Bitcoin Sets New Record, Exceeds $97K for First Time
Date: 2024-11-21 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
The cryptocurrency continues its rapid growth, having fixed the price at $97,083 at 9:00 Moscow time. Bitcoin's capitalization has approached $2 trillion, which is 61.6% of the total crypto market capitalization. At one point, its value reached $97,931 on Coinbase and $97,852 on Binance paired with USDT. The price growth on Coinbase exceeds the figures for Binance and Bybit, indicating high demand from North American traders.
The main catalyst for Bitcoin's growth was the election of Donald Trump as US President. Since the election, the cryptocurrency has risen in price with virtually no rollbacks. North America currently generates more than 22% of all cryptocurrency market activity, estimated at $1.3 trillion. An important factor was the Bitcoin-based exchange-traded funds (ETFs), which appeared in the United States in early 2024. They opened legal access to crypto assets for investors, which attracted significant capital to the market.
Trump's victory was also accompanied by a revision of approaches to the crypto industry. The new president appoints supporters of a softer policy towards digital assets to key positions. In particular, the replacement of SEC head Gary Gensler, whose administration was known for its tough measures against the crypto business, is being discussed. In the summer, Trump announced his intention to replace Gensler if he becomes president, and has already held talks with Coinbase CEO Brian Armstrong.
The situation around the crypto market is becoming positive. The possibility of creating government reserves in Bitcoin is being considered, and major players such as BlackRock openly declare its advantages over traditional assets. Large companies continue to buy Bitcoin en masse, and Bitcoin ETF trading volumes are reaching record levels.
Since the beginning of 2024, the price of Bitcoin has more than doubled, despite the fact that many other cryptocurrencies are showing negative returns. Experts note the difficulties of trading altcoins and their limited growth, especially compared to the memecoin sector, which is showing more active development.
