- Bitcoin’s price gained sharply in the last 24 hours.
- The crypto asset is approaching the $90,000 price mark.
- The broader crypto market rallied past $3 trillion.
Bitcoin’s price sustained its recent positive momentum, printing double-digit gains in the last 24 hours to reach a new all-time high amid a broader rally across the crypto market.
According to CoinGecko data, the global cryptocurrency market cap peaked at $3.14 trillion on November 12 after gaining 7.8% overnight. Other cryptos that rallied alongside Bitcoin include Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE), which gained 7.6%, 6.3%, and 48%, respectively.
Bitcoin Nears $90K
Bitcoin exchanged hands at $89,390 at the time of writing, having gained over 10% in the last 24 hours and 42.39% in the last month. The crypto asset’s price had reached a daily high of $89,810 earlier on Tuesday before paring some of the gains to trade at the current rate.
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Bitcoin’s record-breaking rally gathered steam after Donald Trump’s decisive victory last week in the U.S. presidential election and the Federal Reserve’s approval of its second consecutive interest rate cut on Thursday.
While Trump’s win boosted the market’s sentiment, as the Republican Party President-elect is expected to fulfill his campaign promises to the blockchain industry, the Federal Reserve’s interest rate cut lowered borrowing expenses, encouraging investments in riskier assets like cryptos.
Bitcoin’s upward momentum is also buoyed by increasing institutional interest in the asset class. Spot Bitcoin exchange-traded funds managed by companies like BlackRock and Fidelity have attracted over $3.3 billion worth of inflows since Donald Trump’s victory. The funds extended their positive streak to a fourth day on November 11, pulling in $1.1 billion, SoSoValue data shows.
At the same time, MicroStrategy completed a $2.03 billion acquisition of the original cryptocurrency between October 31 and November 10, energizing speculative buying of BTC and smaller assets.
Read how Shiba Inu crypto recently flipped TRON:
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Stay updated on MicroStrategy’s exclusive relationship with Bitcoin:
Saylor Leaks MicroStrategy’s ‘Exclusive Relationship’ with Bitcoin
