Bitcoin surged to unprecedented levels on Tuesday, breaking past $93,000. The crypto asset continues to command attention in the ever-evolving world of digital finance.
The flagship cryptocurrency was last seen trading at $92,616, up more than 1% for the day, according to Coin Metrics. The surge in the price of Bitcoin saw MicroStrategy, often viewed as a Bitcoin proxy due to its significant holdings, share price jump to 11.9%.
It is worth noting that Bitcoin has gained 31% this month, spurred by renewed interest in cryptocurrencies following the U.S. election. Bitcoin claimed an all-time high as soon as Trump’s victory began to take shape. On election day, BTC beat its previous March all-time high of $73,737 as it climbed to $74,504 and then kept climbing. Also, BlackRock’s spot bitcoin ETF (IBIT) saw its assets rise by $13 billion in the wake of Trump’s win.
Tekedia Mini-MBA edition 16 (Feb 10 – May 3, 2025) opens registrations; register today for early bird discounts.
Tekedia AI in Business Masterclass opens registrations here.
Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.
With President-elect Donald Trump expected to install crypto-friendly regulators, this has raised optimism in the industry about the future of the crypto asset. Just a few days later, Bitcoin price surged $80,000 on November 10, marking another all-time high, as the market buzzed about the Republican win. A day later, the crypto rose above $82,000 before it surged to $93,500 on November 13.
This milestone reinforces Bitcoin’s role as a heavyweight in the financial arena, pulling in massive investments and sparking trader interest at breakneck speed. Crypto-related stocks like trading platforms Coinbase (COIN) and Robinhood (HOOD) have also benefited from the recent rally, gaining 65% and 42% over the past 10 days, respectively.
Notably, experts attribute Bitcoin’s latest price climb to increasing institutional buy-in, as well as excitement around regulated trading options targeting Blackrock’s IBIT exchange-traded fund (ETF).
Bitcoin’s meteoric rise has sparked debates about its future as a hedge against economic uncertainty and its role as a digital store of value. Although questions about its scalability persist, the cryptocurrency continues to prove its staying power and creative adaptability, earning favor with both retail and institutional players.
This sparked the chief investment officer at ETF manager Bitwise, Matt Hougan, to predict that Bitcoin will eventually be worth $500,000 apiece. Meanwhile, Michael Saylor the founder and Executive Chairman of MicroStrategy, which holds $30 billion worth of Bitcoin believes that a $100,000 price point is likely by the end of 2024. Adding fuel to the buzz is speculation that the U.S. might consider building a strategic Bitcoin reserve.
As bitcoin continues to gain traction among traders and institutions alike, its role as a hedge, a speculative asset, and a transformative financial tool remains a subject of ongoing debate.
