The cryptocurrency market is experiencing rapid development. Both technical and fundamental factors favour a bullish mood, and the key event for bitcoin and other digital currencies was the election of Donald Trump as US President. Over the past few days, the value of the first cryptocurrency has been increasing significantly, and today it reached record highs again, stopping at $85,825 It seems that this is not the limit. According to Binance crypto exchange CEO Richard Teng, Trump’s triumph marks the beginning of an ‘era of prosperity’ for cryptocurrencies. Many other experts share his view, such as JPMorgan stating that gold and bitcoin will rise under Trump
What are the chances for the market, bitcoin and other digital currencies? What can investors expect? Will the cryptocurrency market boom continue?
The entire crypto world is celebrating today
Donald Trump’s victory intensified investors’ interest in cryptocurrencies. Bitcoin set new records every day, SOL capitalisation reached an all-time high of $100 billion, and Dogecoin memcoin jumped by more than 80% in a week to rank 6th with a capitalisation of over $40 billion, leaving behind USDC stablecoin.
Trump has repeatedly stressed his support for the crypto industry by including it in his campaign programme. In May this year, his team began accepting donations in cryptocurrency. In September, he even treated his supporters to burgers, paying for their purchase with cryptocurrency.
Investors are confident that the new Congress will be the most cryptocurrency-friendly in US history. As Coinbase CEO Brian Armstrong noted, Americans chose clear regulatory rules for this market.
Further opportunities
Experts and market participants are confident about the bright future of cryptocurrencies. According to CNBC, the well-known derivatives exchange Deribit, one of the few crypto platforms offering futures contracts, has concluded transactions worth more than $2.8 billion, confirming the bet that the price of bitcoin will exceed $90,000.
At the same time, in an interview with the Financial Times, Binance CEO Richard Teng said that a ‘golden age’ is beginning for digital currencies, and this is supported not only by Trump but also by members of his team.
Bitwise Asset Management’s head of investment Matt Hougan also expresses optimism. In his opinion, Trump’s return to the presidency will be significant for the blockchain sector, and starting from 2025, the crypto market will enter a new stage of development. Over the past eight years, the cryptocurrency industry has faced severe restrictions and extensive controls from the US Securities and Exchange Commission (SEC), creating an atmosphere of uncertainty. Trump’s rise to power, he said, will lead to a more supportive approach to cryptocurrencies at the country’s leadership level and in Congress.
The expected positive developments are related to the anticipated political strategy of the new government. It is planned to create a special reserve fund based on cryptocurrencies, which may lead to a reduction of pressure on the market from the government (e.g., the sale of confiscated assets) and, possibly, a shift to a buy strategy. In addition, Trump’s announced change in SEC leadership aimed at overhauling the regulator’s policies and improving its attitude towards crypto-assets should be taken into account.
With high probability, after a short-term correction and stabilisation (roughly from late 2025 to 2026), a new powerful upward price rally in the most popular cryptocurrencies will begin. ‘Also, some currently unpredictable events that can significantly affect the development of the cryptocurrency market and attract a significant number of investors are not excluded. These could be new technological initiatives that combine traditional financial systems with cryptocurrency infrastructure’
The total market capitalisation of all spot bitcoin-ETFs now exceeds $80 billion, and in the last three trading days alone, the spot funds have collectively added $2.3 billion.
MicroStrategy announced that it bought 27,200 BTC worth $2.03 billion between 31 October and 10 November 2024. The company has an unrealized gain of $11.12 billion. As of November 10, 2024, MicroStrategy controls 279,420 BTC worth $11.9 billion. The average purchase price is $42,692.
Where is the final bitcoin price and will there be a new rise in bitcoin?
At the time of writing this article, bitcoin has already broken through the $87,138.21 mark
And as of this minute in time, bitcoin is worth
Speaking about the average market forecast, it should be noted that the targets remain unchanged as they were defined 3-4 years ago. Bitcoin’s price is expected to hover between $100,000 and $120,000 by mid-2025, and the value of leading first-category projects such as Ethereum, Solana, Binance Coin and TRON should also increase proportionately.
But Bitget analyst Tom Lee predicts Bitcoin will exceed $100,000 this year, while analysts at Bernstein give a forecast for Bitcoin to grow to $200,000 in 2025.
The main factor contributing to a further increase in the value of BTC according to Bernstein is the finite number of coins available amid record levels of government debt in the US.
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