Bitcoin and other cryptocurrencies have been rising in value since the victory of Donald Trump in the US presidential elections. Bitcoin, Ethereum, and many other altcoins have all reached new highs in the past week. While the markets were shaken by a correction during the previous top decisions, selling pressure has not been seen yet.
The rise in value may continue due to several factors, including data from Google Trends which shows that Bitcoin is half as popular as it was in the spring of 2021. This means that if the interest from private individuals starts to increase, the market could go into a euphoric mood. The current upswing is primarily generated by institutional investors, as seen from the turnover of the instant Bitcoin ETF.
Despite traders making a profit of $3.5 billion on November 6, the price of Bitcoin rose from $68,000 to $76,000, which is still lower than the previous records. In March 2021, the profit taking reached a historical peak of $10 billion the next day, and in November 2021 it was $6 billion. This shows that investors are not satisfied with the current exchange rate and want to push it higher.
Although the cryptocurrency market is showing signs of recovery, the inflation-adjusted exchange rate is still just ahead of the November 2021 record.
