Bitcoin soared to an all-time high of $77,000 late Wednesday following US investment enthusiasm amid what many describe as a president-elect who is easy on crypto. The value of the Bitcoin on November 8, 2024, at $77.2k, reports CoinMarketCap, which cited similar rates reported on platforms like CoinDesk and Binance.
Since the rally began earlier this week, bitcoin broke multiple consecutive records: it tensed at $75,000 on November 6 and took the next step to overpass $76,000 on November 7. Analysts point out that President Trump’s recent election victory was also a major catalyst for the record-breaking drive as mounting expectations resound in a more accommodating regulatory environment for the cryptocurrency sector.
According to CNBC, “While bitcoin is benefitting from its inflation hedge narrative, investors of other cryptocurrencies and Coinbase are betting the US regulatory environment will be more supportive of the crypto industry, as promised by Trump on the campaign trail.”
“Bitcoin’s ongoing rise underscores investor confidence in a friendlier regulatory climate,” remarked Ryan Lee, chief analyst at Bitget Research. He projected that Bitcoin could exceed $100,000 by year’s end if current conditions hold. Other experts, however, are forecasting a more conservative range of $80,000 to $90,000, as noted by Alice Liu, CoinMarketCap’s head of research.
Bitcoin’s ascent comes amid renewed enthusiasm for digital assets, with investors eyeing favorable conditions in the US. As regulatory expectations align with market optimism, the potential for further gains could set the stage for an unprecedented close to the year for the cryptocurrency market.
