The cryptocurrency market is abuzz with excitement as President-Elect Donald Trump’s incoming administration is expected to favor the industry. Btc on the brink it price has skyrocketed in the weeks following the 2024 presidential election, with the cryptocurrency currently trading above $97,000 and fast closing in on $100,000.
Analysts attribute this rise to a belief that Trump’s administration will adopt a more favorable stance toward cryptocurrencies compared to President Joe Biden. Trump has pledged to make the U.S. “the crypto capital of the world,” reigniting investor enthusiasm around bitcoin and other digital assets.
The crypto market has also undergone major fluctuations, particularly with the ETH/BTC price ratio, which tracks the relative value of ethereum to bitcoin. On Thursday, bitcoin’s ETH-to-BTC price ratio plummeted to 0.032, representing a three-year low.
Georgy Slavin-Rudakov, Chief Marketing Officer at B2BINPAY, attributes this decline to “bitcoin’s dominance, driven by the increasing trading volume of spot bitcoin ETFs [exchange-traded funds].” Ethereum is competing both as a smart contract platform against Solana, a rival cryptocurrency, and as a store of value against bitcoin.
Large investors are currently shifting their funds from ethereum to bitcoin, indicating a preference for bitcoin at this moment. Looking ahead, Slavin-Rudakov expects ethereum to trend upward, after being mostly stable for the past three months, with potential targets between $3,600 and $4,000.
As bitcoin continues to surge, investors are eagerly watching to see if it will break the $100,000 barrier. With Trump’s administration expected to be more crypto-friendly, the future of bitcoin looks brighter than ever. Will BTC reach new heights, or will it experience a correction? Only time will tell, but one thing is certain: BTC is on the brink of something big.
The cryptocurrency market is known for its volatility, and the recent surge in bitcoin’s price is a testament to this. As investors continue to watch the market closely, it’s clear that the next few weeks will be crucial in determining the future of bitcoin and the cryptocurrency market as a whole.
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