Bitcoin reached a fresh record high on Friday, November 22, 2024, with the cryptocurrency edging closer to the $100,000 mark. The rally has been fueled by optimism over a potentially favorable regulatory environment under a Donald Trump administration.
The cryptocurrency has more than doubled in value this year, climbing approximately 45% in the two weeks following Trump’s re-election victory, which also brought a wave of pro-crypto lawmakers into Congress.
Bitcoin was trading at $99,380 as of Friday, up just over 1% for the day and on track for its strongest monthly performance since February. Analysts attribute the surge to growing confidence in Bitcoin’s integration into the financial system, coupled with expectations of policy shifts under the new administration.
The cryptocurrency’s impressive rally has solidified its position as a major beneficiary of the so-called “Trump trades,” assets expected to thrive under policies associated with Trump’s leadership.
While Bitcoin’s upward momentum continues, market watchers remain divided over how sustainable the rally is, with some raising concerns about potential volatility in the weeks ahead.
