Bitcoin $9000 Pro crypto Regulatory Optimism slightly dropped on Monday night to stay at the $89,000 mark after rising to $80,000 a day before. According to Coin Metrics, the leading cryptocurrency last noted an increment of 12% to $89,100. More than that Monday, it gushed up to $89,623.00. Numerous investors think it will continue pushing new highs while going towards $100,000 later this year.
“Bitcoin has entered the price discovery process after it touched the all-time high around early Wednesday morning when it was, of course, confirmed that Trump had won the election,” said Mike Colonnese, an analyst at H.C. Wainwright. “The fact that a strong positive sentiment is probably going to last through the rest of 2024 and [we] expect bitcoin prices are potentially touching the six-figure level by the end of this year will be the main driving forces.”
Trump’s Pro-Crypto Shift Boosts Investor Confidence
Crypto investors have hailed President-elect Donald Trump’s good intentions of creating a regulatory atmosphere that is more supportive and even friendly toward crypto businesses, which have been struggling for a long time with road rules that are not clear. The scenario in the nation’s capital has been quite different for several years – bitcoin has always been perceived as a safe asset and has never been subject to securities laws. Thus, the long tail of cryptocurrencies and crypto-related startups have lived in a grey and risky area.
“That’s just shifted 180 degrees,” Matt Hougan, chief investment officer of Bitwise Asset Management, told CNBC. “We are now in a regulatory framework that is conducive to cryptocurrencies, and then we have the tailwind of a bull market… that is increasing up to the level of being in the sky,” Matt said. The chief investment officer has witnessed a dramatic surge in bitcoin, Altcoin, and overall digital asset market value.
Crypto Market Rally Ether and Dogecoin Lead Gains
Ether continued with the upward trajectory, rising by 5.8% late Monday. Payments token XRP rose to 4%, and the communist-connected crypto coin. The decentralized finance project Polygon hiked more than 4%. Dogecoin has been one of the top performers -with a probability of being supported by Elon Musk. Who helped Trump get into the White House? It’s up 38%.
Coinbase and MicroStrategy added about 3% and 5% in the extended markets. Investor sentiment crossed new heights on a door close to close on Monday; Coinbase exploded. Traders and analysts agree this rally is just only beginning.
“To me, it seems like there is a sort of space between. The past [bitcoin] all-time highs close to $72,000 and $100,000,” Hougan indicated. “It is quite difficult to imagine any factor that would bring. The sellers are here and stop the market from going up before reaching that area. On the other hand, no one knows. You could see the market going down, but we are in the current crypto market cycle. … I, of course, think we are right to be optimistic and that the upward movement is still favored.”
In Summary
The cryptocurrency market is shown with a significant rally and the big player here is Bitcoin, which grew 89,000 by peaking at $89,623. Analysts, such as Mike Colonnese of H.C. Wainwright, relate this rise to a favorable regulatory environment that can only be stimulated by President Donald Trump, who’s always been so supportive of crypto as a guy. And this is going to continue encouraging investors throughout 2024. Matt Hougan, CEO of cryptocurrency investment company Bitwise Asset Management, enjoys. The regulatory support and optimism in the market eventually led to the overall market gains.
Both Heter and Dogecoin were also beneficiaries of the rally in the cryptocurrency market, with Dogecoin raking in a 38% increase, probably due to Elon Musk’s childhood, apart from other tokens like XRP and Polygon, along with Bitcoin’s gains. Coinbase and MicroStrategy reported small gains during the extended trading session. Experts claim that the surge is yet to commence, with Bitcoin, in its likely ultimate route, hitting. The six-digit price mark by the end of the year will be caused by healthy investor sentiment and an upward market cycle.
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