J
Joshua Fagbemi
Guest
Bitcoin, the world’s largest and most famous cryptocurrency, rose to a record $94,000. After touching a record high of $94,078 on Tuesday, it had now touched down to $92,879 as of 9:00 a.m., according to Coindesk.
Based on analytics and data aggregator CoinGecko, the global cryptocurrency market’s value has also skyrocketed to above $3 trillion, a record high.
According to reports, the announcement of Donald Trump’s social media and technology company’s (TMTG) pre-acquisition of Bakkt, a crypto trading platform, largely contributed to the latest developments.
Yesterday, we reported that TMTG, a company largely owned by United States President-elect Donald Trump, is in advanced talks to acquire Bakkt, a cryptocurrency trading platform. According to reports by Financial Times, Bakkt (BKKT) is currently valued at over $150 million. The deal will not include its crypto custody business, which is projected to crash.
Following the announcement, Trump Media and Bakkt shares (BKKT) soared with the price of Trump Media shares skyrocketing by 16% to $32, and Bakkt’s by 162% to $29.
Recall that following the recent victory of the United States President-elect, Donald Trump, Bitcoin has since experienced an explosion in its price.
Alongside Bitcoin, other cryptocurrencies such as Dogecoin have soared since the Nov. 5 election. Crypto traders have also forecasted that the “Cryptocurrency friendlier” promised support for digital assets would lead to a less restrictive regulatory regime and inject some life back into Bitcoin after experiencing a dark wave in the past months.
During his campaign, Trump positioned himself as the “crypto candidate”, embracing digital currencies on multiple fronts, such as accepting donations in various crypto assets, signalling his acceptance of the burgeoning sector.
A month before the election, Trump launched a new cryptocurrency venture called World Liberty Financial – a decentralized finance (DeFi) protocol that aims to blur the lines between traditional finance and DeFi. The move has been pictured as a strategy to establish his growing influence in the crypto market.
At a Bitcoin conference in Nashville, Donald Trump expressed that he was going to make the United States the crypto capital of the world. As part of his plans, he pointed out the possibility of establishing a crypto reserve that will be used to cover the United States’ $36 trillion debt.
His victory at the US election has also seen the value of Bitcoin (BTC), the world’s largest cryptocurrency by market cap, to multiple all-time highs in weeks.
Tony Sycamore, market analyst at IG, said Bitcoin’s rise to a record high was supported by the Trump deal talk report as well as traders taking advantage of the first day of options trading on the Nasdaq over BlackRock’s Bitcoin ETF (IBIT.O), opens new tab.
Chris Weston, head of research at Australian online broker Pepperstone, said there is real underlying buying pressure for Bitcoin, and “another kick higher should bring in a fresh chase from those who like to buy what’s strong”.
Last week, following its $90,000 mark, bitcoin’s digital asset’s market cap reached $1.77 trillion to secure its position as the world’s eighth-largest asset. The digital asset’s market cap surged above other crypto assets, extending its lead over other altcoins.
The development marks the second time BTC has flipped silver this year, after overtaking the valuable commodity in March. Silver’s market capitalization is currently $1.7 trillion.
Silver, on the other hand, witnessed a decline of 6.24% over the past few weeks, bringing its total market cap to $1.732 trillion. In the same period, Bitcoin went up by roughly 30%. The comparison with silver signals a transforming perception of Bitcoin among traditional investors. This has shifted it from a speculative asset to a fully embraced one.
The world’s famous crypto has earlier surpassed Mark Zuckerberg’s Meta whose market capitalization is in the $1.4 trillion range. Bitcoin’s surge meant that the crypto asset only trailed Saudi Aramco which has a market cap of $1.8 trillion on the list of the top 10 market caps in the world.
Another factor that contributed to Bitcoin’s recent surge was the $1.1 billion net inflow into the US-based spot BTC exchange-traded funds on Monday, November 11. The Block Data also showed that whale transactions have also picked up surpassing the $100 billion mark yesterday.
Read More: Bitcoin market cap hits $1.77 trillion, becomes world’s eighth-largest asset.
Meanwhile, the industry’s biggest prediction market, Polymarket drew odds on the chances of Bitcoin hitting $95,000, and $100,000 in the coming days.
Last week, Polymarket drew odds on the chances of Bitcoin hitting $90,000, $95,000, and $100,000 in the coming days. According to a Polymarket poll with a $238,000 volume, it shows a 40% chance of BTC surpassing $100,000. The odds of prices touching $95,000 and $105,000 are sitting at 57% and 20% respectively.
