Bitcoin sets new record as market cap crosses $1.6 trillion.
Bitcoin just broke its previous records on November 11, 2024, as the OG crypto surged to $82,234, riding a wave of institutional investment and renewed political optimism.
The milestone comes just days after Donald Trump's presidential election victory, which has ignited a new wave of enthusiasm in the market.
The leading crypto's total market value has now exceeded $1.6 trillion, marking a historic moment for the coin that began trading at pennies in 2009.
Institutional appetite for Bitcoin has already reached new heights, evidenced by BlackRock's iShares Bitcoin Trust ETF (IBIT) pulling in $1.1 billion in a single trading day this week. Combined with other spot Bitcoin ETFs, total inflows reached $1.34 billion, with Fidelity and ARK 21Shares funds also seeing significant investor interest.
Trump's sweeping victory across seven battleground states, including Arizona, has amplified market confidence. The president-elect's campaign promises to position the U.S. as a global leader in digital assets and build a strategic Bitcoin reserve have resonated strongly with investors and traders.
Copper.co's Head of Research, Fadi Aboualfa, projects Bitcoin could reach $100,000 by Trump's January 20 inauguration, citing improved ETF accumulation trends. The funds collectively hold over 1 million BTC, highlighting growing institutional adoption.
The surge has lifted the entire crypto market, pushing total market cap to $2.71 trillion.
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