Bitcoin continues to rally as it surges past US$97K for new all-time high

Bitcoin (BTC) has continued its upward trajectory, surpassing the US$97,000 mark for the first time today.

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.

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