Crypto Quill

Bitcoin has reached a new all-time high, surpassing $81,000 (approximately ₹68.7 lakh) on November 11, 2024, as the crypto market continues to experience significant volatility following the U.S. presidential election. The surge follows Donald Trump’s victory and the election of pro-crypto candidates to Congress, which has led to optimism for a more favorable regulatory environment for digital assets.

Key Highlights

• Bitcoin reached $81,500 (₹68.7 lakh) on global exchanges, showing a 3% increase in the past 24 hours.
• Ethereum (ETH) saw a slight dip of under 1%, trading at $3,170 (₹2.67 lakh).
• Pro-crypto political shift: Trump’s victory and a pro-crypto Congress raise hopes for reduced regulatory constraints.
• The overall crypto market cap has risen to $2.73 trillion (₹2,30,37,294 crore), reflecting positive momentum across various digital assets.

Political Impact on Bitcoin’s Surge

Bitcoin’s latest surge has been attributed to the political developments following Trump’s election. As pro-crypto candidates take seats in Congress, expectations are growing for a more supportive regulatory framework for the cryptocurrency industry. Investors are hopeful that these political shifts will stimulate innovation and adoption in the space, possibly leading to long-term growth and stability.

Shivam Thakral, CEO of BuyUcoin, explained, “This newly supportive legislative landscape could stimulate innovation and adoption within the industry.”

Ethereum’s Performance

Although Ethereum (ETH) didn’t match Bitcoin’s meteoric rise, it showed solid performance, crossing the $3,000 mark for the first time this year. As of now, ETH is priced at $3,170 globally, with a slight dip on the day. According to Edul Patel, CEO of Mudrex, “Ethereum has also rallied amid positive sentiment following Bitcoin’s latest peak. This upward momentum may fuel price action across broader markets.”

Market Overview

Other cryptocurrencies also saw significant movement:

• Dogecoin, Ripple, Cardano, Tron, and Shiba Inu all saw gains, benefiting from the general market uptick.
• Polkadot, Near Protocol, and Stellar also recorded positive price changes.
• However, Litecoin, Avalanche, and Tether saw losses in the last 24 hours.

The Road Ahead for Bitcoin

The focus is now on Bitcoin reaching the next major psychological milestone of $100,000 (₹84.3 lakh). Industry experts believe this could be propelled by continued institutional inflows, expansion of exchange-traded funds (ETFs), and further regulatory shifts in favor of digital assets.

Sumit Gupta, co-founder of CoinDCX, highlighted that Bitcoin’s scarcity, decentralization, and growing institutional acceptance make it a compelling asset for diversified portfolios. However, he advises caution, urging investors to make informed decisions amid the market’s volatility.