Bitcoin cryptocurrency is always a topic of discussion. From the time when it cost less than $0.01 to a time high of $90,000, it highlights its worthiness. But still, many countries suspiciously monitor cryptocurrency. In the last few days, especially the days after the United States election result when Trump dominated Kamala Harris and won the presidential election, cryptocurrency prices started rising.
What factor is responsible for such a price surge of bitcoin?
How does the Bitcoin price surge affect another cryptocurrency?
Does this growth bring profitable options for crypto holders?
Some speculations say that the price could be crossed $1,00,000, which is a big amount. Let’s unfold all the scenarios of the current Bitcoin valuation and what future it brings for crypto holders.
Current Bitcoin Valuation
This month, bitcoin broke all the records and has now become the most highly valued cryptocurrency.
The last trading value of Bitcoin price USD: 98, 200.96
It’s 73% higher as compared to October. With 19.79M of bitcoin circulation, it touched the market cap of $1.95T. You can visit the Crypto FintechZoom platform to stay updated with the latest cryptocurrency news.
Not only in the fintech market Bitcoin is also recognized as the world’s first decentralized cryptocurrency that utilizes public key cryptography to sign, record, and send transactions via blockchain platforms without the interference of a central authority.
Factors Responsible for Such a Historical Rise in Bitcoin Price
This month, there is massive growth seen in bitcoin value, and chances are high that soon it might even cross $1,00,000. This market value is double high as compared to the year 2023.
The biggest key factor responsible for this surge is the ‘Trump effect.’ After winning the U.S. presidential elections, investors may hope that under the Trump administration, they will get a more crypto-friendly regulatory environment.
During his campaign, he stated that he will build a national bitcoin stockpile and will try their best to make the U.S. a “crypto capital of the planet.”
These promises build trust among people that his system will establish a proper regulatory framework to tackle all digital asset issues with ease.
How does the political landscape influence Bitcoin Price?
The political outlook plays a pivotal role in influencing digital assets such as cryptocurrencies. From providing support to putting restrictions on the use of cryptocurrencies, different countries use different approaches to regulate cryptocurrencies.
For Example. If the government of any country favors cryptocurrency, this will build trust among people, and they will feel encouraged to more invest in it. While the government is not in favor of cryptocurrency, this will send a negative signal to people and overall hinder the growth of cryptocurrencies.
This has happened in recent U.S. presidential elections. Donald Trump is the biggest supporter of cryptocurrency. During the US elections, he showed their full support for cryptocurrency. His presidential election victory and crypto support indicate the market. As a result, there is a boom in cryptocurrency prices.
Final Thought
The recent hike in bitcoin price USD has established credibility about cryptocurrency among investors. Some speculated a rise of $1,00,000 within a few days, while others suggested an all-time high price. All this indirectly indicates the acceptance of Bitcoin as a legitimate digital asset. The booming price of Bitcoin highlights its increasing stability among investors. Now the time will tell whether its growth is sustainable or just a bubble for a few days.
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