Bitcoin Ascends Towards $100,000 Amid Broader Cryptocurrency Market Rally

favourable stance on digital currencies.

During his campaign,

Bitcoin is rapidly approaching the symbolic $100,000 mark, as its price surged 6.8% in the past 24 hours to $87,600, igniting optimism among investors and enthusiasts.

Other cryptocurrencies also posted gains: Ethereum rose 3.3%, Avalanche climbed 8.4%, Dogecoin soared 35.1%, Shiba Inu added 2.5%, BNB increased 1.1%, and XRP jumped 9.9%.

While Donald Trump’s presidential election victory is a significant catalyst, broader trends are the primary forces driving this rally, including Bitcoin’s post-halving dynamics and favourable macroeconomic conditions.

Trump’s Election: A Short-Term Catalyst Trump’s win has captured headlines in the crypto world due to his comparatively

Other

Trump became the first presidential candidate to accept cryptocurrency donations and even hinted at creating a federal Bitcoin reserve.

High-profile crypto figures, including the Winklevoss twins and Kraken co-founder Jesse Powell, contributed substantial funds to his campaign.

Despite this, experts see Trump’s victory as a short-term catalyst.

According to BitMEX co-founder Arthur Hayes, Trump’s presidency might accelerate Bitcoin’s ascent past $100,000, especially given the historical strength of Bitcoin in October and November following halving years. However,