Bitcoin Hits $97K: A New All-Time High in 2024

Bitcon’s All Time High Achieved

Bitcoin has achieved a new all-time record on Thursday, November 21, 2024 by touching a price level of 97,000 US dollars in the course of more trading activities in the Asian markets. As at the time of writing this report, Bitcoin is trading just above 97,700 US dollars (as seen tradingview chart), indicating an impressive increase of over 125% for the cryptocurrency in the year 2024.

Meme Coins Remain Elusive

As Bitcoin is on a persistent rise, the same cannot be said for the meme coins. The overall market capitalization statistics for meme coins has also declined, dropping by 4.9% in the past day.

Trump’s Team Discusses Cryptocurrency Policy Position in the White House

Donald Trump’s team is weighing the potential of employing a designated the White House staff for the purpose of formulating a policy on cryptocurrency. This would mark the first instance of the White House creating a designation whose purpose is specifically to concern itself with issues revolving cryptocurrency which is a positive development for the acceptance of the sector.

It is well known that following the judgement of former President Trump, any person favorable to the current leadership of the US SEC, including Gary Gensler, will not be in office as per his pledge on 20th day in office, which has also heightened the expectation of the existence of a position for someone to look into crypto issues.

Bitcon’s Bull performace in Play

Three days prior to the election in USA, the price of a bitcoin was approximately $68,000. However, Following trump’s win and subsequent announcement of a 25 basis points cut by the Federal reserve, the price of bitcoin started to rally massively. In a matter of two weeks, the price of bitcoin broke the levels of $75,000, $80,000, $85,000, and $90,000 respectively, before reaching an all-time high of $97,000.

This move up was anticipated by the crypto analyst BitQuant who in one of his posts made in May indicated that the price of bitcoin would rise to $95,000 straight up, which eventually came to pass.

$95K will be achieved in just one move, and that is quite obvious. Will that move start today, tomorrow, or the day after tomorrow? I don’t think anyone knows. If you can’t relax now and wait for #Bitcoin to perform as expected, then it’s better to leave the market to avoid the… https://t.co/Tpbpn7daGL

— BitQuant (@BitQua) May 15, 2024

Trump’s Crypto Support and MicroStrategy’s Bitcoin Strategy

Trump’s Pro-Crypto Stance

Trump has also said that he wants to form a presidential council on Bitcoin and crypto regulation. Coinbase’s Brian Armstrong has been an additional supporter of Hester Peirce who is angling to become the next SEC chair and is a Trump appointee.

MicroStrategy’s Bullish Bitcoin Outlook

Under the direction of Michael Saylor, MicroStrategy has not only sustained its Bitcoin holdings but has also grown them substantially by adding $4.6 billion worth. As of November 2022, it holds a total of approximately 279420 bitcoins worth nearly 24.5 billion dollars.

Saylor expresses optimism that a single bitcoin’s worth will hit $100,000 come the close of 2024 and further he sees it reach a staggering $13 million price tag in a span of over 21 years. He as well sees Bitcoin for that matter, breaking into the capital market and expanding in size more than the S&P 500 in trade volume.

If Bitcoin goes to $13M as Michael Saylor suggests as his base case, MicroStrategy would be worth over $10 Trillion dollars. pic.twitter.com/CgsduGMy3w

— The ₿itcoin Therapist (@TheBTCTherapist) November 19, 2024

Conclusion

The price increase of Bitcoin to $97,000, which is a record, further stresses the emergence and normalization of cryptocurrency use in 2024. This triumph which is attributed among others to the incoming President Trump’s crypto friendly agenda and the Federal Reserve’s activity, foretells a new development in the sphere of digital currencies. Several developments including the proposal of a White House crypto policy position and investment by Microstrategy in bitcoins point towards an optimistic future for the digital currency. It is evident with the developments in the cryptocurrency sector that bitcoins’ popularity is on the rise but so is the support from institutional investors with the possibility of changing the financial markets for a long term prospective.