The crypto market is abuzz with the recent news of Bitcoin shattering its past records to soar to an unprecedented over $80,000 on November 10, 2024. However, the value went further to a new all-time high of more than $89,000 on November 12, as it trades at $89,101 at the time of writing this article. This remarkable feat comes on the heels of former President Donald Trump’s victory in the November 5 United States elections, sealing his return back to the White House as the 47th President after serving as the 45th President between 2016 and 2020.
An Overview Of The Trump Effect On Bitcoin’s Price
Donald Trump has been critical of the stance of the current administration under President Joe Biden on cryptocurrency. This is because the President-elect has been perceived as a pro-crypto army in contrast to the Biden administration, which has been touted as an anti-crypto army.
While Trump had in 2021 called Bitcoin a “scam,” the erstwhile president has made a recourse since the beginning of 2024, vocally supporting the crypto industry as he urged the United States to strive for the industry’s supremacy.
Trump made a slew of promises for the industry during his election campaigns, including making the United States the “crypto capital of the planet.” He insisted that all Bitcoin be mined in the country, as he will make a strategic Bitcoin stockpile. The President-elect also pledged to fire the Securities and Exchange Commission (SEC) Chairman, Gary Gensler – who has taken an aggressive approach against crypto.
These, and many positions taken by the President-elect, culminated in the confidence of the crypto community in him, with analysts earlier projecting a significant rally in Bitcoin price if he emerged victorious in the election – which eventually happened.
Therefore, Trump’s pro-crypto stance, combined with the prospect of Congress support for digital assets, has engineered confidence into the market, with more traders and investors entering the landscape. This is because his Republican Party has control of the Senate and is on the verge of holding a narrow majority win in the House of Representatives.
Le Shi, Hong Kong managing director at market-making firm Auros, noted that “with the dust from Trump’s victory still settling down, it was only a matter of time before a run-up of some sort occurred.”
Meanwhile, Onramp Bitcoin co-founder Jesse Myers said in an X post on November 11 that Trump is not the only “story” driving the price of Bitcoin higher. The analyst pointed to post-halving supply shock as the Bitcoin halving 2024 reduced mining rewards from 6.25 BTC to 3.125 BTC – meaning that every next block becomes harder to solve for less reward.
Myers added that this led to more demand for BTC, and the approval of Bitcoin exchange-traded funds (ETFs) exacerbated the demand, increasing the price.
Broader Crypto Market Reaction
The effect of Trump’s election victory on the broader crypto market has been immediate and dramatic. This is because the Bitcoin price has spiked by over 94% in 2024, with other tokens such as Ethereum, Dogecoin, and Cardano also experiencing significant gains. For instance, Ethereum recorded a 6.40% increase in the last 24 hours as it currently exchanges hands at $3,328. Bitcoin’s rapid ascent has pushed the overall crypto market capitalization to $2.89 trillion at the time of writing this article.
This upward momentum is expected to continue, with Richard Galvin, founder of crypto-focused investment firm DACM, predicting “buying pressure” to persist “for some time yet.”
Looking ahead, analysts predict Bitcoin’s price to continue to rise, with some projecting BTC to hit the $100,000 milestone by the end of 2024.
The Best Time To Trade Bitcoin Might Be Now
While crypto trading is considered one of the best ways to make money online, Bitcoin’s bullish run can spell the right time to sell your BTC even as market sentiment on the crypto is at “Greed” on the Bitcoin Fear and Greed Index.
Therefore, if you want to sell Bitcoin to maximize profits, Prestmit is the best place to achieve the best trade. The platform provides you with innovative features such as a Bitcoin rate calculator, multiple payment options, low trading fees, and advanced security – all to make your trade seamless, safe, and profitable.
How To Sell Bitcoin On Prestmit
Here are the quick steps to sell your BTC:
- Visit the official Prestmit website or download the Prestmit app on the Google Play Store or Apple Store.
- Create a Prestmit account and log in.
- Click “Crypto” and choose “Sell Bitcoin” on the list of cryptos.
- Copy the Bitcoin wallet address or download the QR code.
- Follow the prompts to sell your BTC.
- You will receive payment immediately upon the successful confirmation of your transaction.
Frequently Asked Questions (FAQs) About Bitcoin Record Price Of $80,000
Will Bitcoin’s Price Continue To Increase?
There is no perfect certainty that the price of BTC will continue to increase. But there is market expectation that Bitcoin might hit the $100,000 mark by the end of 2024.
Can I Sell My Bitcoin Now?
This might be the best time to sell your BTC, as the crypto has enjoyed a bullish run in recent weeks after rebounding from a bearish market in August 2024, when it fell to about $53,000.
Where Can I Sell My Bitcoin?
Prestmit is the best place to sell your Bitcoin. The platform offers low trading fees and other trading features that would enable you to sell fast and make profits.
Conclusion
We can not overemphasize how Bitcoin is going over the moon due to Trump’s election victory, which reinforced confidence in crypto traders and investors. Only time will tell whether BTC will rally to a $100,000 price. But as this might be the best time to sell your Bitcoin and make profits, Prestmit is always available (round the clock) to facilitate your trades.
