It can be said that this week has been quite eventful for Bitcoin and the overall cryptocurrency market. Following Donald Trump’s victory in the 2024 US presidential elections and the Federal Reserve’s decision to reduce interest rates by 0.25 basis points, the crypto market has experienced a significant surge. Bitcoin has just reached $88,000, which is a remarkable accomplishment considering the lows experienced in the crypto market last year.
As of now, Bitcoin has officially exceeded silver’s market capitalization with its $1.736 trillion, according to the latest data from CompaniesMarketCap. The influence of Bitcoin in politics is expected to grow as Republicans show support for pro-crypto legislation. In the past, predictions of Bitcoin reaching $100,000 or more were considered extremely optimistic and unrealistic. However, after these recent days, this milestone seems closer than ever.
Bitcoin has seen an 11% increase in value today and over 30% in the past 7 days. The current valuation of the cryptocurrency market stands at $2.94 trillion, following an incredible surge of 12% in the past 24 hours.