Bitcoin Price Hits $80K For First Time — New ‘Inflation Adjusted’ All-Time High
A few days after Donald Trump was re-elected in the United States presidential election, the price of Bitcoin (BTC) crossed the $80,000 mark for the first time in history and a market capitalization of more than $1.5 trillion.
In the year On November 10, the top cryptocurrency reached a new inflation-adjusted record of $80,116, up 4.50% (data from Bitstamp). Smaller tokens including Ether (ETH), Dogecoin (DOGE) and Cardano (ADA) have also rallied.
BTC/USD Daily Price Chart. Source: TradingView
During his election campaigns, Trump promised to make America a leader in the crypto industry, as well as set up a strategic Bitcoin reserve and appoint pro-crypto regulators. In the year Following the victory on November 6, Bitcoin increased by 15.65% and is on course to deliver its best weekly performance since February.
Bitcoin will beat gold in 2024
Bitcoin is up nearly 80% by 2024, fueled by strong interest in US-based exchange-traded funds (ETFs) and Federal Reserve interest rate cuts. It thus outperforms traditional investments such as stocks and gold.
Gold and S&P 500 Index vs. BTC/USD year-to-date performance. Source: TradingView
Spot Bitcoin ETFs like BlackRock Inc.'s $35 billion iShares Bitcoin Trust (IBIT) have played a major role in the ongoing BTC price rally.
For example, IBIT recorded a net inflow of nearly $1.4 billion on Nov. 8, according to data from Farside Investors. A day earlier, trading volume for the iShares ETF hit an all-time high, showing the massive impact Trump's political comeback has had on the crypto industry.
Bitcoin ETFs Net Cumulative Flow. Source: Farside Investors
Top analysts predict that the price of BTC will reach $100K next.
Bitcoin's break above $80,000 has fueled speculation of a continued bull run in the coming weeks, with many analysts expecting a further rise to $100,000.
Related: Bitcoin Forecast to Reach $200K by End of 2025: Bernstein Research
For example, CryptoRover cited Bitcoin's tendency to form record highs and suggested that the price could reach $100,000 by January 20245 if the fractal is projected to be “50-60 days after the US election.”
Source: Crypto Rover
“In the last few days, 60,000 BTC were bought by retail investors, 1800 BTC were bought by Blackrock, at the same time only 450 Bitcoin are issued daily and only two million BTC can be bought on exchanges,” argued Dr. Profit. Adding:
“If we keep going at this rate, we'll hit $100,000 by the end of the year.”
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
