Bitcoin surges past $97,000, eyes $100,000 milestone

22.11.2024 12:17

FILE: A coin representing Bitcoin cryptocurrency sits reflected on a polished surface and photographed against a photo illustration of electronic data indicating stocks falling in this arranged photograph in London, U.K., on Thursday, Feb. 8, 2018. The great cryptocurrency crash of 2018 is heading for its worst week yet. Bitcoin sank toward $4,000 and most of its peers tumbled on Friday, extending the Bloomberg Galaxy Crypto Indexs weekly decline to 25 percent. Thats the worst five-day stretch since crypto-mania peaked in early January. Photographer: Luke MacGregor/Bloomberg via Getty Images

The price of Bitcoin, a leading cryptocurrency, has increased by 40% this year, climbing from $96,000 on Wednesday to $97,000 on Thursday, November 21. It is expected to surpass the $100,000 mark in the coming days.

Bitcoin’s price, which saw an unprecedented surge following the unexpected results of the U.S. elections, continues its upward trajectory, setting new records.

Reuters reported that Bitcoin’s price has more than doubled this year, with a 40% rise in just two weeks after the U.S. elections.

In early 2023, Bitcoin was trading around $30,000. Now, market analyses suggest that it might soon cross the $100,000 milestone, marking a historic achievement.

According to Reuters, quoting Tony Sycamore, an analyst at IG Markets, Bitcoin is heading toward the $100,000 threshold, with strong momentum in the market driving the price surge.

This unprecedented and rapid price increase has significantly boosted Bitcoin exchange-traded funds (ETFs). In just two weeks following the U.S. elections, these funds have seen remarkable activity.

Reports indicate that over $4 billion has flowed into Bitcoin funds within two weeks after the U.S. elections, highlighting the strong investor interest in the cryptocurrency.

The surge in Bitcoin’s price reflects renewed investor confidence and the increasing acceptance of cryptocurrencies as a legitimate asset class. However, it also raises questions about market volatility and the potential risks associated with rapid speculative growth.

As Bitcoin approaches the $100,000 mark, global markets are closely watching for its impact on the broader financial ecosystem. This milestone could trigger further institutional investment but may also invite heightened regulatory scrutiny, shaping the future of digital assets.

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