Bitcoin is on a record-breaking rally, climbing a staggering 128% and edging closer to the $100,000 mark! Since the U.S. elections on November 5, the cryptocurrency has been making headlines with its explosive growth. Market Analyst Tony Sycamore from IG Australia Pty shared insights into this remarkable surge. What’s fueling Bitcoin's meteoric rise in 2024, and how high can it go? Dive into the numbers and expert predictions!
During his campaign, Trump prioritized regulators favorable to digital assets and outlined optimistic plans for cryptocurrency, which gave Bitcoin a significant boost. Promising to position the U.S. as the hub of the digital asset industry, Trump's influence on Bitcoin was quickly seen, setting a new record.
Bitcoin surpassed $97,000 for the first time! Reaching this historic level, Bitcoin's new record has once again captured attention.
In addition to Trump becoming the new president, another factor influencing Bitcoin's surge has been the Federal Reserve’s interest rate cuts to date.
'The demand seems insatiable.' While Bitcoin approaches the $100,000 threshold, Sycamorei expressed uncertainty about whether everything will proceed smoothly and emphasized the soaring demand. 'The demand seems insatiable,' he stated.