Bitcoin rallies again briefly touching $90,000 in late afternoon trading

Bitcoin resumed its rally on November 12, after taking a brief break from its post-election superb rally earlier in the session as detailed in a report by CNBC.

The price of bitcoin was last higher by 2 per cent at $89,338.20, according to Coin Metrics. It briefly touched $90,036.17 just before the US stock market closed, after quickly blowing past the the $80,000 mark in the two days prior. Its price is expected by many investors to continue making fresh records on its way to $100,000 later this year, the CNBC report detailed further.

Bitcoin has now rallied 33 per cent since US elections

Bitcoin has now risen more than 33 per cent since Election Day on November 5, when it had reached a new record for the first time since March. Ether was down 1 per cent November 12, after a 28 per cent gain over the past week.

“Bitcoin is now in price discovery mode after breaking through all-time highs early last Wednesday morning when it was officially declared that Trump won the election,” said Mike Colonnese, an analyst at H.C. Wainwright. “Strong positive sentiment is likely to persist through the balance of 2024 and we see Bitcoin prices potentially reaching the six-figure mark by the end of this year”, explained the CNBC report further.

Crypto investors have been cheering President-elect Donald Trump’s promises to make the regulatory environment more supportive and even friendly toward crypto businesses, which have long struggled with a lack of clarity on the rules of the road.

While Bitcoin has long been deemed a safe asset in Washington, that is, not subject to securities laws, the long tail of crypto-currencies and crypto-related start-ups have been operating in a riskier grey area.

“That’s just shifted 180 degrees,” Matt Hougan, chief investment officer of Bitwise Asset Management, told CNBC. “We’re now in a positive regulatory environment, we now have tailwinds from that, and that comes in the case of a market that was already in a bull market, that’s going to push us higher.”

Across the crypto market, coins have soared

Across the crypto market, coins that have soared in the past week hit the brakes on November 12, including meme coin Shiba Inu, which was down 4 per cent after it soared 57 per cent in the past week.

Dogecoin was an outlier, however. It’s been one of the biggest winners, up more than 125 per cent since November 5, likely due to its connection with Elon Musk, who helped get Trump elected. It was last higher by 17 per cent.

In the stock market, MicroStrategy reduced earlier losses and ended the day higher by about 5 per cent. Coinbase retreated 1.5 per cent. On November 12, it surged 19 per cent to trade above $300 for the first time since 2021 and about 6 per cent from its high from that year. As the traders and analysts, the past week’s rally is only beginning, added the report further.

Bitcoin enthusiasts and investors will carefully follow these recent developments in Bitcoin. This will help them make informed investment decisions.