Crypto Quill

Bitcoin continues its impressive rally, benefiting from the ‘Trump Bump’ as it surpassed $91,000 on November 18, 2024. This marks another significant milestone in Bitcoin’s ascent, with the cryptocurrency peaking at a new all-time high (ATH) of $93,409.02 earlier in the week. As Bitcoin eyes the $100,000 mark, the broader cryptocurrency market is witnessing a resurgence, fueled by a 94% increase in NFT sales and positive momentum across the sector.

Bitcoin’s Recent Performance

In the past week, Bitcoin saw considerable fluctuations. It reached a high of $93,409.02 on November 13, before dropping to a low of $81,209.48 on November 11. As of the morning of November 18, Bitcoin was trading around $91,000, continuing to benefit from a surge of investor optimism in anticipation of favorable regulatory changes, particularly under a pro-crypto Trump administration.

Ethereum, too, had a strong week, peaking at $3,438.80 on November 12, and dipping to $3,018.01 on November 15, but showing signs of stabilization as the broader market recovers.

Key Crypto Events and Market Sentiment

Several developments are driving the current bullish market sentiment, with industry leaders reinforcing their confidence in Bitcoin’s long-term value. Michael Saylor, executive chairman of MicroStrategy, has been vocal about the potential of Bitcoin, citing growing support from Wall Street, including major players like BlackRock. Saylor’s company recently announced plans to raise $42 billion to expand its Bitcoin holdings, further signaling strong institutional support.

Meanwhile, Cathie Wood of Ark Invest has maintained a bullish outlook on Bitcoin, with price predictions suggesting Bitcoin could reach anywhere from $650,000 to as high as $1.5 million by 2030. Wood’s projections remain optimistic, despite market turbulence, based on her belief in Bitcoin’s transformative potential.

NFT and Meme Coin Surge

While Bitcoin leads the market, the NFT sector is also experiencing a revival, with sales spiking by 94% in just one week. Additionally, meme coins are showing remarkable growth. $PEPE, for instance, surged over 60%, reaching an all-time high of $0.00002203, a major milestone that has attracted significant attention. The meme coin’s recent listing on major US-based exchanges is seen as a catalyst for further market expansion.

What Traders Are Saying

Crypto traders remain cautiously optimistic, with many anticipating that favorable regulatory appointments—especially within the SEC as Trump settles into office—could spark the next rally. Mudrex co-founder Edul Patel noted that despite Bitcoin’s brief dip to $88,700, the overall momentum remains strong, buoyed by record-high inflows into both Bitcoin and Ethereum ETFs and a booming NFT market.

As the market braces for more movement, all eyes are on upcoming political developments, particularly in the US, as they may provide the spark for Bitcoin to reach the coveted $100,000 threshold.