Key Points
- Bitcoin consistently hits new all-time highs due to growing adoption and increased active addresses.
- Donald Trump’s victory as the 47th president of the United States and his pro-Bitcoin stance is believed to be a major driving force behind Bitcoin’s price surge.
Bitcoin’s [BTC] recent surge has been the talk of the market, as it continues to achieve unprecedented price levels. Over the past week, the leading cryptocurrency has seen a strong bullish momentum, climbing 21.7% and repeatedly breaking its all-time high.
On 13th November, Bitcoin reached a peak of $93,477 before experiencing a minor correction. At press time, it was trading at $91,079, marking a 2.8% drop from its highest point. However, Bitcoin remained up by 4.4% on the day.
Impact on Market
This surge in price has significantly increased Bitcoin’s market capitalization, pushing it to approximately $1.80 trillion. This has solidified its position among the world’s largest assets. The broader crypto market has also seen a boost, with the global market cap increasing by 3.6% to exceed $3.15 trillion.
Another aspect to note is the daily trading volume of Bitcoin, which has jumped from under $80 billion last week to over $124 billion at press time. This indicates heightened activity and interest from investors worldwide.
Why is Bitcoin Surging?
One of the reasons behind Bitcoin’s price surge is the belief that a new bull run cycle is underway. This sentiment has been amplified by the recent victory of Donald Trump, the 47th president of the United States. Trump, being a pro-Bitcoin advocate, has made various campaign promises supporting cryptocurrency, including the potential creation of a BTC national reserve.
His perceived support for the crypto sector has generated optimism within the community, leading to a surge in investment activity. The expectation of more favorable crypto policies and regulatory clarity under Trump’s leadership has drawn both institutional and retail investors to BTC.
Moreover, broader adoption in the crypto market has also played a role. A significant development is BlackRock’s expansion into the crypto space through its BUIDL Fund. This move by one of the world’s largest asset managers validates the growth and acceptance of digital assets, including Bitcoin.
Market Metrics
Several key Bitcoin metrics have shown positive trends, supporting the recent price increase. Data from Glassnode reveals a surge in Bitcoin’s number of active addresses, a gauge of retail interest and market activity. As of 12th November, active addresses reached a high of 998,000 before slightly declining to 865,000 on 13th November. This indicates growing retail participation, suggesting heightened interest and demand for BTC.