This latest surge, fueled by the recent Republican electoral victory in the US, has pushed the cryptocurrency closer to the US$100,000 milestone, which would value the market at over US$2 trillion.
Just yesterday, Bitcoin set a new all-time high as it reached the US$95,000 mark.
In the past two weeks, BTC has gained nearly 30%. This rally is attributed to several factors, including the potential for a pro-crypto US government and recent rate cuts by the Federal Reserve.
The combination of these factors has reignited risk appetite among traders, leading to a broad-based market rally.
Investor interest in Bitcoin has also been fueled by the launch of BlackRock’s IBIT options, which track the price of Bitcoin. Additionally, rumors of potential pro-crypto appointments to key regulatory roles have further boosted sentiment.
As a result of these factors, many analysts are predicting even higher Bitcoin prices in the coming months, with some targets reaching as high as US$200,000.