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Bitcoin Nears $90K as Crypto Market Cap Exceeds $3 Trillion
In the last 24 hours, the price of Bitcoin broke multiple highs, crossing the $80k margin and almost approaching $90k now
Author by
Victor Swaezy
The flagship cryptocurrency, Bitcoin, has skyrocketed in value, nearing the $90,000 mark. Notably, the entire crypto market has been on an upside following the recent electoral victory of Donald Trump. His pro-crypto promises and beliefs have rubbed off on digital assets, triggering a movement not seen in years.
However, not only Trump’s victory is the reason behind the crypto rally today. Other factors include Microstrategy’s recent Bitcoin purchase and the Federal Reserve’s approval for a rate cut last Thursday. Let us see this in detail.
Bitcoin Soon to Reach $90K
In the last 24 hours, the price of Bitcoin broke multiple highs, crossing the $80k margin and almost approaching $90k now. According to on-chain data, Bitcoin is changing hands at $88,508, representing an 8.56% increase in the last 24 hours.
Interestingly, over the last week, the flagship cryptocurrency has ballooned by 28.11%, and by 40.85% in the last 30 days.
It is also important to mention that Bitcoin’s market valuation has topped $1.75 trillion, taking up more than half of the entire crypto market capitalization of $3.02 trillion.
What is Behind the Rally?
As previously mentioned, the rally ignited following President Trump’s win in the November 5 U.S. Presidential election. Trump made bold promises about reforming the crypto industry and supporting blockchain technology in the United States including making the country the “Bitcoin capital of the world.”
During his campaign, several top figures in the crypto industry poured in support in the form of donations, underscoring their belief and support for the course.
Moreover, Trump’s victory is only one of the major catalysts for this recent rally. Microstrategy, a leading global business intelligence company and the largest corporate Bitcoin holder recently increased its BTC holdings.
On November 10, the Micheal Saylor-led company bought a staggering 27,200 BTCs, valued at $2.03 billion at the time of purchase. This move sent a very bullish signal across the market as other investors opened positions on the coin. Following the purchase, Bitcoin skyrocketed to reach $86k and has since maintained the rally till now.
Meanwhile, on November 7, the U.S. Federal Reserve approved an interest rate cut by a quarter-point. This move comes amid an economic shift in the country and a new president. The U.S. presidential election voters very often noted that the state of the economy was a deciding factor in the decision to cut rates.
Ultimately, Bitcoin’s recent trajectory has drawn in heavy funds from institutional investors through the Bitcoin ETFs. According to data from Soso Value, Bitcoin exchange-traded funds saw a $1.11 billion daily total net inflow as of November 11 and have recorded over $3.3 billion in inflows since Trump’s victory.
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as 36crypto and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.
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