Bitcoin climbed over the $90,000 level in late afternoon trading Tuesday.Bitcoin climbed over the $90,000 level in late afternoon trading Tuesday.
Bitcoin resumed its climb on Tuesday, after taking a breather from its postelection rocket rally earlier in the session.
The price of bitcoin
Bitcoin has now risen more than 33% since election day on Nov. 5, when it had reached a new record for the first time since March. Ether
“Bitcoin is now in price discovery mode after breaking through all-time highs early last Wednesday morning when it was officially declared that Trump won the election,” said Mike Colonnese, an analyst at H.C. Wainwright. “Strong positive sentiment is likely to persist through the balance of 2024 and [we] see bitcoin prices potentially reaching the six-figure mark by the end of this year.”
Crypto investors have been cheering President-elect Donald Trump‘s promises to make the regulatory environment more supportive and even friendly toward crypto businesses, which have long struggled with a lack of clarity of the rules of the road.
While bitcoin has long been deemed a safe asset in Washington – that is, not subject to securities laws – the long tail of cryptocurrencies and crypto-related startups have been operating in a riskier grey area.
“That’s just shifted 180 degrees,” Matt Hougan, chief investment officer of Bitwise Asset Management, told CNBC. “We’re now in a positive regulatory environment, we now have tailwinds from that, and that comes in the case of a market that was already in a bull market … that’s going to push us higher.”
Across the crypto market, coins that have soared in the past week hit the brakes on Tuesday, including memecoin Shiba Inu, which was down 4% after it soared 57% in the past week.
DogecoinElon Musk, who helped get Trump elected. It was last higher by 17%.
In the stock market MicroStrategyCoinbase
Traders and analysts agree the past week’s rally is only beginning.
“It does seem like there’s an air gap between the previous [bitcoin] all-time highs around $72,000 and $100,000,” Hougan said. “It’s hard exactly to see what would force sellers to come into this market and halt the momentum before we get to that level. Of course, there are no guarantees. You could see pullbacks, but we’re in a new crypto market cycle. … I do think that we are right to be bullish and the bias is still on the upside.”
