bullish

Donald Trump

Bitcoin

Bitcoin has been consistently hitting new all-time highs over the past two weeks.&nbsp;Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) is up 5.8% in the past 24 hours and is trading at an ATH of $97,750 at the time of writing. The digital gold’s market cap is currently sitting at $1.93 trillion with a 57.9% dominance over the crypto market.<figure class="wp-block-image size-full"><img width="1162" height="681" src="https://crypto.news/app/uploads/2024/11/BTCUSDT_2024-11-21_09-50-01.png" alt="Bitcoin broke $97k with 83% odds of reaching $100k this month - 15" class="wp-image-14312558"><figcaption class="wp-element-caption"> BTC price | Source: <a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">crypto.news</a></figcaption></figure>Its daily trading volume also broke the $85 billion mark.Thanks to the strong bullish momentum, a poll on the market prediction platform Polymarket shows that Bitcoin has an 83% chance of reaching the $100,000 mark before December.<figure class="wp-block-image size-full"><img width="986" height="561" src="https://crypto.news/app/uploads/2024/11/Screenshot-2024-11-21-094209.png" alt="Bitcoin broke $97k with 83% odds of reaching $100k this month - 16" class="wp-image-14312559"><figcaption class="wp-element-caption"> BTC price prediction | Source: <a href="https://polymarket.com/event/will-bitcoin-hit-100k-in-november?tid=1732165895296" rel="noopener noreferrer nofollow">Polymarket</a></figcaption></figure>With Bitcoin’s gains, the global crypto market capitalization also reached an ATH of $3.33 trillion, according to <a href="https://www.coingecko.com/en/global-charts" rel="noopener noreferrer nofollow">data</a> from CoinGecko.&nbsp;You might also like: <a href="https://crypto.news/etf-store-president-nate-geraci-hints-at-upcoming-spot-etfs/" rel="noopener noreferrer nofollow"> ETF store president Nate Geraci hints at upcoming spot ETFs </a><h2 class="wp-block-heading" id="what-s-driving-the-bulls">What’s driving the bulls?</h2>Many factors are driving the Bitcoin price upward. The strong momentum was triggered after the “crypto president” Donald Trump won the <a href="https://crypto.news/crypto-market-rallies-on-us-election-results/" rel="noopener noreferrer nofollow">U.S. presidential election</a> on Nov. 6.&nbsp;Pro-crypto politicians also <a href="https://crypto.news/pro-crypto-candidates-dominate-us-house-senate-amid-bull-run/" rel="noopener noreferrer nofollow">dominated</a> the U.S. House of Representatives and the Senate, leading to the expectations of crypto-friendly regulations with Trump’s second term.Moreover, Ki Young Ju, the CEO of market analysis platform CryptoQuant, believes this year’s bullish momentum “resembles” the 2020 bull run.<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper"> https://twitter.com/ki_young_ju/status/1859457863447703811 </div></figure>One of the main factors is the strong whale accumulation, per Young Ju. Large over-the-counter deals, most likely by institutions rather than individuals, brought a steady surge to the Bitcoin price.On April 20, the Bitcoin halving took place, slashing the block reward in half for miners and demanding a price rally to keep the miners profitable, the CEO of CryptoQuant added in the thread.The latest catalyst for the Bitcoin price is the <a href="https://crypto.news/spot-bitcoin-etf-options-are-live/" rel="noopener noreferrer nofollow">launch</a> of spot BTC exchange-traded fund options in the U.S. — the first investment product to get the green light from the U.S. Securities and Exchange Commission was BlackRock’s iShares Bitcoin Trust.Notably, spot BTC ETF options are expected to increase the demand for the digital gold as investors could manage their investment risks.&nbsp;Read more: <a href="https://crypto.news/grayscale-bitwise-will-begin-trading-bitcoin-etf-options-today/" rel="noopener noreferrer nofollow"> Grayscale-Bitwise will begin trading Bitcoin ETF options today </a>

Bitcoin broke $97k with 83% odds of reaching $100k this month

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