The cryptocurrency market continues to move at a rapid pace. Various factors, including the U.S. election process, have created favorable conditions for these assets to gain value, with Bitcoin breaking records one after another. So, what’s the current state of cryptocurrencies? Here are the details!
Disclaimer: This article and its contents do not constitute investment advice. It is intended solely to provide information about the current state of cryptocurrency.
Bitcoin is once again testing the $100,000 mark
Despite attempting to break the $100,000 threshold multiple times in the past, Bitcoin reached an all-time high of $103,000 on December 5. Throughout the day, the cryptocurrency fluctuated between $101,000 and $103,000, before experiencing a downturn in the evening. According to CoinMarketCap, as of 01:35 AM on December 6, Bitcoin’s value had dropped to $95,600.
Bitcoin appears to be recovering. Yesterday evening, the cryptocurrency climbed back up to $101,989. However, it couldn’t maintain its position above the $100,000 level for long and dropped to $99,500 a few hours later. At the time of writing, Bitcoin is once again challenging the $100,000 mark, trading at $99,740.
One of the key drivers of the activity in the cryptocurrency market is the U.S. Presidential Election. Donald Trump, who served as the U.S. President from 2017 to 2021, returned to office after a four-year hiatus. Trump defeated his opponent, Kamala Harris, to become the 47th President of the United States. According to experts, Trump’s influence on the markets is expected to persist for some time.
What are your thoughts on this topic? Do you think Bitcoin can surpass the $100,000 mark again, or is this just a temporary reaction? Don’t forget to share your opinions with us in the comments section.
