Bitcoin Surges Over $90,000 as Crypto Market Reacts to Political Changes

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Bitcoin (BTC) price stands at $90,400 as the altcoin market experiences fluctuations. Following Trump’s victory, the appetite for risk in cryptocurrencies has improved; however, this rise does not resemble typical bullish trends. Consequently, we see some cryptocurrencies experiencing pullbacks.

Bitcoin (BTC)

Since reaching a peak of $73,777 in March, the BTC price had remained below a crucial threshold for over two quarters. After approximately 240 days, this nightmare ended as BTC climbed to a new high above $93,000. Currently, it is attempting to maintain $86,580 as support and push higher towards $92,000, despite profit-taking.

Achieving a six-figure price target for Bitcoin is critically important. Investors who have eagerly awaited a BTC price above $100,000 for years are now closer than ever. The actions of newly elected President Trump, taking office in January, may also make this milestone more attainable.

Current Status of Cryptocurrencies

The resignation of the SEC Chairman is approaching, and we have noted its potential positive effects on the XRP Coin price. XRP Coin has started to hover above $1. With a 12% increase today, Ripple (XRP) has surpassed $1.04. The cryptocurrency fear and greed index currently sits at 83.

The total market capitalization of cryptocurrencies has once again exceeded $3 trillion, with trading volume at $174 billion. After a 10% drop yesterday, volumes are likely to return to previous levels on Monday and Tuesday.

Among the top 100 cryptocurrencies, an altcoin that has dominated the week reminds us of the profit margins in bull markets. PNUT Token has increased by 1368% in the past week, while BONK follows closely with a 127% weekly gain. Other cryptocurrencies such as OM, XLM, PEPE, XRP, BRETT, FLOKI, DOGE, and HBAR have gained between 50% and 100%.

Despite the market’s surge, some currencies have seen losses. NEIRO, LDO, AAVE, FET, HNT, and AERO experienced declines of over 10% this week, with NEIRO Coin dropping by 25%.

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