Bitcoin hit a new all-time high of $89,599 on Tuesday, November 12, potentially setting the stage for a six-figure price tag before 2025. The new record in cryptocurrency comes a week after President-elect Donald Trump won the 2024 presidential election, securing his second win in the White House race.
Donald Trump's victory influenced a new wave in the crypto market and among investors. According to chief analyst at Bitget Research Ryan Lee predicted that Bitcoin will surpass $100,000 before December end. Trump’s presidency is seen as a net positive among crypto investors, where many expect to see clearer crypto regulations that favour blockchain innovation.
Meanwhile, inflows from the US spot Bitcoin exchange-traded funds (ETFs) are also contributing to Bitcoin’s price rise. Bitcoin has more than doubled so far in 2024, helped by robust demand for dedicated US ETFs and the Federal Reserve's interest-rate cuts. The rise in the token exceeds the returns from investments such as global stocks and gold.