Cryptocurrency investors are excited latest price escalate Bitcoin, which took place just a few days after the US elections, fueled by favorable market sentiment towards the digital currency industry.

Long-term holders of the original cryptocurrency are now starting to take an interest in Bitcoin as the digital coin is rapidly approaching its long-awaited value of $90,000.

90 thousand dollars is just around the corner

The data showed that the price of BTC continues to rise, and analysts believe that it will reach $90,000 sooner than expected.

Just days after Donald Trump took back the White House, Bitcoin’s price was rising as the incoming administration proposed favorable treatment for the cryptocurrency sector.

Bitcoin breached the $87,000 mark for the first time, reaching $87,198, more than doubling the $37,000 mark recorded 12 months ago. Then it dropped off a bit on Monday.

Early Tuesday, BTC once again hit another all-time high as the coin hit $89,804, bringing its total market value to a whopping $1.77 trillion. The leading crypto asset saw a slight decline as long-term holders started making moves.

At the time of writing, Bitcoin’s price is pegged at $88,800. On Monday, the alpha coin hit a up-to-date all-time high. BTC has been registered on Bitstamp $89,899.

Analysts also noted that as the BTC price increases, the daily trading volume increases, which currently stands at $133 billion.

Bitcoin: domino effect

Analysts say the positive sentiment towards Bitcoin also has a knock-on effect on the entire cryptocurrency sector.

Its price escalate also drags down the prices of other digital currencies around the world.

CoinGecko noted that over the past 24 hours, the global cryptocurrency’s market capitalization has increased by 4.7% and has now reached a record high of $3.11 trillion.

Moreover, the cryptocurrency market has already seen a massive escalate of $765 billion in the last week.

In another report, cryptocurrency analysts said that cryptocurrency investment products recorded the highest year-to-date virtual coin inflow of about $31.3 billion, and the total amount of assets under management reached $116 billion.

If you’re wondering what’s going on with #Bitcoin…

Yes, the incoming Bitcoin-friendly administration has provided a recent catalyst…

But that’s not the main story here.

The main story is that we are over 6 months post halving.

And this means that the supply shock… pic.twitter.com/XkwPoPxrj2

— Jesse Myers (Croesus 🔴) (@Croesus_BTC) November 11, 2024

“Trump Pump”

City Index senior market analyst Matt Simpson called the recent price movement in the cryptocurrency market: “Trump Pump”explaining that many investors are betting that the Trump administration will pave the way for broader adoption of cryptocurrencies.

Meanwhile, other analysts said the positive sentiment in the cryptocurrency market is due to the promise of a more deregulated industry.

Lazard’s chief market strategist, Ronald Temple, said the up-to-date US president has promised to dismiss the current head of the US Securities Exchange Commission (SEC), Gary Gensler, on his first day in office.

The SEC is pushing to implement stricter cryptocurrency regulations, a move that has been criticized by cryptocurrency investors and entrepreneurs.

Featured image via Grok, chart via TradingView