Bitcoin’s current rally has brought it tantalisingly close to the $100,000 mark. Earlier today, the cryptocurrency reached an intraday high of $98,312, reflecting a 6.7% gain in just 24 hours.
MicroStrategy’s bold Bitcoin strategy has had a major impact on its own success. The company has now climbed into the top 100 publicly traded companies in the US, now ranking 97th.
Experts believe the drop in the hashrate could mean that miners expect the current rally to slow down.
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The states argue that the SEC’s actions amount to “government overreach”. They believe the SEC is enforcing rules unfairly by suing companies instead of creating clear regulations.
Bitcoin’s impressive rally has been closely tied to the rising popularity of Bitcoin ETFs. These funds allow investors to gain exposure to Bitcoin without having to buy and store the cryptocurrency directly, making it easier for people to invest in Bitcoin.
Bitcoin’s rise in the asset rankings was made possible by a sharp price jump. Its value spiked to over $89,000 in a single day, which is a new all-time high for the coin.
Bitcoin’s price surge in 2024 has seen it increase by nearly 94%, thanks in part to interest in US Bitcoin exchange-traded funds (ETFs) and the recent decision by the US Federal Reserve to lower interest rates.
Despite Bitcoin’s rapid price growth, market analysts don’t believe the cryptocurrency is currently overvalued.
Bitcoin’s price jumped to $76,244 on 6 November, just as election results confirmed Trump’s victory. It has since settled around $74,000.
