Bitcoin Price Reaches $75,000
Date: 2024-11-06 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
In late spring and early summer, the price of Bitcoin approached these levels, but did not reach the March peak. On the night of October 29, the rate exceeded $70 thousand, updating the summer maximum, and by the end of the day it reached $73 thousand, remaining only 1% below the previous record. However, on the night of November 5-6, which coincided with the US presidential election, Bitcoin overcame this mark, rising from $68 thousand to $75 thousand on Binance. By 8:30 Moscow time, its rate had slightly rolled back to $74.4 thousand.
In the conditions of the autumn crypto market of 2024, on the eve of the US elections, Bitcoin is supported by political support. Donald Trump, who actively supports the crypto community, included support for the crypto business in his election campaign. At the Bitcoin 2024 conference in Seattle, which attracted more than 20 thousand participants, Trump again emphasized his commitment to cryptocurrencies. According to data as of the morning of November 6, Trump is leading in the number of votes in the election race.
Over the 15 years of its existence, Bitcoin has experienced many "bullish" market cycles. The price of Bitcoin was first set on the Mt. Gox exchange in 2010, after which it experienced a number of cycles, each of which lasted about four years and led to new highs. For example, in 2013, Bitcoin reached $1,200, in 2017 — $20,000, and at the end of 2021, it set a record of $69,000. Now, almost three years later, Bitcoin has updated this record, rising to $75,000 in November 2024.
This year, Bitcoin has shown growth of more than 70%, outperforming many less capitalized cryptocurrencies. Its share in the total capitalization of the crypto market has approached 60%. Although such large assets as Ethereum (ETH) and Solana (SOL) have also shown growth, they are still far from their historical highs reached during the 2021 crypto rally.
In early October, Bitcoin experienced a sharp decline to $60,000 amid the escalation of the situation in the Middle East. Despite this, since the beginning of October, traditionally successful for cryptocurrencies, Bitcoin has managed to grow by 11%. Throughout its history, the crypto market has seen a sharp rise in Bitcoin in October on more than one occasion, marking the beginning of a new rise.
