According to CoinMarketCap, Bitcoin is currently registering a jump of more than 4% in the last 24 hours to reach $87,300.
While BTC retreated from its ATH of almost $90,000, it still racked up a phenomenal gain of over 24% in the last week.
This caused the market capitalization of the leading cryptocurrency to skyrocket above $1.7 trillion.
Why did Bitcoin rise so much?
There are several reasons. First of all, Donald Trump's triumph to reach the White House again generated an enthusiasm rarely seen.
In parallel, the shortage of supply and the great accumulation of whales and large institutions continue. This is demonstrated by the huge amount of record purchases of spot Bitcoin ETFs, worth $3.4 billion in just four days.
AI calculated the price of Bitcoin for the end of the month
PricePredictions' advanced machine learning algorithms have established that BTC will reach almost $113,000 by November 30, 2024.
If realized, it would be a potential increase of around 28% at today's price.
The AI highlighted that BTC now has solid support at $84,000 and resistance at $90,820. Fluctuations below those marks could trigger periods of high volatility.
In the longer term, investors are wondering what will happen with regulations by the SEC, due to rumors of the departure of the current president, Gary Gensler.
