Price of Bitcoin reaches historic high of around USD90,000
Date
11/12/2024 8:03:19 AM
(MENAFN) Bitcoin has reached historic highs, almost hitting the USD90,000 level on Tuesday. This milestone reflects a significant rally in recent days, with Bitcoin’s value rising from around USD70,000 just a week prior, marking a 30 percent increase in response to recent U.S. political developments. Over the last 24 hours, Bitcoin has experienced a volatile trading range, with prices fluctuating between a low of USD80,800 and a peak of USD89,900. This rapid increase reflects heightened investor optimism and a renewed surge of interest in the largest cryptocurrency by market value.
The recent election of Donald Trump as U.S. President has fueled positive sentiment in the cryptocurrency market, as his administration is expected to be supportive of digital assets. Trump has made clear his ambition to establish the United States as the global leader in cryptocurrency innovation, asserting that the country should become the "crypto capital of the planet." Speaking at the Bitcoin Conference in Nashville, Tennessee, earlier in the year, Trump underscored his commitment to ensuring that cryptocurrencies are "mined, minted, and made in the USA," indicating strong policy backing for the sector.
As Bitcoin's price has surged, its market size has grown substantially. Currently, the market capitalization of Bitcoin stands at approximately USD1.77 trillion, according to recent Coinmarketcap data. This spike in market cap is accompanied by a robust 24-hour trade volume, which reached USD136.3 billion. Such high trading activity demonstrates the increased liquidity and interest in Bitcoin, further strengthening its position as the leading digital asset in the market.
Ethereum, the second-largest cryptocurrency, has also seen increased trading activity in the wake of Bitcoin’s surge. Over the past 24 hours, Ethereum's price has moved within a range of USD3,130 to USD3,390, reflecting the general upward momentum in the cryptocurrency sector. While Bitcoin’s rally remains the focal point of the market, Ethereum's performance highlights the broader market optimism as investors turn to major cryptocurrencies amid positive market expectations for the future of digital assets.
MENAFN12112024000045015839ID1108876309
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.