Bitcoin has reached an all-time high of $95,004 on November 21, 2024, following Donald Trump's reelection on November 5, 2024, which has sparked optimism in the cryptocurrency market. The digital asset market has gained over $800 billion since Trump's victory, with speculators now eyeing a potential rise to $100,000 [0b6e3ca4]. Discussions are underway within Trump's team about creating a White House position specifically for cryptocurrency policy, indicating a significant shift in how the administration may approach digital assets [0b6e3ca4].
This surge in Bitcoin's price is also linked to MicroStrategy's plans to increase its sales of convertible senior notes to $2.6 billion to fund further Bitcoin purchases, reflecting a growing institutional interest in the cryptocurrency [0b6e3ca4]. Prior to this recent peak, Bitcoin had already recovered to $90,237 on November 18, 2024, after experiencing a decline of nearly 3% on November 16 and 17 [4b2ed8f9].
The cryptocurrency had reached $89,214 on Election Day, November 5, before the rally took it to its current heights [7d5dcb7d]. Additionally, Bitcoin's market capitalization has surpassed that of silver, ranking eighth globally, which underscores its increasing significance as a strategic asset [0b6e3ca4]. In India, Bitcoin is viewed as a strategic asset despite not being legally recognized as tender, reflecting a broader acceptance of cryptocurrencies in various markets [0b6e3ca4].
Moreover, the cryptocurrency landscape has seen a notable rise in Dogecoin, which increased by 40% overnight, indicating a broader enthusiasm in the market [c672f31f]. However, the sector remains cautious, especially in light of past incidents such as WazirX's $230 million cyberattack in July 2024, which underscores ongoing concerns about volatility and security in the crypto space [0b6e3ca4].
As the U.S. stock market also rallied during this period, with the S&P 500 and Dow Jones Industrial Average posting gains, investors are closely monitoring how these developments will impact both local and global markets in the weeks to come [4b2ed8f9].