New Record for Bitcoin - Reaches a new all-time high above $97k
Bitcoin breached the $95,000 level for the first time on Wednesday evening as investors continued to predict further gains in a second Donald Trump presidency.
According to Coin Metrics, the price of the major cryptocurrency was higher by more than 3% at $97,646.68. Previously, it increased to $97,903.00.
Shares of MicroStrategy, a bitcoin proxy, gained 3% in extended trading. Mining stocks also rose, with Mara Holdings up 4%.
Bitcoin has regularly hit new highs this month on hopes that Trump will usher in a golden age of crypto, which will include more supportive regulations for the industry and a potential national strategic bitcoin reserve or reserve.
It is widely expected to reach $100,000 this year and double by the end of 2025.
"Bitcoin's price continues to be driven by a number of factors including improving liquidity conditions, increasing institutional adoption and a regulatory environment that has turned from a headwind to a tailwind," said Sam Callahan, an analyst at Swan Bitcoin.
Another Trump term also means bigger budget deficits, potentially more inflation and changes in the international role of the dollar, all things that would have a positive impact on the price of bitcoin.
Bitcoin has gained more than 127% in 2024.
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