Bitcoin hit an all-time high of around $85,000 on Monday. This was due to optimism that digital assets might be treated better by regulators now that Donald Trump won the U.S. election last week.
According to Dow Jones Market Data, the price of the biggest cryptocurrency, BTCUSD 6.54%, reached an all-time high of $84,989 on Monday. At around $84,938 in the early afternoon on Monday, it was up 102% for the year.
A lot of people in the business world think bitcoin will go even higher by the end of the year.
Bitwise’s chief investment officer, Matt Hougan, said that he thinks bitcoin will reach as high as $100,000 by the end of the year and $200,000 by the end of 2025. This is because Trump has promised to make the SEC chair crypto-friendly and build a bitcoin fund in the U.S.
Even so, buyers should be careful because bitcoin is very unstable.
An expert at QCP Capital wrote in a note on Monday that the market is in a “state of euphoria” right now.
Basis yields on bitcoin perpetual futures are at their highest level in seven months. Basis yields are the difference between the spot price of a product (in this case bitcoin) and the price of perpetual futures. It shows that there is a lot of power in the market.
The QCP analysts said, “We are still structurally bullish, but we are wary of any pullbacks, especially from leveraged washouts.” “In the past, these kinds of jumps in basis yields also didn’t last very long.”
At the same time, investors will be very interested in seeing if Trump continues to show support for digital assets and if and how he can keep his crypto industry promises. Bitcoin hit an all-time high of around $85,000 on Monday. This was due to optimism that digital assets might be treated better by regulators now that Donald Trump won the U.S. election last week.
According to Dow Jones Market Data, the price of the biggest cryptocurrency, BTCUSD 6.54%, reached an all-time high of $84,989 on Monday. At around $84,938 in the early afternoon on Monday, it was up 102% for the year.
A lot of people in the business world think bitcoin will go even higher by the end of the year.
Bitwise’s chief investment officer, Matt Hougan, said that he thinks bitcoin will reach as high as $100,000 by the end of the year and $200,000 by the end of 2025. This is because Trump has promised to make the SEC chair crypto-friendly and build a bitcoin fund in the U.S.
Even so, buyers should be careful because bitcoin is very unstable.
An expert at QCP Capital wrote in a note on Monday that the market is in a “state of euphoria” right now.
Basis yields on bitcoin perpetual futures are at their highest level in seven months. Basis yields are the difference between the spot price of a product (in this case bitcoin) and the price of perpetual futures. It shows that there is a lot of power in the market.
The QCP analysts said, “We are still structurally bullish, but we are wary of any pullbacks, especially from leveraged washouts.” “In the past, these kinds of jumps in basis yields also didn’t last very long.”
At the same time, investors will be very interested in seeing if Trump continues to show support for digital assets and if and how he can keep his crypto industry promises.
