Bitcoin's price soared to unprecedented heights, nearing $98,000 on Thursday, an increase attributed to optimistic sentiment regarding US President Donald Trump’s potential policies favorable to cryptocurrency. This surge has elevated Bitcoin’s market cap significantly.
Bitcoin's rise reflects the broader market growth, with the cumulative crypto market cap now at $3.37 trillion. Furthermore, the 24-hour trading volumes saw a 5% spike. Optimism concerning Trump’s administration’s crypto-friendly approach plays a crucial role in this optimistic market trend.
Key factors behind Bitcoin’s impressive gains include the anticipated crypto-friendly policies from Trump’s administration, along with strong institutional interest. Companies like MicroStrategy continue to adopt a "Bitcoin-first" approach, further boosting the digital asset's value.
The introduction of Bitcoin ETFs and options trading is also a significant driver for this rally. Statistics show more than $4 billion poured into Bitcoin ETFs post-elections, with BlackRock making notable strides with its BTC ETFs and call options.
