Last week, Bitcoin set a new record by rising above $91,000, making it larger than Saudi Aramco in terms of market capitalization. The cryptocurrency's rise is linked to Trump's victory in the presidential elections and his promise to make the US a cryptocurrency hub.
Bitcoin's Rise to New Heights
On Wednesday, Bitcoin reached a new all-time high before falling to $90,256. Technical analysis and macroeconomic factors contributed to this rise. Bitcoin continues to surprise markets with its volatility and potential.
The Role of Institutional Investors
The BlackRock Bitcoin ETF (IBIT) attracted $778 million last Tuesday and about $3 billion in the previous seven days. This indicates a high interest of institutional investors seeking alternative assets.
Macroeconomic Factors and Initiatives
The 25 basis points rate decrease by the U.S. Federal Reserve in November pushed investors toward Bitcoin. Coupled with new government initiatives, the rise becomes clearer. These actions increase interest in cryptocurrencies.
Bitcoin has surpassed Saudi Aramco in market capitalization due to a combination of macroeconomic conditions and institutional investors. It is predicted that its value may soon reach $100,000.
