BTC Price: After crossing the $100,000 mark for the first time earlier this week, Bitcoin price took a breather and came below the $98,000 level mark. But, in any case, optimism remains high for 'bitcoiners' as Trump's confidence stays intact.
Bitcoin Price: Sky seems to be the limit for the cryptocurrency after Trump's win pushed investor sentiment high. But the optimism continues to teeter
BTC Price: After crossing the $100,000 mark for the first time earlier this week, Bitcoin price took a breather and came below the $98,000 level mark. But, in any case, optimism remains high for 'bitcoiners' as Trump's confidence stays intact.
"Congratulations bitcoiners!!! $100,000!!! You're welcome!!! Together, we will Make America Great Again!" Trump said in a social media post.
However, it wasn't just mere investor sentiment driving the prices of cryptocurrencies to all-time-high, but a series of positive signals pushing the price levels.
In a plenary meeting in Russia, held earlier this week, Putin signalled his backing for cryptocurrencies while talking about the dollar's dominance in global reserves.
On top of that Trump nominated Paul Atkins, an active player in the cryptocurrency sphere, to head the Securities and Exchange Commission.
In the last 6 months alone, Bitcoin's price has surged by more than 35 per cent. Other digital currencies like Dogecoin and Ethereum have followed a similar euphoric road.
While Dogecoin has increased by over 113 per cent in the last month one only, Ethereum's price has surged by nearly 50 per cent in the same period.
While the cryptocurrency world is mostly dominated by Bitcoin's name, there are many other digital currencies in the field that are witnessing a similar rise in price levels. But relatively, Bitcoin is the star name of the cryptocurrency world as its price figure remains highly attractive.
But some analysts point out that other digital currencies might soon have to catch up a bit in terms of pricing for the crypto rally to continue. "Individual investors must be excited to see the BTC price top $100,000 following the news of Paul Atkins being nominated as SEC chair.... Of course, this doesn't mean BTC will rally forever, as there will be moves to take profits," Shoki Omori, Chief Japan desk strategist, Mizuho Securities told Reuters.
"I think if BTC were to rally more from here, other crypto majors should catch up a bit first, such as Ethereum. Ethereum looks cheap against Bitcoin," he further added.
Profit-booking is inevitable when any financial instrument witnesses a strong rally. In Bitcoin's case, this optimism was even stronger as the price levels remained subdued for the last 3 years since the pandemic ended.
But the recent rally does bring-in hope for cryptocurrency players for the upcoming year as the political sphere remains more favorable than ever.