Based on analytics and data aggregator CoinGecko, the global cryptocurrency market’s value has also skyrocketed to above $3 trillion, a record high.
According to reports, the announcement of Donald Trump’s social media and technology company’s (TMTG) pre-acquisition of Bakkt, a crypto trading platform, largely contributed to the latest developments.
Yesterday, we reported that TMTG, a company largely owned by United States President-elect Donald Trump, is in advanced talks to acquire Bakkt, a cryptocurrency trading platform. According to reports by Financial Times, Bakkt (BKKT) is currently valued at over $150 million. The deal will not include its crypto custody business, which is projected to crash.
Following the announcement, Trump Media and Bakkt shares (BKKT) soared with the price of Trump Media shares skyrocketing by 16% to $32, and Bakkt’s by 162% to $29.
Recall that following the recent victory of the United States President-elect, Donald Trump, Bitcoin has since experienced an explosion in its price.
Alongside Bitcoin, other cryptocurrencies such as Dogecoin have soared since the Nov. 5 election. Crypto traders have also forecasted that the “Cryptocurrency friendlier” promised support for digital assets would lead to a less restrictive regulatory regime and inject some life back into Bitcoin after experiencing a dark wave in the past months.
During his campaign, Trump positioned himself as the “crypto candidate”, embracing digital currencies on multiple fronts, such as accepting donations in various crypto assets, signalling his acceptance of the burgeoning sector.
A month before the election, Trump launched a new cryptocurrency venture called World Liberty Financial – a decentralized finance (DeFi) protocol that aims to blur the lines between traditional finance and DeFi. The move has been pictured as a strategy to establish his growing influence in the crypto market.
At a Bitcoin conference in Nashville, Donald Trump expressed that he was going to make the United States the crypto capital of the world. As part of his plans, he pointed out the possibility of establishing a crypto reserve that will be used to cover the United States’ $36 trillion debt.
His victory at the US election has also seen the value of Bitcoin (BTC), the world’s largest cryptocurrency by market cap, to multiple all-time highs in weeks.
Tony Sycamore, market analyst at IG, said Bitcoin’s rise to a record high was supported by the Trump deal talk report as well as traders taking advantage of the first day of options trading on the Nasdaq over BlackRock’s Bitcoin ETF (IBIT.O), opens new tab.
Chris Weston, head of research at Australian online broker Pepperstone, said there is real underlying buying pressure for Bitcoin, and “another kick higher should bring in a fresh chase from those who like to buy what’s strong”.
$94,000 mark – a signal of Bitcoin’s increased strength
Last week, following its $90,000 mark, bitcoin’s digital asset’s market cap reached $1.77 trillion to secure its position as the world’s eighth-largest asset. The digital asset’s market cap surged above other crypto assets, extending its lead over other altcoins.
The development marks the second time BTC has flipped silver this year, after overtaking the valuable commodity in March. Silver’s market capitalization is currently $1.7 trillion.
Silver, on the other hand, witnessed a decline of 6.24% over the past few weeks, bringing its total market cap to $1.732 trillion. In the same period, Bitcoin went up by roughly 30%. The comparison with silver signals a transforming perception of Bitcoin among traditional investors. This has shifted it from a speculative asset to a fully embraced one.
The world’s famous crypto has earlier surpassed Mark Zuckerberg’s Meta whose market capitalization is in the $1.4 trillion range. Bitcoin’s surge meant that the crypto asset only trailed Saudi Aramco which has a market cap of $1.8 trillion on the list of the top 10 market caps in the world.
Another factor that contributed to Bitcoin’s recent surge was the $1.1 billion net inflow into the US-based spot BTC exchange-traded funds on Monday, November 11. The Block Data also showed that whale transactions have also picked up surpassing the $100 billion mark yesterday.
Read More: Bitcoin market cap hits $1.77 trillion, becomes world’s eighth-largest asset.
Meanwhile, the industry’s biggest prediction market, Polymarket drew odds on the chances of Bitcoin hitting $95,000, and $100,000 in the coming days.
Last week, Polymarket drew odds on the chances of Bitcoin hitting $90,000, $95,000, and $100,000 in the coming days. According to a Polymarket poll with a $238,000 volume, it shows a 40% chance of BTC surpassing $100,000. The odds of prices touching $95,000 and $105,000 are sitting at 57% and 20% respectively.