Bitcoin's price surges to USD97,500 level on Thursday

(MENAFN) Bitcoin's price surged to the USD97,500 level on Thursday, reflecting a daily increase of approximately 4.3 percent as of 0930 GMT. The cryptocurrency reached a record high of USD97,862 during the day, marking a significant milestone in its performance for 2024. With this surge, Bitcoin's annual gains have risen to roughly 160 percent, underscoring its robust growth in the digital asset market.

In the past 24 hours, Bitcoin's price fluctuated between a low of USD92,926 and the record high of USD97,862, showcasing its volatility. Prior to the U.S. elections, the cryptocurrency was trading at USD70,000. However, following Donald Trump's victory, it experienced a sharp rally. The market anticipates a favorable regulatory environment under Trump's administration, as he has pledged to position the U.S. as the global leader in cryptocurrency innovation.

Investors and analysts attribute the recent price increase to optimism about Trump's pro-crypto stance. His promise to make the U.S. the "crypto capital" has fueled expectations of supportive policies and regulations that could benefit the broader cryptocurrency ecosystem.

Currently, Bitcoin's market capitalization stands at an impressive USD1.93 trillion, according to Coinmarketcap, a leading platform for digital asset price tracking. This figure highlights the cryptocurrency's dominance in the market and its role as a key player in the ongoing evolution of digital finance.

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