Bitcoin was trading just shy of $90,000 Monday night after breaching $80,000 just a day earlier. Bitcoin price continued their sharp, upward trajectory on Monday. Bicoin was almost near $90,000 as the world’s most prominent digital currency attained its latest all-time high. The cryptocurrency, which has been generating substantial visibility and widespread headlines for several years now, reached $89,600, according to Coinbase data from TradingView.
The flagship cryptocurrency Bitcoin was last higher by 12% at $89,100, according to Coin Metrics. Earlier Monday, Bitcoin rally could be seen where it rose as high as $89,623.00. Bitcoin price is expected by many investors to continue making fresh records on its way up to $100,000 later this year.
Bitcoin all-time high
“Bitcoin is now in price discovery mode after breaking through all-time highs early last Wednesday morning when it was officially declared that Trump won the election,” said Mike Colonnese, an analyst at H.C. Wainwright. “Strong positive sentiment is likely to persist through the balance of 2024 and [we] see bitcoin prices potentially reaching the six-figure mark by the end of this year.”
Record Bitcoin rally
Crypto investors have been cheering after the U.S. President elections on promises to make the regulatory environment more supportive and even friendly toward crypto businesses, which have long struggled with a lack of clarity of the rules of the road.
While bitcoin has long been deemed a safe asset in Washington the long tail of cryptocurrencies and crypto-related startups have been operating in a risky grey area.
“That’s just shifted 180 degrees,” said Matt Hougan, chief investment officer of Bitwise Asset Management. “We’re now in a positive regulatory environment, we now have tailwinds from that, and that comes in the case of a market that was already in a bull market … that’s going to push us higher.”
Crypto market today
Ether was trading higher by 5.8% Monday evening. Payments token XRP
rose nearly 4% and the token linked to decentralized finance project Polygon gained more than 4%. Dogecoin has been one of the biggest winners. It’s up 38%.
Stock update
In the stock market, Coinbase and MicroStrategy gained about 3% and 5%, respectively, in extended trading. In the regular session on Monday, Coinbase surged 19% to trade above $300 for the first time since 2021. It’s now about 6% from its high from that year.
Is this record Bitcoin rally just a beginning?
To provide an idea of just how rapidly Bitcoin has been appreciating over the last several weeks, it was trading close to a price of $62,000 roughly a month ago, additional TradingView figures reveal. Since dropping to that point, the digital asset has rallied more than 40%.
Traders and analysts agree this rally is just only beginning.
“It does seem like there’s an air gap between the previous [bitcoin] all-time highs around $72,000 and $100,000,” Hougan said. “It’s hard exactly to see what would force sellers to come into this market and halt the momentum before we get to that level. Of course, there are no guarantees. You could see pullbacks, but we’re in a new crypto market cycle. … I do think that we are right to be bullish and the bias is still on the upside.”
