Bitcoin's Historic Record: Can It Move Past 100K?
News Publisher Nov 26, 2024 15:20
On November 22nd, Bitcoin had its all-time high moment when it rose over $99,000 for a brief period of time.
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On November 22nd, Bitcoin had its all-time high moment when it rose over $99,000 for a brief period of time. This momentary triumph was celebrated among crypto enthusiasts all over the world, but it also gave rise to questions. Will BTC be able to pass the $100K mark, and what can be done to keep it there?
Value Rises, Industries Follow
There’s no denying that the global interest in cryptocurrencies is constantly growing. What’s more, blockchain technologies are actually reshaping parts of the online world and its industries. The latest meteoric rise of Bitcoin is leveraged by many different platforms, from crypto exchanges and DeFi ecosystems to no KYC casinos and online gaming services. At first, this world was a niche for the tech-savvy enthusiasts. Now the increasing value and visibility are attracting more investors. Of course, there are still many who are not investors, but gamers looking for crypto-friendly experiences that will let them keep their privacy.
Policies and Predictions
This growth trajectory has a very important foundation in the predicted shift of US policies towards cryptocurrencies. With the changing administration in D.C., next year is going to see a much more robust environment for blockchain to grow and adopt. In the short run, it’s not very certain that the hundred thousand price happen very soon.
After the presidential baton is passed in January, there are talks of a crypto advisory council overhauling some of the more restrictive US policies. A fresh influx of blockchain experts and representatives might greatly improve the playing field. There is a chance for significant growth and implementation of cryptocurrencies. We might even see decentralized financial programs brought into the core of federal apparatus.
There's growing optimism and hype derived from numerous enthusiasts and investors. Still, it is very possible that there will be a value correction coming soon. Stock value comes and goes in waves, so it would not be unexpected to see BTC drop to as low as $80K for a while. However, Galaxy CEO Mike Novogratz claims that this November has seen a “paradigm change” and that the $100K price is inevitable, even if we don’t get there immediately.
Safer Than Gold
In their recent article, Investopedia’s crypto expert Kyle Torpey wrote about the massive rally of investors into the crypto market. As it turns out, bitcoin trading has also broken some records in the last several weeks. While there is a significant influx of private investors joining the fray, hedge funds and other institutional investment funds are also chipping in. Money is flowing in and the price is in turn constantly growing. The Pearson coefficient that put BTC in close relation with gold’s price dropped off, as there seems to be an inverse effect at the moment. The Pearson score for gold has dropped, moving it from 0.82 to the most recent -0.69. Bitcoin is growing in value, as its coefficient with Nasdaq and S&P 500 is respectively 0.70 and 0.74 at the time of writing.
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