Cryptocurrencies Bitcoin continues to approach the 100,000 dollar mark
Bitcoin continues its record run and is approaching the USD 100,000 mark. Driven by a foreseeable crypto-friendly course of the new US government under Donald Trump, Bitcoin exceeded the USD 94,000 mark for the first time on Tuesday evening.
20.11.2024, 11:22
SDA
At around 10.30 a.m. on Wednesday morning, one Bitcoin cost around 6.6% more than a week earlier at USD 93,330. The previous record on the Bitstamp trading platform is quoted at 94,057 dollars. The market capitalization currently stands at 1.84 trillion dollars after 1.73 trillion the previous week.
Trump company aims for crypto takeover
"The decisive catalyst for the rally is and remains the prospect of a crypto-friendly US head of state and the associated hope of an easing of the regulatory thumbscrews in the coming year," says analyst Timo Emden, summarizing the current situation.
The fact that there are talks between the Trump Media and Technology Group and the crypto trading company Bakkt about a takeover has now provided an additional tailwind. "The developments show that Donald Trump is obviously still trying to gain a foothold in the industry himself," said Emden.
Investors are also likely to have reacted positively to the start of trading in options on the world's largest Bitcoin fund on the Nasdaq. A look at the Bitcoin spot ETFs also shows that large sums have mostly flowed into the funds since 14 days ago.
"Given the current environment, it seems inevitable that more traditional financial giants will seek exposure to cryptocurrencies and digital assets," says Hektor Hof from Crypto Finance.
Altcoins mixed
Meanwhile, developments in the rest of the crypto market were mixed over the week. For example, the second-largest cryptocurrency Ether is down slightly compared to the previous week. Ether's competitor Solana, on the other hand, recorded a weekly gain of 16%.
The market value of all 15,000 cryptocurrencies listed on the CoinGecko data portal currently stands at around 3.23 trillion dollars, around 200 billion dollars higher than in the previous week. Bitcoin continues to dominate 57% of the overall market.
