• Bitcoin reached a new all-time high price of $93,521 on Tuesday, breaking last week’s record.
• Bitcoin’s price surge is attributed to Donald Trump’s re-election as US President and his pro-crypto policies.
• Analysts predict Bitcoin could reach $100,000 by the end of 2024 and even $500,000 in the long run.
Bitcoin reached a new all-time high price on Tuesday, breaking last week’s record. The leading cryptocurrency has now climbed over $20,000 since Election Day, according to data from CoinGecko and Coinbase.
Previous Highs
Bitcoin’s previous high was reached less than a week ago on November 13th, when it shot up to $93,477 per CoinGecko before falling back down. Since then, Bitcoin has rallied back above $90,000 as it approached a new peak.
On Tuesday, this new all-time high above $93,500 was reached as Bitcoin climbed 2% over the past 24 hours. This also brought Bitcoin’s market cap close to $1.85 trillion. The Crypto Fear and Greed Index returned its highest figure of the year at 90, indicating the market is in a state of “Extreme Greed.”
Factors Behind the Rally
Much of Bitcoin’s recent jump in value has been attributed to Donald Trump‘s election victory. The Republican candidate campaigned on several crypto-positive policies, which sparked a rally for Bitcoin as Trump’s win started to take shape.
On election day itself, Bitcoin surpassed its previous March all-time high of $73,737 by reaching $74,504. It then kept climbing above $80,000 on November 10th and topped $82,000 the next day before hitting $93,500 on November 13th.
Future Predictions
The recent surge has led some experts like Bitwise’s Matt Hougan to predict Bitcoin will eventually reach $500,000. Meanwhile, Michael Saylor of MicroStrategy believes a $100,000 price point is likely by the end of 2024.
Conclusion
Bitcoin’s new all-time high comes on the heels of bullish sentiment around cryptocurrencies following the US election. With this milestone breach above $93,500, Bitcoin continues its monumental price run in 2020.
