Bitcoin Price Today: Analysts say the rise in cryptocurrency prices is creating widespread excitement among investors, and Bitcoin could hit $1 million during Donald Trump’s presidency.
Continuing its bullish run, Bitcoin surged past the $100,000 level to hit a record high of $99,314.95 on Friday. The price hike also boosted daily bitcoin volume in the spot market to over $25 billion compared to $10 billion a few months ago. Analysts say that the rise in cryptocurrency prices is creating widespread excitement among investors, and that Bitcoin could hit $1 million during Donald Trump’s presidency.
Trump’s victory in the US presidential election 2024 has fueled huge optimism in cryptocurrencies as the president-elect is expected to have crypto-friendly policies during his tenure. The bitcoin bill, along with Pennsylvania’s Bitcoin Strategic Reserve Act, is expected to gain momentum during Trump’s presidency.
“The bill (Bitcoin Bill) is generating widespread excitement because it could set Bitcoin to a value of over $1 million,” said Blockstream co-founder and CEO Adam Beck. cointelegraph.com.
Arch Invest CEO Cathy Wood also expects Bitcoin to reach $1 million by 2030. Yahoo Finance.
Global investment firm Bernstein said in its latest report that Bitcoin could be headed for the stratosphere. It predicts reaching $200,000 by 2025, $500,000 by 2029 and $1 million per token by 2033.
Increase in Bitcoin trading volume
CoinDCX co-founder Sumit Gupta said that over the past two to three weeks, Bitcoin has consistently hit new price highs and is now approaching the highly anticipated $100,000 psychological threshold.
This sharp price increase is driven by exceptionally high trading volumes, with Bitcoin regularly trading over $25 billion per day on the spot market, and sometimes surpassing $40 billion. This, he added, underlines the growing market interest and investor confidence, which represents a significant jump from the $10-12 billion in daily volume seen just a few months ago.
“The recent surge has been fueled by developments in the US political landscape. Digital assets have already benefited from President Trump’s incoming administration, with many speculating that his potential second term could bring more favorable regulatory policies for the crypto sector. Adding to the optimism, the recent resignation of an SEC chairman appointed by President Biden has fueled speculation about his successor. Market participants hope that the new SEC leadership can bring a more crypto-friendly approach, further boosting investor sentiment and accelerating Bitcoin’s bullish momentum,” Gupta said.
According to CoinSwitch Markets Desk, SEC Chair Gary Gensler, known for his hardline crypto stance, plans to leave the commission entirely on January 20 if Trump takes office, potentially reshaping the regulatory dynamic.
Solana (SOL) hit a record high above $260, fueled by ETF-related optimism, while XRP surged 25% as regulatory clarity eased headwinds for Ripple. In contrast, MicroStrategy’s stock tumbled 16%, with investors questioning its valuation despite bitcoin’s rally.
‘Some Cryptos Facing Headwinds’
With increasing capital inflows into spot BTC ETFs and a market cap now surpassing $1.9 trillion, Bitcoin continues to strengthen its position, accounting for 58% of the total crypto market.
“While many altcoins are struggling, especially meme coins like PEPE and DOGE, Bitcoin’s strength clearly draws a clear line between quality assets and speculative plays,” said Avinash Shekhar, co-founder and CEO of Pi42.
As the world’s largest crypto approaches the important milestone of $100,000, the market’s focus is shifting to Bitcoin as the dominant force.