Bitcoin Continues Its Ascent To $100,000 Amid Ethereum, Solana, Dogecoin, Shiba Inu, BNB, XRP, Avalanche Rebound

   Share to Facebook Share to Twitter Share to Linkedin Donald Trump, bitcoin price Getty Images Bitcoin bounced back early Tuesday morning, stoking hopes that the symbolic $100,000 mark is within arm’s reach. In the past 24 hours, Bitcoin’s price climbed 6.8% to $87,600, while Ethereum is up 3.3%. Many altcoins followed suit. Avalanche is up 8.4%, Dogecoin gained 35.1%, Shiba Inu added 2.5%, BNB rose 1.1%, and XRP saw a 9.9% bump. While Trump’s election victory might be the biggest driver for now, it’s far from the only factor fueling Bitcoin’s surge. Behind the scenes, broader trends—ranging from a post-halving supply squeeze to favorable macroeconomic developments—are helping to push crypto prices higher. Crypto insiders believe these factors, rather than Trump's victory, are the true long-term drivers behind Bitcoin’s rise. Trump’s victory is a short-term catalyst but not a game-changer Trump’s return to the White House has certainly been a major headline driver over the past week. The reason? Trump is viewed as less of a "bad cop" for the crypto community than the Biden administration. There’s good reason for this. In preparation for this year’s election, Trump became the first presidential candidate to accept crypto contributions. At one point, he even hinted at the possibility of building a federal Bitcoin reserve. MORE FOR YOU Trump’s Cabinet: Here Are His Picks And Finalists For White House Roles—Marco Rubio, Stephen Miller And More New Chrome, Safari, Firefox Warning—Do Not Google These Words Google’s Gmail And Photos Deletion Warning As 1-Year Timer Expires “For too long, our government has violated the cardinal rule that every bitcoiner knows by heart: Never sell your Bitcoin,” he said. As a counterbalance to Biden's more aggressive regulatory stance, crypto lobbyists have also rallied behind Trump. Notably, Cameron and Tyler Winklevoss, co-founders of the Gemini crypto exchange, contributed $1.6 million in Bitcoin, while Kraken co-founder Jesse Powell donated $845,000 in Ether. Back in August, BitMEX co-founder Arthur Hayes predicted that a Trump win could bring Bitcoin’s price past $100,000. “October and November are historically strong months for Bitcoin, especially in the year of the halving and the year after,” he said, suggesting that a Trump presidency might prompt a “rush of new buyers” that could push Bitcoin “over $100,000.” Still, Hayes and others believe the election outcome might only influence Bitcoin’s short-term price. In their view, it’s bitcoin’s fundamentals and macroeconomic factors—particularly its appeal as a hedge in a high-debt, inflation-prone economy—that will shape its long-term trajectory. Broader factors behind bitcoin’s rally Some analysts argue that this rally is driven more by pent-up demand stemming from Bitcoin’s April halving, a pre-programmed reduction in Bitcoin mining rewards. “Yes, the incoming Bitcoin-friendly administration has provided a recent catalyst, but that’s not the main story here,” Jesse Myers, co-founder of Onramp Bitcoin, posted on X yesterday. “A post-halving bubble is the result,” he added, referring to the pattern in which each Bitcoin halving has historically sparked a rally. Another key factor is Bitcoin’s potential role as a hedge against currency debasement. Hayes echoes many economists who believe neither political party has the will to balance the budget. In August, Hayes said, “Like any politician, regardless of party affiliation or economic beliefs, Harris will instruct Yellen to use the monetary tools available to her to avert a financial crisis.” That underscores his conviction that inflation-driven spending could become a reality regardless of the election outcome. Even so, Bitcoin must first prove itself as an inflation hedge because so far it has behaved more like a risk asset—rising and falling in tandem with investor risk appetite. Wall street’s deepening crypto ties Another force boosting Bitcoin’s valuation is growing interest from Wall Street. In recent months, financial giants like Goldman Sachs and Morgan Stanley have expanded their Bitcoin-related holdings, signaling that institutional players are seeing cryptocurrency as more than a speculative asset. According to Matt Hougan, CIO of Bitwise Asset Management, institutional involvement adds both credibility and stability to Bitcoin’s long-term outlook, making it less prone to the extreme volatility seen in past cycles. “Institutions see Bitcoin’s transformative potential for certain financial processes, making it not just an alternative asset, but a potential staple in future portfolios,” Hougan noted recently. With both political and economic factors in Bitcoin’s favor, the coming weeks could be critical in determining whether the cryptocurrency continues its steady climb. Check out my website. Dan Runkevicius Editorial Standards Forbes Accolades