Bitcoin Is Booming Over the Top
Bitcoin price was spotted less than $100 away from visiting $90,000 this morning. Its skyrocketing to nearly 30% within only one week after getting beyond $70,000 looks amazing, even compared to our previously forecasted focus on a target range between $80,000 and $100,000 in case of Donald Trump's comeback to the White House, as we supposed this upside move may take 9 to 12 months. The begetting excitement in the crowd fuels the crypto demand much faster than anybody could expect. With the current market caps estimates over $1.75 trillion, Bitcoin now occupies the 8th place among all assets, surpassing overall volume of global Silver investments and perfectly steering in a tight turn next after Google, Amazon and Saudi Aramco. Who would have guessed it 14 years ago when the new-born Bitcoin was trading at just $0.50.
The go-ahead for further promotion of digital assets by the president-elect and the clear prospect of appearing legislators' majority in the U.S. Congress to supporting cryptocurrencies did the whole job. Trump promised to lop off the unneeded parts of a hyper-care in regulatory architecture and make the U.S. a unique centre of the crypto asset industry, including creating a strategic reserve consisting of Bitcoins to partially pay the American public debt in a still inexplicable and surely unprecedented way. Even if he turns out to be far from succeeding in this ambitious task, he will try and try to give this business a green street as soon as possible, whereas the sitting administration slowed down the processes, feeling the Bitcoin as an unwanted rival to the Dollar-based monetary system. The Democrats often described the sector as being rife with fraud and misconduct. Thus, chest-thumping from the digital-asset industry looks natural and very logical, especially after reportedly spending over $100 million to back crypto-friendly politicians.
The growing bullish sentiment helped altcoins as well. The brightest example was Dogecoin, spiking from $0.16 on November 5 to above $0.42 today, on November 12. A remarkable 2.65x growth took place for this meme-crowd favourite of Trump supporter Elon Musk, who automatically became the world’s richest man when the multibillionaire’s brainchild Tesla soared from about $250 to almost $350 per share even though the dust after election mostly settled down. Surely, it was only a matter of time before a speedy rally of some sort occurred. With it now exceeding most expectations, some temporary stop around $90,000 before conquering the next peaks is possible, yet only as the proverbial calm before the new storm of applause across the entire spectrum of the crypto world. The nearest six weeks before Christmas are going to bring even more joy to Bitcoin holders, and selectively to some altcoin fans, as a more careful approach in choosing particular and proper altcoin tools to trade, with broader diversification, is advisable. Remember that all is not gold that glitters.
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