The price of Bitcoin has surged to almost $100,000 for the first time in its history, after a record monthly candle.
Bitcoin’s value rose by 40.8% during November, and briefly passed $99,000 yesterday, before falling slightly to $98,471 at time of writing.
November is historically the most bullish month for Bitcoin price changes, but this month’s stunning rise is largely owed to Donald Trump’s victory in the presidential election at the beginning of the month, which has instilled greater confidence in investors about the future of cryptocurrency.
Donald Trump embraced cryptocurrency during his campaign, as he promised to make the US the “crypto capital of the planet” and build a national stockpile of Bitcoin.
He has also promised to fire Securities and Exchange Commission Chairman Gary Gensler, who has increased scrutiny of cryptocurrency during his tenure.
The crypto industry spent nearly $120 million backing pro-crypto candidates in the election. That campaign was largely a success, and saw the unseating of avowed enemies of crypto like Senate Banking Chair Sherrod Brown in Ohio, and wins for pro-crypto candidates in Michigan, West Virginia, Indiana, Alabama and North Carolina.
Analysts now expect Bitcoin to break the six-figure mark soon. On 22 November, stablecoin flows to crypto exchanges made a record monthly high of over $9.7 billion—further evidence that 2025 is likely to be a very good year for crypto investors.
