The world’s most popular cryptocurrency, Bitcoin, has reached a new highest price ever after breaking the $75k mark for the first time. Some people expect if Trump wins Bitcoin will be in between 80K to 90K in the next month. Much of this can be attributed to the increased optimism of those supportive of cryptocurrencies that Trump’s return to the White House can greatly boost the industry.
It hit $75,000 on Wednesday, a lifetime high for Bitcoin, with more people betting on Trump to secure a win. During the trading session, the cryptocurrency rose by more than 10% overnight to hit the $75,000 level. Positive sentiments for cryptocurrencies by Trump has encouraged investors to invest in digital currencies and the ongoing changes in bitcoin make America a hub for cryptos; all these has boosted the market.
This recent spike has come after Bitcoin had pulled back to $70,000 last week as Trump vote forecast dropped on platforms such as PredictIt, Polymarket, and Kalshi. However, the arrival of Trump to the candidacy forefront in the crucial states has revived the market’s sentiments.
Bernstein report also predicted that if Trump emerged the winner, Bitcoin may reach $80,000-$90,000 over the next two months. On the other hand, Forbes published an article where analysts led by Gautam Chhugani from Bernstein came up with recommendations that Kamala Harris could mean poor crypto performance, with Bitcoin rating dropping to $ 50000. Although there may be volatile corrections in the short term, we like Bitcoin at Bernstein and have target prices of $200,000 by end of year 2025 depending on recent spot Bitcoin ETF flows.
Other major digital currencies also seem to have made some slight improvements in the last one day apart from Bitcoin. Ethereum is up by roughly 7%, Solana has gravitated by 16%, and Dogecoin skyrocketed an astonishing 25% in the same period. Shiba Inu has also increased by 11%,” And Bitcoin itself has risen by 11% within the last 24 hours. Combinedly, the total market capitalization of the cryptocurrencies has risen to $2.47 trillion growing by a percent and 11 percent in the same period.
The current stock market bull run is living proof of how political changes affect the digital asset market and with the US presidential race ongoing investors are wary on how the future of such currencies will be impacted.