The current massive performance in the cryptocurrency is one for the history books, and it is led by none other than Bitcoin's significant climb to the top, especially towards the end of the week when it logged a valuation close to $100,000. However, Bitcoin's rise to the six-digit valuation was cut short by only a few hundred dollars as the market closed, yet still an impressive feat.
For the entire day today, Bitcoin stayed at the $99,000 valuation where it showed a strong promise of making a stellar climb to the sub-$100,000 threshold, staying true to the predictions of reaching a new high.
Bitcoin is Close to Reaching $100,000 But Fell Short
According to the latest report by Bloomberg (via Yahoo Finance), Bitcoin is now close to achieving one of its ultimate goals for the year of reaching a $100,000 valuation as the market closed this Friday, November 22. It was revealed that the drive in the market is thanks to the recent win by a massive crypto supporter, President-elect Donald Trump, as investors are looking for a piece of their share in the market.
While there are no concrete or established moves yet on how the United States will support the crypto industry under Trump, the different digital assets are already rallying in the market thanks to overwhelming support.
According to CoinMarketCap, the entire industry already sees a $3.34 trillion market cap with a $221.13 billion volume, with the Fear and Greed index seeing an 87 'Greed Score.' The platform also noted that it is currently Bitcoin season which transcended from the previous focus on altcoins.
Read Also: Donald Trump's US 'Crypto Capital' Future to Bring More Politicians Sharing the Same Mindset
New All-Time High for BTC at $99,000
Bitcoin also closed out the week with an impressive achievement of reaching a $99,000 valuation, as the top coin continues its massive rally and the market seeing it inch closer to $100,000. Only a few hundred dollars kept Bitcoin from reaching $100,000 before the market closed, logging in a new all-time high in the $99k threshold before it settled in its present valuation at $98,000 with a 7-day 7.68 percent rise, now at $1.95 trillion market cap.
Bitcoin's Impressive Performance
November has been especially good to Bitcoin and the entire cryptocurrency market as the largest valued asset in the blockchain continuously defied expectations and logged multiple changes in its all-time high. However, there is no time for Bitcoin to rest as there is more to give to the public, with its massive climb beginning at the end of October as it showed promising signs of life.
One of the direct reasons for Bitcoin's massive climb during this climate is thanks to Donald J. Trump, the first US Presidential candidate who expressed his utmost support for the crypto industry and also singled out BTC to be a priority. After Trump won the November 5 elections, it led to Bitcoin's valuation growing wild as investors who believed in the President-elect's crypto future began pouring insane amounts of cash into the top crypto, and led to a weekly log of new all-time highs.
It only has been two weeks since the US elections ended and Trump took the win for his second term, but this period spelled a significant performance for BTC which stayed true to the many predictions behind it. Analysts previously claimed that Bitcoin could achieve a hundred thousand US dollars by year's end but because of the significant optimism, this timeline fast-tracked for the end of November, closing out on $100,000.
