30s Summary

Bitcoin has crossed the $77,000 mark for the first time, largely due to optimism about Donald Trump’s potential US presidential election win. Other cryptocurrencies like Ether have also seen a surge, breaking past $3,000. Despite some selling off for profit, the majority of investors are holding out for even higher prices, as the Bitcoin’s current value is just slightly above its previous record when adjusted for inflation. Indications also suggest that the current rally may still be far from reaching its peak.

Full Article

Hey there! Did you hear that Bitcoin (BTC) is hitting new highs left, right, and center? On November 8, it even crossed the $77,000 mark for the very first time! Can you believe it? Many believe all this good news is fueled by the crypto industry’s optimism around Donald Trump potentially winning the U.S. presidential election.

Oh, and just so you know, Bitcoin is not the only cryptocurrency hitting great numbers. Ether (ETH), which falls under Ethereum, managed to break past the $3,000 level for the first time since August.

Cool, right? Look at this: instead of selling off, Bitcoin is smashing through previous highs. Gold and U.S. equities are playing the same game, breaking records and setting new ones. That’s how strong this crypto rally is – and it looks like it’s not slowing down anytime soon.

So what’s driving this rally? You might think folks would be talking tons about Bitcoin, and they have been. But interestingly, Google searches for Bitcoin are lower now than they were in November 2021 and March 2024. Yep, even after this recent surge in interest. This suggests we’re pretty far from the wild market excitement stage yet.

And what about people selling off to bag some profits as Bitcoin soars? True, they are. But, it’s a small amount compared to prior all-time highs. We think investors are holding out, expecting prices to rise even higher. Measured in inflation-adjusted dollars, Bitcoin’s price is barely above its prior heavy-hitting record, meaning it could have plenty of room to grow.

So there you go, Bitcoin buffs! Looks like this journey to the moon is far from over. Exciting times lie ahead!