The victory of Republican candidate Donald Trump over Democratic candidate Kamala Harris in the 2024 US election has been confirmed. Since November 5, the Bitcoin market has grown by at least 10.61%. Yesterday, the market broke above the crucial $73,000 level, setting a new all-time high. The big question now is: could this be the beginning of a new bullish rally? Let’s examine! Ready?
Bitcoin’s Rapid Rise Following Trump’s Win
On election day, the Bitcoin market opened for $67,925.99. By the end of that day, it reached $69,334.42, marking a 2.07% growth. Yesterday, the market climbed further to set a new all-time high of $75,555. Although the price has come down slightly today, it remains comfortably above the range of $75,000. In the last 30 days, the BTC market has recorded a notable surge of 19.9%.
Strong Demand from US Investors Boosts Bitcoin’s Momentum
The Coinbase Bitcoin Premium Index chart shows that demand for Bitcoin among US investors has seen a sharp rise since the election result. The index stood at -0.1068% on November 5, at 02:30. By November 6 at 07:30, the index crossed above the zero line for the first time since October 31. Now, the index stands at 0.0615%.
Federal Reserve’s Rate Decision Adds to Market Excitement
The US Federal Reserve is expected to bring down its interest rates further this month. Earlier, when it introduced the first rate cut, it indicated the possibility of another cut in November.
Experts believe that the proposed Fed rate cut is another reason for the recent surge in the price of Bitcoin and other top cryptos.
Potential for Further Rally if Bitcoin Holds Above Key Levels
Experts claim that if the Bitcoin market holds above the $70,000 level, it could lead to an extended rally. However, they warn that in the coming days the market might witness serious volatility.
In conclusion, Trump’s win has breathed new life into the cryptocurrency market, especially into the BTC market, but it is still early to see how sustained this rally will be.
