• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Analysis of Factors Driving Bitcoin to $81,000

user avatar

by Giorgi Kostiuk

a year ago

Bitcoin, the world's leading cryptocurrency, has reached an all-time high of over $81,000 this week. The surge is attributed to political shifts and the rise of cryptocurrency ETFs.

Factors Behind the Surge

The momentum behind Bitcoin has been driven by both external and internal factors. A major catalyst for the rally has been the positive shift in U.S. politics, with pro-crypto candidates gaining ground. Over $119 million has been invested to support these candidates. In the House, 268 pro-crypto candidates emerged victorious. In the Senate, 19 crypto supporters were elected. Bitcoin ETFs, specifically, recorded a $1.63 billion net inflow from November 4 to November 8.

The Role of Musk and Trump

Elon Musk, in a recent post on X, described America's debt growth as "unsustainable." Donald Trump suggested using Bitcoin to pay off the $35 trillion national debt and promised to make the U.S. the crypto capital of the world. Trump's shift in rhetoric has been welcomed by the crypto community.

This debt growth is unsustainable.

Future Prospects

Some analysts remain cautious about Bitcoin's rally. CryptoQuant CEO Ki Young Ju predicts a potential year-end correction, expecting Bitcoin to end the year around $59,000.

Just one day left. For me, it’s $58,974. Hope I’m wrong.

Bitcoin continues to attract investor interest, reaching new heights amidst political and economic changes. However, some analysts warn of potential corrections shortly.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Major Crypto Wallets Unite to Combat Phishing Attacks

chest

MetaMask, Phantom, and other leading crypto wallets have united to launch a global phishing defense network to protect users from phishing attacks.

user avatarTando Nkube

Potential Tariffs from Drug Pricing Investigation May Affect Markets

chest

The ongoing investigation into pharmaceutical pricing manipulations by US authorities could lead to potential tariffs, introducing macroeconomic uncertainty that may influence both traditional and cryptocurrency markets.

user avatarKofi Adjeman

US Government Launches Investigation into Drug Pricing Manipulations

chest

The US government has launched an investigation into potential drug pricing manipulations by major pharmaceutical companies, aiming to protect consumers and ensure fair pricing practices.

user avatarNguyen Van Long

Mantle's Ecosystem Expansion Fuels Significant Gains

chest

Mantle's recent updates and strategic partnerships have led to a 130% rise in its token value, reaching an all-time high of $2.86.

user avatarSatoshi Nakamura

XRP Community Develops Informal Ranking System for Token Holders

chest

The XRP community has created a ranking system categorizing holders based on their XRP holdings, from 'Worms' with one token to 'Big Whales' with over 100,000 XRP.

user avatarJesper Sørensen

Sign's Funding Announcement Triggers 25% Surge in Token Value

chest

Sign's funding announcement led to a 25% surge in the value of its token, SIGN, and increased trading volumes.

user avatarLucas Weissmann

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.