Bitcoin price hit a new all-time high of $81,727 on November 11, amid the ongoing bull run, fueled by the victory of Donald Trump in the U.S. presidential elections. Trump’s win, backed by an impressive bunch of pro-crypto lawmakers, has sparked excitement in the digital asset market, pushing Bitcoin up by over 6% in a single day.
The market’s optimism stems from Trump’s previous promises to support digital assets, including creating a strategic Bitcoin stockpile and appointing crypto-friendly regulators.
Traders are betting that his pro-crypto stance will lead to favorable policies for Bitcoin and other cryptocurrencies in the future. This, combined with Trump’s broader economic agenda of growth and tax cuts, has boosted confidence across various asset classes, including stocks and crypto.
The rise of Bitcoin also coincides with record inflows into exchange-traded funds (ETFs) like BlackRock’s iShares Bitcoin Trust, which saw nearly $1.4 billion in net inflows recently. Bitcoin’s price has soared by 92% in 2024, outpacing gains in traditional investments like stocks and gold.
The positive sentiment surrounding Bitcoin was reflected in the Crypto Fear and Greed Index, which hit its highest level of “Extreme Greed” in nearly seven months, scoring 76 out of 100 on November 11.
This marks the highest level since April when Bitcoin was around $70,000. The index measures market sentiment, and its recent spike suggests growing confidence among investors.
With Trump’s pro-crypto agenda and the possibility of a more supportive SEC, analysts predict that Bitcoin could see even more growth before his inauguration in January 2025.
Also Read: BlackRock Bitcoin ETF Hits Record $4.1 Billion in Trading Volume After Trump’s Win
