Bitcoin has surpassed $90,000 for the first time, achieving this milestone amid a notable post-election rally. The cryptocurrency has risen over 30% since election night and now boasts a market valuation of $1.8 trillion. The surge follows significant institutional investments and the election of Donald Trump, a pro-Bitcoin advocate. Bitcoin’s performance in 2024 highlights its growing significance in the financial landscape.

On Wednesday, Bitcoin prices surged past the $90,000 mark for the first time, signaling yet another significant achievement in the cryptocurrency’s remarkable post-election ascent. By approximately 9:30 a.m. EST, Bitcoin reached over $90,000 and continued to ascend, exceeding $91,000 by 10 a.m. EST. Since election night, when its value was below $70,000, Bitcoin has experienced an impressive increase of over 30%. The cryptocurrency’s current market capitalization stands at $1.8 trillion, reflecting more than a doubling of value since the end of 2023, according to data from CoinMarketCap. Interestingly, Bitcoin crossed the $90,000 threshold only three days after overcoming the $80,000 mark for the first time. Notably, 2024 has been a strong year for Bitcoin, with a surge of 70% recorded by the end of October, attributed to recent approvals of spot Bitcoin Exchange-Traded Funds (ETFs) which opened avenues for institutional investment. The recent price rally can be largely credited to the electoral victory of Donald Trump, a known supporter of Bitcoin and the cryptocurrency sector.

The remarkable performance of Bitcoin in 2024 can be attributed to various elements that have stimulated the market. The approval of Bitcoin ETFs by the Securities and Exchange Commission earlier this year has significantly increased institutional interest and investment in the cryptocurrency. Furthermore, the post-election environment has been ripe for speculation and investment, especially given Donald Trump’s favorable stance towards cryptocurrencies during his campaign. This environment has fostered a bullish sentiment in the market, propelling prices to new heights.

In conclusion, Bitcoin’s historic breach of the $90,000 threshold marks a significant milestone in its ongoing rally, supported by a series of favorable market conditions, including regulatory advancements and political endorsements. The rapid appreciation in value from under $70,000 to over $90,000 within a short span demonstrates the volatility and potential of the cryptocurrency market. As Bitcoin receives increased institutional support and maintains a positive public perception, it is poised for continued growth as it approaches future market challenges.

Original Source: www.forbes.com

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