Bitcoin (BTC) Surpassed $90K Leaping Toward a New ATH
Bitcoin hit a peak of $90,999 on TradingView, representing a 16% increase over the past 24 hours however, the surge wave is not over
On November 13, 2024, Bitcoin’s price surged past $90,000, marking a new all-time high. The surge follows a period of sustained growth since Donald Trump’s victory in the 2024 United States presidential election.
Bitcoin, the world’s leading cryptocurrency, hit a peak of $90,999 on TradingView, representing a 16% increase over the past 24 hours. Furthermore, analysts had previously predicted that Bitcoin could reach six figures should Trump secure the presidency, citing his pro-crypto messaging throughout his campaign.
Additionally, since Trump’s victory on November 5, Bitcoin has experienced a remarkable 35% surge, mirroring a broader rally in both crypto and stock markets.
As of the time of writing, the apex coin is riding the surge wave hitting $91,720 opening for a new all-time high, however, the market surge is yet to cool down.
Bitcoin ETF Could Drive BTC Price Upward Copper.co Analyst Says
The crypto exchange Coinbase has also witnessed substantial growth, with its share price soaring 75% to reach a nearly three-year high since the opening bell on November 5. On November 11 alone, Coinbase shares closed at a 20% gain, reaching $324.24.
Analysts at Copper.co believe that Bitcoin Exchange-Traded Funds (ETFs) could play a pivotal role in driving Bitcoin’s price upward, potentially reaching the predicted target by early 2025. Aboualfa, a prominent crypto analyst, predicted in October that ETFs could collectively manage close to 1 million BTC by the time of the US elections, reflecting a significant influx of institutional demand.
This prediction is based on “back-testing the ETF accumulation trend against potential price ranges,” coupled with Trump’s campaign promises to address “excessive US dollar strength while retaining the dollar’s world reserve status.”
The recent surge in Bitcoin’s price is further evidenced by the remarkable growth of Coinbase’s Wrapped Bitcoin (cbBTC). Since its launch just 57 days ago, cbBTC has achieved a market cap of $1 billion. This represents nearly 10% of the total Wrapped Bitcoin (WBTC) market cap, currently at $12.88 billion, according to CoinMarketCap.
Data from Dune Analytics reveals that cbBTC’s market capitalization stands at $1.04 billion as of writing. Ethereum holds the majority of this value, boasting $855.43 million. Base Layer-2 blockchain and Solana follow closely behind. Of the total 14,678.95 cbBTC supply, Ethereum holds over 12,000 tokens. The base holds 2,388 tokens, while Solana holds 262.
