Bitcoin prices surged to a new all-time high of $89,600 on Monday, November 11, according to Coinbase data from TradingView. The digital currency has been rapidly appreciating over the last several weeks, rising more than 40% since trading near $62,000 roughly a month ago.
Industry experts point to multiple factors driving the gains, including the uncertainty of the US election now being resolved, record ETF inflows, and falling interest rates. Chris Chung, CEO of Titan, believes bitcoin’s momentum shows no signs of stopping as continued optimism surrounding the election drives price movement.
Analysts also note that retail investors are driving demand for bitcoin, with a surge in interest from consumers contributing to the current price increase. Wendy O, a TikTok influencer, predicts bitcoin could reach $100,000 by 2025, citing “insane demand” from institutional investors such as BlackRock IBIT.
Lukas Enzersdorfer-Konrad, deputy CEO of Bitpanda, suggests that the latest gains are driven by a combination of factors, including the election outcome and rising interest rates. He notes that if this demand persists, further price increases for bitcoin are possible in the short term.
Source: https://www.forbes.com/sites/digital-assets/2024/11/11/bitcoin-prices-reach-almost-90000-during-face-melting-rally