As Bitcoin (BTC) rallies to the $100,000 mark, it has achieved a rare feat, the biggest green candle, as the monthly gain nearly rose by 41%.
This unprecedented BTC price rally happened due to Donald Trump's win in the US election on November 5, followed by a series of developments including the federal rate cut, the SEC Chair Gary Gensler's resignation and crypto advisory council related announcements.
In November, Bitcoin's price spiked more than 40.8%, the biggest monthly surge in the digital currency's history. BTC went above $99,500 last week and was inches away from the six-figure breakout before dipped.
This bullish price movement happened just weeks after Trump's election win, causing a massive surge in interest in digital assets, especially Bitcoin and meme coins.
As per crypto analysts Donald Trump's entry into the White House has boosted the crypto market's confidence as the community is upbeat about its pro-crypto policies which resulted in a spike in institutional adoption.
As Bitcoin hovered close to the $100,000 mark, crypto experts believe that the milestone will soon be achieved with some even predicting a surge to $150,000.
The Trump win made the broader crypto market rally and investors decided to do so by betting on BTC as they expected the digital asset to gain further under favourable conditions.
Hence, the record breaking monthly high candle shows the resilience of Bitcoin along its appeal as a hedge against macroeconomic uncertainty. This BTC price rally reinforced Bitcoin’s position as the leading asset in the ever-changing crypto landscape. The six-figure target will fall like a ripe fruit sooner than later, says market analysts.
As of November 25 morning, Bitcoin was trading at $98564, up 0.62% in the last 24 hours with a 37.78% increase in its trading volume which stood at $58.12 billion and the market cap rose to $1.95 trillion.