The post Bitcoin’s Meteoric Rise: How the Election Boosted BTC to $89,500 appeared first on Coinpedia Fintech News
Bitcoin hit a jaw-dropping all-time high of $89,500 early Tuesday morning in Asian markets, reaching new heights no one would have dared to predict just a few weeks ago. This latest peak didn’t come out of the blue, though—it capped off a two-week rally where BTC shot up 32%, from a low of $66,700 on November 6. Now, with BTC surpassing silver’s market cap, people are buzzing: is there more in store, or could this rally hit a wall?
Bitcoin Surpasses Silver – What Next?
With Bitcoin’s market cap at $1.74 trillion, it now ranks as the eighth largest asset in the world, even ahead of silver, which sits at $1.725 trillion. The next milestone? Potentially overtaking Saudi Aramco’s $1.827 trillion. That’s pretty wild when you think about Bitcoin’s journey from niche asset to trillion-dollar heavyweight. Meanwhile, tech giants like Apple, Microsoft, and NVIDIA are showing mixed results, unlike Tesla, which saw a 9.6% boost (perhaps thanks to its 9,720 BTC holding). There’s a lot of energy around Bitcoin right now—more than tech stocks can claim at the moment.
Election Upset Spurs BTC Frenzy
Some think Bitcoin’s big boost has a political twist: on November 5, former President Donald Trump pulled off a win in the U.S. presidential election. Trump has long shown interest in Bitcoin, and it’s not hard to see why some believe this might be drawing more big-money investors into BTC. Some investors may even be hedging against uncertainties, as gold is down nearly 3%. It’s hard to say for sure, but Trump’s win might just give Bitcoin’s popularity another leg up.
Institutional FOMO Kicks In with Bitcoin ETF Frenzy
It’s not just retail investors jumping in—major institutional players are piling on, too. BlackRock’s iShares Bitcoin ETF (IBIT) saw a whopping $1 billion in trades right after the election. Same amount was witnessed in the first half hour of trading on Monday. High trading volumes like this signal strong interest, especially from mainstream investors who might have seen Bitcoin as “too risky” just a few years ago. Clearly, attitudes are shifting.
What to Expect Next?
Right now, the big question is if Bitcoin will keep going up or face a correction. BTC’s Relative Strength Index (RSI) hit 84.56, a level that signals an overbought market, so some might expect a pullback. Still, with all the excitement, the price action might surprise everyone. Keep watching—Bitcoin’s journey is as unpredictable as ever.