Bitcoin Price Surges Above $97,000 – Here’s What Drove the Momentum

On November 21, the price of Bitcoin reached an all-time high of $97,600, fueled by renewed optimism following Donald Trump’s re-election as President of the United States.

The world’s largest cryptocurrency has seen a meteoric rise of over 120% since the start of this year, more than tripling from $30,000 in 2023 to its cent at the time of writing – $97,050. As Bitcoin inches closer to the $100,000 mark, its market capitalization has reached an impressive $1.93 trillion.

Analysts attribute this unprecedented growth to increasing institutional investments and the launch of Bitcoin ETFs, which have attracted billions in inflows.

READ MORE:

Major XRP Transfers Spark Speculation on Upcoming Market Shifts

Trump’s Pro-Crypto Agenda

Following Trump’s re-election two weeks ago, Bitcoin has surged by 40%, driven by his promise to make the United States the “crypto capital of the planet.” Reports indicate that Trump’s team is working on creating a dedicated White House role for cryptocurrency policy, signaling regulatory clarity and government support for digital assets.

Industry leaders, such as Edul Patel from Mudrex, highlight the administration’s pro-crypto stance as a key factor influencing market sentiment. The introduction of options trading for Bitcoin ETFs registered in the U.S. and MicroStrategy Inc.’s plans to increase BTC purchases further underscore this rally.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.