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Bitcoin Price Today: Analysts say the cryptocurrency price surge is creating widespread excitement among investors and Bitcoin might even hit $1 million during Donald Trump’s presidency.
As Bitcoin approaches the critical $100,000 milestone, the market’s focus is shifting toward Bitcoin as the dominant force.
Continuing its bull run, Bitcoin on Friday surged to a near-$100,000 level to touch its record $99,314.95. The price surge has also boosted the daily volumes of Bitcoin to over $25 billion on the spot market as compared with $10 billion a few months ago. Analysts say the cryptocurrency price surge is creating widespread excitement among investors and Bitcoin might even hit $1 million during Donald Trump’s presidency.
Trump’s victory in the US presidential election 2024 has sparked huge optimism in cryptocurrencies as the president-elect is expected to have crypto-friendly policies during his tenure. The Bitcoin Bill, along with Pennsylvania’s Bitcoin Strategic Reserve Act, is expected to gain momentum during Trump’s presidency.
“The bill (Bitcoin Bill) is creating widespread excitement as it could set up Bitcoin for an over $1 million valuation,” said Adam Back, co-founder and CEO of Blockstream, according to cointelegraph.com.
Ark Invest CEO Cathie Wood also expects Bitcoin to hit $1 million by 2030, according to Yahoo Finance.
Bitcoin Trading Volumes Surge
Over the past two to three weeks, Bitcoin has been on an upward trajectory, consistently hitting new price peaks and now approaching the highly anticipated $100,000 psychological threshold, said Sumit Gupta, co-founder of CoinDCX.
This sharp price increase is being driven by exceptionally high trading volumes, with Bitcoin regularly trading over $25 billion daily on the spot market, and at times exceeding $40 billion. This marks a significant jump from the $10-12 billion in daily volume seen just a few months ago, underscoring the growing market interest and investor confidence, he added.
“The recent surge has been further fueled by developments in the U.S. political landscape. Digital assets have already benefitted from the incoming administration of President Trump, with many anticipating that his potential second term could bring more favorable regulatory policies for the crypto sector. Adding to the optimism, the recent resignation of the SEC Chair appointed by President Biden, has sparked speculation about his successor. Market participants are hopeful that the new SEC leadership could bring a more crypto-friendly approach, further boosting investor sentiment and fueling Bitcoin’s bullish momentum,” Gupta said.
According to CoinSwitch Markets Desk, SEC Chair Gary Gensler, known for his tough crypto stance, plans to leave the commission entirely on January 20 if Trump takes office, potentially reshaping regulatory dynamics.
Solana (SOL) has hit a record high above $260, fueled by ETF-related optimism, while XRP surged 25% as regulatory clarity eased headwinds for Ripple. In contrast, MicroStrategy’s stock tumbled 16%, with investors questioning its valuation despite Bitcoin’s rally.
‘Several Cryptos Facing Headwinds’
With a growing influx of capital into spot BTC ETFs and a market cap now surpassing $1.9 trillion, Bitcoin continues to strengthen its position, accounting for 58% of the total crypto market.
“While many altcoins are facing headwinds, particularly meme coins like PEPE and DOGE, Bitcoin’s strength is clearly drawing a clearer line between quality assets and speculative plays,” said Avinash Shekhar, co-founder and CEO of Pi42.
As the world’s largest crypto approaches the critical $100,000 milestone, the market’s focus is shifting toward Bitcoin as the dominant force.
