Bitcoin surged to an all-time high of $95,004.50 on Thursday, continuing its rally amid optimism over President-elect Donald Trump’s return to the White House and the growing influence of bitcoin exchange-traded funds (ETFs).
The digital currency hit $95,004.50 in early Asian trade, with observers expecting it to soon reach $100,000.
The cryptocurrency last traded at $94,375.79, up 1.5% for the day, according to Coin Metrics.
The record-breaking climb comes as options trading for BlackRock’s iShares Bitcoin Trust ETF (IBIT) began earlier this week. Additional options for Grayscale and Bitwise bitcoin ETFs are set to launch in the coming days. Since Trump’s election victory on November 5, the broader crypto market has added over $800 billion in value, data from CoinGecko shows.
Market analyst Joel Kruger from LMAX Group attributed the rally to increased institutional adoption, highlighting that the approval of spot bitcoin and Ethereum ETFs in 2024 signifies the “maturation of the crypto market.”
MicroStrategy, the largest corporate holder of bitcoin, saw its stock rise 10% on Wednesday, pushing its weekly gains to 39%. The company, which now holds approximately $31 billion in bitcoin, announced plans to raise $2.6 billion through convertible senior notes to expand its digital asset holdings further.
Speculation is mounting over whether bitcoin will breach the $100,000 mark, a psychological milestone viewed by advocates as validation of its role as a store of value. However, critics continue to argue that the cryptocurrency lacks utility and is tied to illicit activities.
“Buyers are strangling the sellers,” said Tony Sycamore, Market Analyst at IG Australia Pty. “While the path to $100,000 may not be smooth, demand appears insatiable.”
Traders are also closely watching Trump’s upcoming appointments for Treasury Secretary and SEC chair, hoping for a crypto-friendly regulatory framework and a potential national bitcoin reserve. Trump, once a skeptic of digital assets, shifted his stance after the industry poured resources into lobbying efforts during the election. The feasibility of his proposed bitcoin stockpile remains uncertain.
Meanwhile, analysts are monitoring Nvidia’s earnings report, expected later Thursday, as fluctuations in risk assets could further influence bitcoin’s trajectory.