Bitcoin, the original cryptocurrency, has been performing extremely well in the market recently. Satoshi Nakamoto first introduced the coin into the market in 2008, and the rest is history. Currently, Bitcoin has the highest market capitalization among all other cryptocurrencies.
The coin has recently undergone a huge surge in the market in the past days. This has gained the attention of various investors and traders alike. In this article, we will discuss this. The why and what is behind the sudden price shooting of the coin. We will also look into the market standing of the coin in the coming future.
Bitcoin Current Market Standing
Bitcoin is currently trading at $72,322.23. There was a price increase of 0.12% in the last 24 hours. However, if you consider the wider time interval like weekly or monthly rates, you will be surprised at how the coin has performed in the market. The rates are 7.52% and 13.65% respectively. For a coin trading at $72K, this price surge can be considered huge. In just a month, the Bitcoin price has risen by more than $7.2K.
With a circulating supply of 19.78 million coins, the market capitalization of the coin stands at $1.3 trillion. This is the highest-ever market capitalization for a coin in the world now. The current all-time high of the coin stands at $73,750.07. With the way the coin is performing in the market and the external influence of various factors, it is expected to soar past this roof in the coming months.
Factors Affecting the Performance of Bitcoin
In the previous section, we have looked at how the coin is faring in the market. Now, let’s look into the various factors that have influenced the price of Bitcoin in the past few days. The main factors that affect the price of the coin in the market are:
- Supply:
The supply of a coin majorly affects its price in the market. For instance, if a crypto asset is limited in number, it is likely to have a high price in the market, whereas one that is abundant is likely to have a lower value. As there are only 21 million Bitcoins in circulation and the rate of production decreasing year by year, the coin’s price is likely to rank higher in the market with each passing day.
- Demand:
Since Bitcoin is the original cryptocurrency, it has drawn the eyes of almost every trader and investor in the market at some point in time. As social media is buzzing about the future of the Bitcoin market, everybody wants to get their hands on one. This means that as the coin’s supply slowly dwindles, it will inadvertently lead to a rise in demand, and it will most likely contribute to the growth of its price in the market.
- Competition:
Even though Bitcoin is the most famous coin in the market, there have been several other coins in the market as well. In fact, in a study conducted in March 2024, it was found that there are more than 13K cryptocurrencies in circulation. Since then, it has only increased. As the altcoins became more popular, Bitcoin’s dominance in the crypto market has started to wane. But the coin’s rally in the market is indicating a strong comeback.
Now that the major factors that normally affect the price of the coin are mentioned. Let’s look into a much more bigger picture, the US Presidential Election.
US Election and the Bitcoin Rally
As the US Presidential Election nears, the price of Bitcoin is more volatile than ever. Donald Trump who has been a crypto skeptic has since then changed its stance as a “pro-Bitcoin president”, according to him. He also stated that if he gets elected, then he will launch a new crypto platform.
As this news became sensational, various investors started to buy in crypto. This, in turn, led to a rapid surge in the price of the coin in the market. Now, the current price of the coin stands at $72,322.23. If in the next presidential election, Trump becomes victorious, there will be an even bigger rally for the original cryptocurrency.
There are also some others who believe that Bitcoin will break its all-time high and reach a peak of $80K by the end of this month regardless of the election’s outcome.
Bitcoin Price Prediction
Based on the recent performance of the coin in the market along with the opinions of various experts, we have prepared a price prediction table. Kindly refer to it, if you are wondering about the coin’s standing in the coming years.
| Year | Price |
| 2024 | $ 67,058.23 |
| 2025 | $ 70,411.14 |
| 2026 | $ 73,931.70 |
| 2027 | $ 77,628.28 |
| 2030 | $ 89,864.44 |
Keep in mind that the above-given price is susceptible to changes in market trends, especially during these election times. So, if you’re considering investing in it, it is recommended that you do your research before proceeding.
Conclusion
As Bitcoin continues its rally in the market, all eyes are on the US Presidential Election. The results of the electioBitcon are likely going to have a huge impact on the standing of the coin in the market. Even with the current rally, we cannot clearly predict the coin’s standing in the market due to these circumstances.
However, one thing is for sure, if the various factors in the market favor Bitcoin in the coming days, the coin will likely shoot up and above its all-time high in just a matter of days. Right now, all we can do is wait and see how the election ends.
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