Bitcoin continues to set new price records, nearing the $100K mark, with experts predicting further growth to $255K.
Bitcoin Surpasses Saudi Aramco
Last week, Bitcoin exceeded $90K, reaching $93K, with a market capitalization of $1.83 trillion, surpassing the oil giant Saudi Aramco's $1.79 trillion. Bitcoin's market cap is expected to reach $2.2 trillion.
Reasons for Bitcoin's New Price Records
According to a Matrixport report, there was a sharp 50% increase in trading volumes, reaching $145 billion. Experts link this surge to the election of a pro-crypto president and growing interest from institutional and individual investors.
Market Sentiment and Investor Optimism
Bitcoin's new all-time high comes at a time of optimism around Bitcoin ETFs, which saw significant inflows. US Bitcoin ETFs recorded $1.37 billion in net inflows in two days following the elections.
Most analysts believe Bitcoin is on a path to new heights, following a 'cup-and-handle' pattern. The next important resistance levels are $154,699 and $384,067, with the main range at $255,000.
