Bitcoin, the world’s largest crypto asset, hit a record-high trading volume after the cryptocurrency reached a new all-time high of $89,956 on November 12. According to a Matrixport report, Bitcoin’s trading volume soared above $145 billion in the past 24 hours, marking a new all-time peak that stands roughly 50% above previous highs observed in August and March this year. In later trading hours, the volume continued to climb, briefly surpassing $170 billion according to Coingecko data. Analysts at Matrixport noted that the surge in Bitcoin’s volume was driven largely by growing retail investor interest following Donald Trump’s recent victory in the U.S. presidential election. Trump has vowed to foster a crypto-friendly environment in the U.S., with promises to make it the “crypto capital of the planet,” establish a Strategic Bitcoin Reserve, and replace SEC Chair Gary Gensler—a stance the crypto sector views as a strong bullish catalyst. Google searches for Bitcoin have also significantly increased, reaching the highest level in five years, with a 78% rise, also confirming the growing public interest in the flagship cryptocurrency.
You might also like: Bitcoin nears $90k, long-term holders wake up. Further, spot Bitcoin ETFs have also recorded a major uptick following Trump’s victory, bringing in over $4.2 billion, which has helped fuel Bitcoin’s rally to its recent all-time high. Matrixport’s analysis noted that, based on historical trends, growing retail trading activity often sustains for several weeks, sometimes even months, during market upswings. As such, it is likely that BTC will maintain its bullish momentum in the coming weeks, the report added. When writing, Bitcoin (BTC) was down 2.61% from its all-time high, as the cryptocurrency appeared to be undergoing a typical correction following its recent rally. However, BTC proponents, like Michael Saylor, Arthur Hayes, and much of the crypto community, remain optimistic, projecting prices will climb higher, with targets of $100,000 and beyond. Previously, analysts at Bernstein noted that they remain confident in their price target of $200,000, owing to a crypto-friendlier regulatory environment under Trump, and the hopes of a pro-crypto SEC. On X, one crypto trader pointed to a potential bullish pennant pattern forming on Bitcoin’s four-hour chart, noting a possible target of $103,000 in the near term. Meanwhile, banking giant Standard Chartered expects BTC will reach $125,000 by January 2025. However, before its next leg up, pseudo-anonymous analyst Rekt Capital expects Bitcoin’s price to correct further. According to the analyst, Bitcoin has only reached about 50% of its potential gains this bull cycle and expects the peak to be hit sometime around October next year.
Read more: Bitcoin frenzy spun $1b volume in 25 minutes for BlackRock’s ETF.