Bitcoin hit a record high of $97,628 on Thursday, a major milestone even as it approaches the $100,000 threshold. Continued volatility in the world’s largest cryptocurrency follows the election of Donald Trump as the next US president, along with the election of pro-crypto lawmakers in Congress, fueling optimism for the future of digital assets.
Bitcoin has doubled in value this year, with a significant gain of 45 percent in the past two weeks. On November 5 it was at $67,100.
As of 1045 IST, Bitcoin Live was at $97,481.37 per (BTC/ USD) with a current market cap of $1.93 trillion. Its 24-hour trading volume was $84.47 billion. According to crypto exchange Binance, Bitcoin gained 5.84% in the last 24 hours with a circulating supply of 19.79 million.
“Bitcoin’s climb shows no signs of slowing down,” said Sumit Gupta, co-founder of CoinDCX.
Trump has long expressed strong support for digital currencies, promising to position the US as the ‘crypto capital of the world’. During his campaign, he also advocated for a national bitcoin stockpile. Since being elected, his social media company has been in talks to acquire crypto trading platform Bakt, fueling optimism for a more crypto-friendly environment under the next administration.
Gupta said there is also momentum in the institutional space, with the launch of options trading for BlackRock’s iShares Bitcoin Trust ETF (iBIT). Call options – bets on rising prices – are particularly popular, reflecting growing institutional interest.
“Additional options for Grayscale and Bitwise Bitcoin ETFs are set to launch in the coming days, signaling a further expansion of Bitcoin’s presence in the financial mainstream,” he added.
Since Trump’s victory, the broader crypto market has added more than $800 billion in value, signaling a bullish outlook for Bitcoin and digital assets in general. As the market continues to heat up, Bitcoin is now on track to hit a new all-time high, with the $100,000 mark.
“This surge underscores the growing optimism surrounding the crypto space, driven by a political and economic landscape that increasingly favors digital assets. As Bitcoin continues its ascent, the future looks brighter than ever for the crypto market,” said the founder of CoinDCX.
CoinSwitch’s head of business Balaji Srihari said options trading debuting BlackRock’s Bitcoin ETF on Nasdaq is a big sign of growing crypto adoption. Adding to the momentum is speculation that Microsoft could include bitcoin in its coffers, a move that would further bolster institutional confidence.
“However, amid the excitement, traders should be cautious. Large price swings often lead to sharp corrections and excessive leverage can increase risks during volatile periods,” Srihari added.
According to Binance, most cryptocurrencies were trading higher on Thursday. Ethereum was up 0.45 percent at $3,130, while Solana was up 2.83 percent at $240.87. However, Elon Musk’s favorite Dogecoin was trading marginally lower by 0.23 percent at $0.387.