Bitcoin prices neared the $90,000 price level today.
Bitcoin prices continued their sharp, upward trajectory on Monday, November 11, approaching $90,000 as the world’s most prominent digital currency attained its latest all-time high.
The cryptocurrency, which has been generating substantial visibility and widespread headlines for several years now, reached $89,600, according to Coinbase data from TradingView.
To provide an idea of just how rapidly the cryptocurrency has been appreciating over the last several weeks, it was trading close to $62,000 roughly a month ago, additional TradingView figures reveal. Since dropping to that point, the digital asset has rallied more than 40%.
‘No Signs Of Stopping’
Chris Chung, CEO & co-founder of Solana DEX aggregator Titan, emphasized just how strong bitcoin’s upward trend has been lately.
“Bitcoin’s all time high and momentum shows no signs of stopping, as continued optimism surrounding the results of the U.S. election continue to drive price movement,” he stated via email.
“Traders are deploying their capital and flocking to the safest asset that they are certain will stay around regardless of any drops in the market,” Chung added.
The TikTok influencer who goes by Wendy O also weighed in.
“Bitcoin keeps breaking all time highs since last week, this caused a full blown crypto bull market to begin!” she said through emailed comments.
‘A Combination’ Of Factors Drive Gains
Bitcoin prices are benefiting from multiple tailwinds, and Lukas Enzersdorfer-Konrad, deputy CEO of Bitpanda, offered his views on this situation.
When asked what fueled the latest gains, he replied simply that “It’s a combination of factors.”
“The election of Donald Trump as the next president of the United States was a key event, both because the uncertainty of the election is now over and because of the promises he made to the crypto industry during his campaign,” Enzersdorfer-Konrad emphasized via email.
“Added to that, we have seen record ETF inflows, significant capital entering the crypto space from capital markets, falling interest rates, and a surge in interest from retail investors,” he noted.
“The fact that a new all-time high was reached over the weekend suggests that the current price increase is driven mainly by heightened demand from retail investors rather than institutional ones. If this demand persists, we could see further price increases for some time,” the executive stated.
Bullish Outlook
Going forward, the analysts polled for this article offered optimistic price forecasts.
Wendy O, in particular, seemed confident that bitcoin would reach a six-figure valuation before the year is through.
“Personally it seems very likely Bitcoin could see $100,000 prior to 2025 as BlackRock IBIT is creating insane demand for the finite asset Bitcoin, with only 21 million ever made, $85,000 Bitcoin may just be the beginning,” she stated earlier in the day.
Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, EOS and SOL.