To say the least, it has been one hell of a week for Bitcoin and the cryptocurrency market as a whole.
After Donald Trump’s victory in the 2024 presidential elections in the USA, and the Federal Reserve’s decision to lower interest rates by 0.25 bps, the crypto market has been on a tear.
Bitcoin just surged to $88,000 – a remarkable achievement, considering last year’s lows in the crypto market.
At the time of writing, Bitcoin has officially surpassed silver’s market cap with its $1.736 trillion, according to the latest data from CompaniesMarketCap.
Years ago Bitcoin predictions in the range of $100,000 and above were considered extremely optimistic and even unrealistic, but after these past few days this mark seems closer than ever.
Bitcoin is up 11% for the day and over 30% in the past 7 days. The cryptocurrency market is currently valuated at $2.94 trillion after an incredible 12% surge in the past 24 hours.
A new report by crypto analytics firm Alphractal reveals that Bitcoin miners are facing some of the lowest profitability levels in over a decade — yet have shown little sign of capitulation.
Bitcoin’s network hashrate has fallen 3.5% since mid-June, marking the sharpest decline in computing power since July 2024.
Bitcoin has officially overtaken Alphabet (Google’s parent company) in global asset rankings, becoming the sixth most valuable asset in the world, according to the latest real-time market data.
Philippe Laffont, the billionaire behind Coatue Management, is beginning to question his stance on Bitcoin.