The OG-crypto currency Bitcoin has soared past the Taiwan Dollar to become the 12th largest currency in the world on November 21st, 2024.
The climbing of position comes with the backdrop of Bitcoin prices constantly hitting new all-time highs and gaining traction from a plethora of investors on a daily basis.
However, the currency later fell again below the Taiwan dollar but still stayed neck to neck in competition. Market participants are now expecting that Bitcoin will soon permanently surpass the Taiwan Dollar and might even cross the levels of the Australian dollar even if its bullish momentum continues.
Bitcoin Price Another All-Time High
The news of Bitcoin climbing the ladder of the currencies in circulation comes amid a fresh all-time high level for Bitcoin.
The world’s largest cryptocurrency by market capitalization, Bitcoin, hit a new all-time high of $97,836.61 today, November 21st, suggesting that the investor optimism that began on the day of the US 2024 election results is still intact.
This is a 6% rise over the last day, solidifying Bitcoin’s status as the most valuable digital asset. The market dominance of Bitcoin has now risen above 60.5%, suggesting that investors are choosing the original cryptocurrency over other cryptocurrencies more and more.
With this rise, analysts now anticipate that this increase may continue, with some speculating that Bitcoin may soon cross the $200,000 threshold.
An increasing desire for cryptocurrency has led to a considerable increase in money inflows into cryptocurrency investment vehicles, which has helped explain some of Bitcoin’s remarkable gains.
Bitcoin’s Price Buoyed By Trump Win; ETF Inflows
Since incoming US president Donald Trump won the election on November 5, the entire cryptocurrency market has increased by about $900 billion. Additionally, a rise in money inflow of money for Bitcoin ETF has kept BTC be higher in circulation.
Additionally, the news that the creation of a White House position devoted to digital asset policy is a topic of debate within Trump’s transition team has made investors even happier with the results. The job, the first of its kind in the United States, would give the business a direct channel to the president-elect, who is now one of the greatest supporters of cryptocurrency.
Trump’s actions and commitments so far have kept the entire crypto market afloat, making new investors also jump on the bandwagon.
Among its cryptocurrency peers, Bitcoin had continued to outperform, while the majority of the big altcoins moved in a flat-to-low range on Thursday. The previous week saw a significant waning of a surge in cryptocurrency prices that went beyond Bitcoin.