Bitcoin surged to unprecedented heights this week, reigniting investor enthusiasm as analysts predict the cryptocurrency could soon break the $100,000 barrier.
On Friday, Bitcoin experienced a strong rally, the investors are optimistic that the value of cryptocurrency might eventually reach $100,000.
The value already has more than doubled this year and now soaring to 45% since Trump’s sweeping election victory on November 05, 2024, this has also seen a spate of pro-crypto legislators getting elected to Congress.
Notably, the cryptocurrency was headed for its best monthly performance since February as it slightly increased to 1% on the day at $99,380.
The soaring value of bitcoin made it the stand-out winner of so-called “Trump trades” - assets that are seen as winning or losing from Trump’s policies.
“The longer it survives it is taken more seriously, that’s just the reality of things,” said Shane Oliver, chief economist and head of investment strategy at AMP Sydney.
Shane added, “As an economist and investor I find it very hard to value it…it’s anyone’s guess. But it does have a momentum aspect to it and at the moment the momentum is up.”
Since its launch sixteen years ago, the cryptocurrency is also considered to be becoming a widely accepted currency.
After the approval of bitcoin exchange-traded funds listed in the United States in January, the cryptocurrency benefitted.
Moreover, the value of bitcoin was raised around 130% in 2024, also Trump widely supported the concept of digital assets in his election campaign, promising to make the United States the “crypto capital of the planet” and to gather a national stockpile of bitco
