Summary: Bitcoin’s valuation increased by 5.8% in just last 24 hours and so the bullish streak continues. Bitcoin surged to yet another of its all-time high of $97,750. Market capitalization for Bitcoin also looks fantastic as it stands at $1.93 trillion, with a super dominant 57.9% share of the crypto market. Bitcoin’s daily trading volume has also surpassed $85 billion which shows how strong and dominant the bullish momentum has been for BTC.
Market Sentiment and Predictions
After this recent and explosive success of Bitcoin, A poll was done on the prediction platform Polymarket where 83% odds were on the favor of Bitcoin hitting $100,000 before December. This is also happening as the global crypto market cap reaches an all-time high of $3.33 trillion.
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Factors Driving Bitcoin’s Surge
- Political Landscape: Donald Trump winning the election as the “crypto president” with a promise of making U.S. a pro-crypto Congress country has filled everyone especially crypto enthusiast with hopes for regulatory support.
- Institutional Interest: After the first big surge, Whale accumulation and many over-the-counter (OTC) deals most probably by big organizations are sustaining this bull run.
- Halving Effect: After the Bitcoin Halving on April 20th, rewards for mining and miners had decreased. Therefore, prices was pushed upwards to maintain an environment where miners can also enjoy profit.
- Spot BTC ETFs: When BlackRock’s iShares Bitcoin trust was firstly launched, it was the first and one and only U.S. approved spot Bitcoin ETF and this fueled the demand for bitcoin even higher. This made things easier for investors as they were greatly manage risks while still gaining rapid exposure to digital asset.
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