Bitcoin recently has achieved a significant milestone surpassing a market cap of $1.6 trillion. This increase in value occurred at the same time as the price of Bitcoin hit its all time high (ATH), which was around $81,270 marking a notable surge in both price and the market cap reflecting an increasing interest in the crypto market.
This all-time high comes amidst the growing interest of institutions in the crypto market. The surge in the price of Bitcoin is attributed to various factors which include favorable regulatory developments and growing adoption of Bitcoin as a store of value.
Donald Trump's electoral victory has also acted as a catalyst for Bitcoin's price surge as he is viewed favorably by the crypto community.
Donald Trump's win has generated optimism about potential economic growth and deregulation that could benefit the crypto industry. Investors' sentiment has been heightened by this political change leading many to view Bitcoin as an attractive investment option during this transformative period.
A strong bullish sentiment among investors is created by the combination of favorable economic policies and political changes. FOMO has driven many to invest in Bitcoin especially after it broke above its previous all-time high of $73,000. This increase in buying activity caused significant short liquidations further moving the value upward.
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