Bitcoin’s price surged to nearly $90,000 on Monday night, breaking its previous record high of $80,000. According to Coin Metrics, the cryptocurrency was trading at $89,100, up 12% from its previous level. Earlier in the day, it reached as high as $89,623. Many investors are optimistic that Bitcoin will continue to set new records and could reach $100,000 by the end of the year.
Analyst Mike Colonnese from H.C. Wainwright stated that Bitcoin is currently in “price discovery mode” following its recent surge past all-time highs. The positive sentiment surrounding Bitcoin is expected to continue throughout the rest of the year, driving prices higher. President-elect Donald Trump’s promises to create a more favorable regulatory environment for cryptocurrencies have also boosted investor confidence in Bitcoin.
Other cryptocurrencies have also seen gains, with Ether rising by 5.8%, XRP increasing by nearly 4%, and Polygon’s token gaining over 4%. Dogecoin, which is closely associated with Elon Musk, has surged by 38%. In the stock market, Coinbase and MicroStrategy both saw gains in extended trading.
Analysts believe that this rally is just the beginning, with Bitcoin potentially reaching $100,000 in the near future. Matt Hougan, chief investment officer of Bitwise Asset Management, noted that there is significant momentum driving Bitcoin’s price higher, and it is difficult to predict what could cause a significant pullback in the market.
Overall, the outlook for Bitcoin and other cryptocurrencies remains positive, with many investors and analysts maintaining a bullish stance on the future of the crypto market. The current regulatory environment and increased institutional interest in cryptocurrencies are contributing to the upward trend in prices. As Bitcoin continues to break new records, the potential for further growth remains high.
