Bitcoin Surges Past $90,000 to Hit All-Time High, Analysts Predict $100,000 by Year-End

Bitcoin Surges Past $90,000 to Hit All-Time High, Analysts Predict $100,000 by Year-EndBitcoin, the world's largest cryptocurrency, soared to a new all-time high on Tuesday (November 3rd), kicking off a new phase of gains predicted by analysts. According to Coinbase data, Bitcoin briefly broke through the $90,000 mark on Tuesday afternoon, setting a new record high

Bitcoin Surges Past $90,000 to Hit All-Time High, Analysts Predict $100,000 by Year-End

Bitcoin, the world's largest cryptocurrency, soared to a new all-time high on Tuesday (November 3rd), kicking off a new phase of gains predicted by analysts. According to Coinbase data, Bitcoin briefly broke through the $90,000 mark on Tuesday afternoon, setting a new record high. On Monday, Bitcoin also saw its largest single-day gain in history. Year-to-date, Bitcoin has exploded by 115%, significantly surpassing its opening price of $42,000 on January 1st.

The total market capitalization of cryptocurrencies also surpassed a historical high of $3.1 trillion, surpassing the previous record of approximately $3.07 trillion set in November 2021. This phenomenon comes amid a surge in sentiment surrounding digital assets and the broader stock market, fueled by the possibility of a Trump victory in the upcoming presidential election. Analysts have dubbed this phenomenon the "Trump trade," with many believing that Bitcoin and digital assets will become a "faith" investment under a second Trump administration.

Julien Auchecorne, head of AurosVentures, said on Tuesday, "With the election uncertainty removed, driven by positive signals from the United States, the upward trend in the crypto market seems sustainable."

Last week, the S&P 500 index also briefly surpassed the 6,000-point mark for the first time, exceeding initial year-end predictions. This surge is attributed to the Federal Reserve's dovish monetary policy and a loose interest rate environment. This will reduce borrowing costs and inject further upward momentum into risky assets, including cryptocurrencies.

Matt Hougan, chief investment officer at Bitwise, anticipates Bitcoin to surpass $100,000 by year-end and reach $200,000 by the end of 2025. Other institutions, including New York investment management and research firm Bernstein, have issued similar price targets. Meanwhile, Bradley Duke, European head of Bitwise, believes that the cryptocurrency industry may be entering a "golden age" with the changing political landscape in the United States. The bullish momentum in the crypto markets is expected to continue for the foreseeable future.

This aligns with the prevailing market sentiment that a Trump victory would create a favorable investment environment, providing a clear path forward characterized by relaxed regulations and business-friendly policies. These policies are expected to drive further gains next year.

For the cryptocurrency market, a Trump administration is expected to implement relevant regulations, promoting the creation of Bitcoin reserves, protecting cryptocurrency mining interests, improving the current regulatory environment, and incentivizing further innovation.

While the market may appear to be in a "sweet spot," risks remain. Geopolitical risks in the Middle East and Eastern Europe, the United States' expanding debt, and potential climate disasters could act as potential catalysts for a market disruption. However, for now, Bitcoin seems unfazed by these concerns.

This article originates from the ZhiTong Finance website.