San Francisco, United States – Cryptocurrency prices surged early Thursday as bitcoin continued its rally after the recent elections, reaching a new record above $98,000. This spike in price comes as the cryptocurrency market responds to the Republican victory in the U.S. elections. Bitcoin maintained its position above $97,000 on Thursday, marking a 132% increase since the beginning of the year.
Analysts anticipate that bitcoin could reach $100,000 by the end of the year, with projections from Bernstein suggesting a potential price target of $200,000 by 2025. The recent record high in bitcoin prices follows the introduction of options trading for spot bitcoin ETFs earlier in the week, led by BlackRock’s iShares Bitcoin Trust ETF. Other entities, such as the Grayscale Bitcoin Trust, Bitcoin Mini Trust, Bitwise Bitcoin ETF Trust, ARK 21Shares Bitcoin ETF, and Fidelity Wise Origin Bitcoin, also launched options trading.
This development in the cryptocurrency market follows the announcement from the Options Clearing Corporation (OCC) that it was preparing for these investment vehicles on November 18. The iShares Bitcoin Trust, which launched on Tuesday, experienced significant exposure with close to $1.9 billion and substantial trading volume, indicating high investor interest and optimism in bitcoin’s future price movement.
President-elect Donald Trump seems to be prioritizing the crypto industry, as evidenced by his plans to nominate Cantor Fitzgerald CEO Howard Lutnick to head the Department of Commerce. Lutnick, known for his advocacy for crypto assets, may play a pivotal role in shaping policies for the digital asset industry. Additionally, there are discussions within the Trump team about creating a new White House crypto role focused solely on cryptocurrency policy.
In terms of market performance, Ethereum also saw an increase, nearing $3,350 early Thursday. The surge in cryptocurrency prices has impacted the stock market as well, with companies like MicroStrategy and Coinbase experiencing significant gains. As the industry continues to evolve, the focus remains on regulatory decisions and future developments under the new administration.
Overall, the cryptocurrency market is experiencing notable growth and interest, driven by factors such as political events, market trends, and investor sentiment. The future trajectory of bitcoin and other cryptocurrencies remains uncertain, but the current surge in prices and market activity indicate a promising outlook for the industry.
