Posted: November 12, 2024

• Bitcoin has registered a rapid rise in its value in the past 24-hours
• The coin has reached a record-high of over $89,000 as it inches closer to the $100k mark

The conclusion of the US Presidential election result has left the financial markets having an optimistic outlook. And, the re-election of Donald Trump has also had a significant effect on the cryptocurrency market, with Bitcoin (BTC) taking the lead.

Notably, the king coin has broken multiple records in just one-day, with its day high standing at 89,666 on Coinbase, according to TradingView. At press time, the coin was trading above the $88k mark, with its price valued at $88,664, as per CoinMarketCap.

In the past 24 hours, the coin has recorded a change of over 10%, and since Trump’s election, it has registered an uptrend of over 30%. The trade volume of the coin was $116.47 billion, while the market cap was valued at $1.75 trillion.

Read Bitcoin’s [BTC] Price Prediction 2024–2025

Interestingly, the last time the coin had seen such a drive upward was in towards the end of March and beginning of April this year. The coin had peaked over $70,000 then and this level was once again witnessed this week. Remarkably, the coin has gained over $9000 in just one day, with Bitcoin’s closing price for Sunday standing at 80,087.81, as per TradingView.

Moreover, this upward movement is reminiscent of all the previous times Bitcoin (BTC) has seen a meteoric bull run. This could indicate that the $100k is not far off for for the largest cryptocurrency in the market. And, according to TradingView indicators such as Parabolic SAR and RSI, the market is currently witnessing a massive interest from buyers.

In the one-day chart, the dots are placed below the candlesticks, signalling a continued upward trend, which indicates a bullish sentiment. Meanwhile, the Relative Strength Index is placed well-above the 70, showing that BTC is currently overbought, representing the extreme greed of the market.

Bitcoin’s ripple effect

Notably, Bitcoin setting new record highs seems to have had an impact on not only the rest of the cryptocurrency market but other financial and non-financial institutions that have a shared interest. MicroStrategy, a software and Bitcoin development company, saw its stock price hit a 24-years high today, with its value reaching a high of $351.73 today.

Coinbase, an American-based cryptocurrency exchange, also registered a similar trend.

The story is still developing.