The surge in Bitcoin's value has sparked optimism among crypto investors, as its price nears the significant $90,000 mark, thanks to the positive market sentiment following the recent US elections.
$90K Is Just Around The Corner
Data indicates that BTC’s price continues to rise, and analysts are confident it will reach $90,000 sooner than expected. Following Donald Trump’s return to the White House, Bitcoin's price began its ascent due to the favorable treatment by the upcoming administration. Bitcoin surpassed the $87,000 mark for the first time but experienced a slight dip early in the week.
Bitcoin: The Domino Effect
Analysts noted that the positive sentiment surrounding Bitcoin is creating a domino effect across the cryptocurrency market. CoinGecko reports that the global cryptocurrency market capitalization increased by 4.7% in the last 24 hours, reaching a record $3.11 trillion. Additionally, the crypto market experienced a massive $765 billion increase over the past week.
The ‘Trump Pump’
City Index senior market analyst Matt Simpson called the recent movements in the crypto market a 'Trump Pump,' stating that many investors are betting that the Trump administration will lead to greater cryptocurrency adoption. Meanwhile, other analysts associate the positive market sentiment with promises of a more deregulated industry.
The current surge in Bitcoin's price and the crypto market as a whole is linked to positive sentiment and expected regulatory relaxation, providing investors with confidence in the market's future development.
