Recent earnings in <a target="_blank" href="https://www.coingecko.com/en/coins/bitcoin” target=”_blank” rel=”noopener nofollow”>bitcoin They are due in part to changes in the political environment, particularly in the United States. Incoming US President Donald Trump endorses cryptocurrencies, sparking renewed market optimism among investors.
From reforms in regulatory structures to a national reform proposal <a target="_blank" href="https://www.forbes.com/sites/mauriciodibartolomeo/2024/11/19/polymarket-bets-on-us-bitcoin-reserve-go-up-after-pennsylvania-bill/” target=”_blank” rel=”noopener nofollow”>bitcoin reserveThe policies it applies provide bitcoin with an exceptional outlet for growth in a new, increasingly open and friendly landscape. These changes put the United States in a strategic position as a global leader in crypto innovation, while providing fertile ground for bitcoin to continue growing.
crypto on the rise
These potential changes have been well received by market participants, who have seen the highest btc market dominance at 59%. A bill being drafted could allow state-chartered banks to mint stablecoins without seeking prior approval from the Federal Reserve, putting the United States in a very dominant position in the race to dominate financial innovation. Additionally, proposals to deregulate the energy industry may favor crypto mining, which will put the United States in a better position in the global blockchain race.
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bitcoin's flirtation with $100,000 continues as the cryptocurrency's maximum market capitalization has reached an all-time high of $99,850. As its price continues to hit round numbers and fill limit sell orders, it is widely perceived as just a matter of time. pic.twitter.com/Qb1LTznuij
– Sentiment (@santimentfeed) <a target="_blank" href="https://twitter.com/santimentfeed/status/1860063580227523064?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>November 22, 2024
Historic rally: btc approaches $100,000
bitcoin is trading at almost $99,850 and is on the brink of the long-awaited $100,000 milestone. As with other bull runs, including the one seen after the 2020 election, when the price of bitcoin nearly doubled in a matter of a few months, some believe that institutional interest, coupled with favorable economic conditions and rising on-chain activity, are the drivers of this phenomenal bitcoin price appreciation.
Source: <a target="_blank" href="https://www.vaneck.com/us/en/blogs/digital-assets/matthew-sigel-vaneck-mid-november-bitcoin-chaincheck/?cid=28281477/AMKGFFD&mkt_tok=NDEwLVhPUi02NzMAAAGW85RhWOFCHWM98rSwUTXeZt1VMERUQ5X3zn0tdqyhgitTDECUh3cZKwRRNf5VSeWtr_RF55h2vyRvkHb-lj7nzbj4AwodqX2GE3rUZfmLKVy9LMlH#key-indicators" target="_blank" rel="noopener nofollow">VanEck
According <a target="_blank" href="https://www.vaneck.com/us/en/blogs/digital-assets/matthew-sigel-vaneck-mid-november-bitcoin-chaincheck/?cid=28281477/AMKGFFD&mkt_tok=NDEwLVhPUi02NzMAAAGW85RhWOFCHWM98rSwUTXeZt1VMERUQ5X3zn0tdqyhgitTDECUh3cZKwRRNf5VSeWtr_RF55h2vyRvkHb-lj7nzbj4AwodqX2GE3rUZfmLKVy9LMlH#key-indicators” target=”_blank” rel=”noopener nofollow”>VanEck's latest reportbitcoin is still in its early stages of recovery and there is minimal technical resistance in its path. With growing investor enthusiasm, growing calls for alpha currency to be adopted as a strategic reserve, and with support from the US government, this rally appears well-positioned to continue. Experts are optimistic that bitcoin will continue ahead and reach new highs.
The Future of bitcoin: Cautious Optimism
Analysts, while acknowledging that momentum is strong, note that the market may become too hot, with early signs of development being an increase in funding rates and higher unrealized gains. However, even from this stage, the long-term prospects appear bright given strong institutional demand, strong on-chain metrics and supporting regulatory changes, according to the<a target="_blank" href="https://www.vaneck.com/us/en/blogs/digital-assets/matthew-sigel-vaneck-mid-november-bitcoin-chaincheck/?cid=28281477/AMKGFFD&mkt_tok=NDEwLVhPUi02NzMAAAGW85RhWOFCHWM98rSwUTXeZt1VMERUQ5X3zn0tdqyhgitTDECUh3cZKwRRNf5VSeWtr_RF55h2vyRvkHb-lj7nzbj4AwodqX2GE3rUZfmLKVy9LMlH#key-indicators” target=”_blank” rel=”noopener nofollow”> forecast of $180,000 by VanEck for bitcoin in the current cycle.
While historical data may indicate that the crypto asset's growth is slowing as markets mature, the cryptocurrency still shows hopeful prospects in the near term. So far, this rally shows investor confidence and has been gaining recognition regarding bitcoin's role in a changed financial sector.
Featured image from CNBC, chart from TradingView
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