Digital currency Bitcoin has made a new record. This currency has touched the figure of $ 95,000 for the first time. It reached $95,004.50 in early Asian trade, which has strengthened the hopes among investors of crossing the charismatic figure of $1 lakh.
Why is it gaining momentum?
The main reason for this tremendous rise in Bitcoin is the belief among investors that US President-elect Donald Trump will bring favorable policies for the cryptocurrency industry. Trump promised during his election campaign that he would make the United States the “Bitcoin and cryptocurrency capital of the world.” Investors and businessmen have seen these steps of the President-elect as a big opportunity. Bitcoin has increased by about 40% since the elections, which shows increasing confidence in the crypto market.
What do experts say?
SPI Asset Management expert Stephen Innes tells ET that the surge is being driven by growing confidence that Donald Trump’s administration will usher in a crypto-friendly era. Analysts believe that the possibility of easing regulation and providing wider acceptance in cryptocurrencies has created a new curiosity towards investment in the market. Due to this, other digital currencies, such as Ethereum and Litecoin are also benefiting.
The crypto market is so big
On the other hand, the global cryptocurrency market has crossed 3 trillion dollars. By the way, it has seen a decline of 0.42 percent in the last 24 hours. By the way, since November 5, there has been an increase of more than 800 billion dollars in the global cryptocurrency market cap. According to media reports, on November 5, the global cryptocurrency market cap was at $2.26 trillion, which has increased to $3.07 trillion. We may see further increase in this in the coming days. The special thing is that the GDP of many countries of the world has not even reached 3 trillion dollars.
