Bitcoin is on track for a nearly 40% gain in November as it approaches $100,000

The price of Bitcoin is tracking one of its best months this year after former President Donald Trump's election victory pushed the major cryptocurrency to new records consistently throughout the month.

Bitcoin is on track for a 38% gain for November, according to Coin Metrics, which would make this month its best since February, when it surged 45% following the launch of bitcoin ETFs. That was also ahead of the year's first new record since November 2021.

On a daily basis, Bitcoin was last up more than 2% to $97,081.81. Earlier, it was traded as high as $98,722.00. Coinbase It fell 4.75%, while Bitcoin dealers fell Accurate strategy and Mara Holding It rose 0.67% and 1.86%, respectively.

Investors in November were pricing in a second Trump presidency. During his re-election campaign this year, he presented himself to Americans as the candidate who would bring the cryptocurrency industry out of a dark period defined by many as the lack of clear regulation of digital assets and a regulation-by-enforcement approach to securities and bonds. The Stock Exchange Commission, chaired by Gary Gensler, has moved toward the cryptocurrency business.

Trump's win sent Bitcoin rising to as high as just a few hundred dollars shy of the highly anticipated level of $100,000. While another Trump term is expected to add another layer of legitimacy to the nascent cryptocurrency industry, it also acts as a major catalyst, implying larger budget deficits, possibly more inflation and changes to the dollar's international role – all things that would have impact. Positive impact on the price of Bitcoin.

Following the election, Bitcoin ETFs, led by BlackRock's popular IBIT fund, recorded strong inflows — including the largest day of inflows on record at one point — initially offsetting selling pressure from long-term holders who took dividends at levels New standard. In the same period, options trading on Bitcoin ETFs began, leading to a new way of trading and speculating on the price of Bitcoin.

Bulls expect the price of Bitcoin to reach $100,000 by the end of 2024 and possibly double by the end of 2025. While the US election result has boosted the price in the short term, many investors agree that its effect as a catalyst for Bitcoin will remain in 2024. It has already The currency is largely disposable from a regulatory perspective, there is little uncertainty about how it will be traded or its role as digital gold, and investors rely on its fundamentals when dealing with this currency. Keep raising the price.

Specifically, between the declining supply of Bitcoin after the halving in April this year and the growing demand for Bitcoin by institutions, as well as by states and countries as a treasury reserve asset, the price is expected to rise. Bitcoin's peak cycle usually takes at least a year after the next halving.