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Bitcoin Continues Strong Increase, Approaches $100,000 Mark

Published by Tope Fakinlede on November 21st, 2024.

Bitcoin Continues Strong Increase, Approaches $100,000 Mark

Bitcoin, the largest cryptocurrency by market capitalization, reached $97,000 on Thursday, edging closer to its all-time high of $100,000. The cryptocurrency saw a notable 4.77% increase in the past 24 hours, settling at $97,532, as reported by CoinMarketCap, a major crypto tracking platform. This milestone was achieved early Thursday morning at around 6:00 AM (GMT+1).

In addition to Bitcoin’s climb, the total cryptocurrency market capitalization surged to $3.32 trillion, marking an increase of $259.5 billion in just 24 hours. Bitcoin remains the dominant player, accounting for 58.1% of the market cap.

Ethereum, the second-largest cryptocurrency, was priced at $3,131 and holds an 11.3% market share, leaving the remaining 30.6% to other cryptocurrencies.

The upward momentum in Bitcoin’s price began on November 6, following the announcement that Republican presidential candidate Donald Trump had won the U.S. election. On that day, Bitcoin reached $75,000. By November 10, it surpassed $80,000 and continued its ascent, hitting $89,000 just two days later.

By November 13, Bitcoin surged past the $92,000 mark and has remained strong ever since.

Looking ahead, Bitcoin and other cryptocurrencies are set to play a larger role in U.S. politics, with Trump’s campaign in May 2024 announcing it would accept crypto donations, including Bitcoin, Ether, and Dogecoin. This aligns with his broader support for crypto initiatives, including the promotion of World Liberty Financial, a crypto venture backed by his long-time associates, according to the Financial Times.