Bitcoin Price Breaks New ATH Again at Level 80,000 per BTC
2024-11-11
Bittime - Bitcoin prices have recorded new history again by breaking through the $80,000 mark (around Rp. 1.2 billion) per BTC. After experiencing various fluctuations, this flagship crypto asset reached its all-time high (ATH), making investors around the world increasingly optimistic. Read more!
This surge not only benefits investors, but is also a strong signal that the digital asset trend is becoming stronger in the global financial landscape. What is behind this significant increase in bitcoin prices? Let's look deeper.
Bitcoin Hits New Record Amid Trump Victory
On Sunday, the crypto market roared again when bitcoin managed to touch $80,000 per coin for the first time. Based on data from Coin Metrics, the value of bitcoin is slightly below that peak figure at $79,800 (around Rp. 1,246 billion) with an increase of 4.5%.
Apart from Bitcoin, Ether, which is the second largest cryptocurrency, also experienced an increase of 3%, passing the $3,000 mark (around IDR 46.8 million) and being at $3,203 (around IDR 49.9 million).
Read also: What is the Price of 1 Bitcoin Now and the Latest All Time High BTC?
Crypto investors and analysts see Trump's election victory as one of the main triggers driving this price surge. Various other digital currencies also rose.
XRP, which is a payment coin, rose by 11%, while Cardano-linked DeFi tokens surged by 40%. Not only that, memecoins such as Dogecoin and Shiba Inu also recorded drastic increases of 17% and 31% respectively.
Optimism for a Golden Era of Crypto
According to Alex Thorn, head of research at Galaxy Digital, the future of crypto now looks even brighter. In a research note, he stated that it is believed that Trump's pro-crypto leadership will lead America to become a global crypto center.
"Trump has promised to make America the 'crypto capital of the world' with the support of a team containing strong crypto supporters. This team includes family, donors and figures who have great influence," explained Thorn.
The Trump administration's partiality towards digital assets provides a great opportunity for the development of this sector. In fact, there is a strategic idea to keep a national reserve of bitcoin and keep the entire bitcoin mining process carried out in the United States.
In the eyes of many industry players, this step can provide protection for bitcoin, which has been seen as a safe asset amidst market uncertainty.
The Impact of a More Crypto-Friendly Regulatory Environment
A more open regulatory environment has also had a significant impact on other cryptocurrencies such as Ether and other digital assets. Trump and his team promised crypto-friendly regulations, which will likely accelerate the adoption of this technology in the United States.
For example, the industry hopes that new regulations will improve the bitcoin ETF mechanism which is still considered less effective because it does not share staking proceeds. Experts predict that these improvements will begin to appear in the next one to two years.
This condition provides a big boost for bitcoin and other digital assets to exceed the current ATH.
"In an environment like this, we expect the value of bitcoin and other digital assets to continue to rise well above current highs," explained Thorn.
The support of crypto-friendly regulations in America, the world's largest capital market, is expected to be a breath of fresh air for the industry.
Post-Election Bitcoin Price Uptrend
Since election day, bitcoin has recorded a gain of 18%, while Ether has shot up 32%. This surge shows that digital assets are increasingly in demand, especially among investors who see great potential in the crypto world post-Trump's victory.
Apart from crypto assets, crypto trading platform companies such as Coinbase also experienced their best week with an increase of up to 48%, indicating great optimism in this market.
Read also: Bitcoin Holders Start Selling BTC at Peak Price
What Does Bitcoin's New ATH Mean For Investors?
The increase in bitcoin prices to this new ATH has a significant impact on investors and the digital financial sector. On the one hand, this price increase confirms the increasingly strong adoption of crypto assets as an alternative investment.
On the other hand, with supportive regulations, the market becomes more stable and investors feel safer placing their capital in digital assets. However, investors still have to be careful because the crypto market is famous for its high volatility.
How to Buy Crypto on Bittime
Want to trade sell buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.
Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!
Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.
