Bitcoin continues its meteoric rise in 2024, reaching a new all-time high of $80,116 this Sunday, November 10. This exceptional performance comes in a context marked by the recent re-election of Donald Trump and the massive influx of institutional investments via Bitcoin ETFs.
A historic surge driven by political events
On November 10, 2024, Bitcoin reached a symbolic milestone by exceeding the $80,000 mark for the first time in its history on Bitstamp, propelling its market capitalization beyond $1.5 trillion.
This has much as 4.50% on the day is part of a broader dynamic, with a weekly increase of 15.65% since Donald Trump's electoral victory on November 6 – the largest weekly increase since February.
The victory of the Republican candidate, who had campaigned on pro-cryptocurrency promises, including in particular the project of a national strategic Bitcoin reserve, clearly galvanized investors.
This prospect of a favorable regulatory environment in the United States has also brought in its wake other major cryptocurrencies such as Ether, Dogecoin and Cardano.
ETFs and institutional demand as drivers of the rise
Since the start of 2024, Bitcoin has seen its value increase by 80%, an increase mainly due to the launch of Bitcoin ETFs in the United States. These new financial products, which allow you to invest in Bitcoin as simply as on the stock market, have met with dazzling success. The largest of these, BlackRock's iShares Bitcoin Trust, broke all records with $1.4 billion in investments on November 8 alone.
Investors are showing a remarkable appetite in the face of a supply of Bitcoin which remains very limited. Mining is only producing 450 new Bitcoins per day, while demand continues to increase: individuals bought 60,000 bitcoins recently, and the giant BlackRock itself acquired 1,800 units. Exchange platforms only have two million BTC left, a rarity which naturally propels prices to new heights.
This exceptional situation is pushing experts to revise their forecasts upwards. Several analysts now estimate that Bitcoin could reach $100,000 by the end of 2024. The Bernstein Research firm goes even further, predicting Bitcoin at $200,000 before the end of 2025.
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