Bitcoin has been on a rally lately, surpassing 100% gains in just 100 days. According to the aggregator platform CoinMarketCap, the crypto price has surged from $53,628 to $107,780, witnessing a 101% increase. This remarkable growth has its investors and enthusiasts wondering what’s driving the surge and what’s next for the digital asset.
What is Moving BTC Price?
The recent price increase can be attributed to increased demand and decreased supply. As more institutional investors and individuals enter the market, the demand for Bitcoin has skyrocketed. At the same time, the supply of new bitcoins has slowed, leading to a shortage and driving up prices.
The approval of Bitcoin spot exchange-traded funds (ETF) by the United States Securities and Exchange Commission (SEC) in January 2024 also played a significant role in Bitcoin’s growth. The spot ETF gives investors direct exposure to the underlying value of Bitcoin at market prices, making it more accessible to institutional investors and individuals alike.
This development marked a milestone in the mainstream adoption of BTC. It provided a regulated and secure way for investors to gain exposure to Bitcoin, and as a result, its price has continued to soar.
Nonetheless, the recent surge in Bitcoin’s value is mainly attributed to the concluded United States election. The Trump election victory ignited a renewed interest in Bitcoin, with its price increasing by over 32% one week after the election. This increase was primarily driven by expectations that the new president would be “crypto-friendly.”
What’s Next for BTC?
The crypto market is known for its volatility, and Bitcoin is no exception. However, despite the associated risks, many experts believe that BTC has the potential to continue growing in value. Some have even predicted it could reach $200,000 or more in 2025.
Interestingly, Bitcoin is leading the charge as the crypto market grows. With its recent gains and predicted future growth, it’s an exciting time for investors and enthusiasts alike. Staying informed and up-to-date on the latest developments is essential for seasoned crypto investors and those new to exploring the market.
The next few months will be crucial for Bitcoin as investors and experts wait to see if it can sustain its current momentum. Will Bitcoin continue to soar to new heights, or will it experience a correction? Only time will tell.
Meanwhile, the leading crypto is currently priced at $107,941, having increased by 2.79% in the last 24 hours.
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