Bitcoin (BTC) continued to rise on Thursday with the largest crypto asset extending its gains by another 6 per cent to stay just shy of the $98,000 mark. The world's largest and oldest crypto asset has been consistently marching towards the ambitious $1,00,000 levels since the outcome of US elections earlier this month.
According to the data from Coinmarketcap, Bitcoin rose more than 5.9 per cent in the last 24 hours to hit $97,862.64 as of early hours in Asia. It was trading at $92,394 earlier. The total market capitalization of Bitcoin was marching close to the $2 trillion mark but was capped at $1.93 trillion for the day.
According to data, Bitcoin saw a volume growth of 18 per cent as BTC worth 88.61 billion exchanged hands in the last one day. Bitcoin, whose supply is capped at a maximum 21 million, currently has 19.79 million Bitcoins mined, circulated and available to trade thus far. Bitcoin has risen nearly 45 per cent in the last two weeks, since the outcome of US elections.
Bitcoin has surged more than tripled in the one year and this rally is fueled by growing optimism following Donald Trump's reelection as the President of the United States, said Edul Patel, Co-founder & CEO at Mudrex. Bitcoin has been setting new all-time highs, driven not only by renewed confidence but also by increasing inflows into Bitcoin ETFs and options, he said.
"Institutional participation in the market is further propelling this upward trend. At this pace, the $100,000 milestone appears to be within reach in a few days. Overall, evolving regulatory clarity and growing mainstream adoption are playing a significant role in this year’s rally," Patel added.
The total market capitalization of all the crypto assets rose nearly 3 per cent to $3.18 trillion mark. The total trading volume of the crypto market rose about 10 per cent to $198.12 billion in the last 24 hours. Interestingly, the total dominance of Bitcoin the crypto space stood close to 60.52 per cent.
The latest interest in the crypto assets has been crowned to Trump's win in the US elections, who has presented himself as a crypto supporter. Also, a new influx of institutional money is expected in the Bitcoin ETFs, driven by a political and economic landscape increasingly favoring digital assets.
Bitcoin is approaching a key milestone of $100,000 and a remarkable rise increase in just the past two weeks. This meteoric rise follows Donald Trump's election as the next US president, alongside the election of several pro-crypto lawmakers to Congress, sparking optimism for the future of digital assets, he said Sumit Gupta, co-founder, CoinDCX.
Bitcoin’s ascent shows no signs of slowing down. The momentum is also building in the institutional space, with the launch of options trading for BlackRock’s iShares Bitcoin Trust ETF (IBIT) seeing a strong debut, he said. "Since Trump’s victory, the broader crypto market has added over $800 billion in value, signaling a bullish outlook for Bitcoin and digital assets in general."
Despite this rise in the Bitcoin prices,, the Union Finance Ministry has stated that the Centre will adhere to global regulations on crypto assets, regardless of the current surge or hype. A source within the Finance Ministry informed Business Today that India will prioritise policies that are beneficial to its economy, without being influenced by other countries.
The official also mentioned that the Department of Economic Affairs is finalizing a paper on cryptocurrency, which will be released soon.