ETFS) As Ethereum Price Hitting $6,000 Could Possibly Trigger Altcoin Season
- 5 Best Altcoins for Explosive 4500% Growth in the Coming Weeks!
- This Altcoin Priced Under 1 Cent May Be Poised For a 500x Rally - Here's Why SHIB and PEPE Fans Are
- Bitcoin’s $90K Feat Signals a New Altcoin Boom — Here’s What to Buy!
- Turn $500 Into $1 Million With These 4 Altcoins Before the Bull Run Ends!
- Why Solana and Ripple (XRP) Might Not Deliver Big Bull Run Returns—Discover the Altcoins Poised for Life-Changing Gains in 3 Months!
- Bitcoin Veteran Who Correctly Called The XRP Price Surge To $3.8 In 2017 Is Back With 30,000% Forecasts –
- ‘Buy The Dip’ Time for Bitcoin? BTC Falls Below 90k, Experts Predict Further Price Hikes
- 'More brutal than expected' — Lyn Alden on ETH/BTC post-election low
- Weekly Institutional Insights: Bitcoin Clings to $90K; Ethereum Unveils Beam Chain
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