Bitcoin surges to $87,600 amid a broader crypto market rally, with Trump’s win seen as a catalyst for short-term growth.

Bitcoin has surged in price once again, with the cryptocurrency climbing 6.8% to $87,600 in the past 24 hours. This strong upward movement has fueled optimism that the once-elusive $100,000 mark is within reach. The broader cryptocurrency market has followed suit, with Ethereum rising by 3.3%, and several popular altcoins such as Avalanche, Dogecoin, and XRP seeing substantial gains as well.

Dogecoin led the altcoin rally, jumping an impressive 35.1%, while Avalanche gained 8.4%, Shiba Inu added 2.5%, BNB rose by 1.1%, and XRP saw a 9.9% increase. These price movements indicate a wider rebound in the crypto space, not just for Bitcoin, but for a range of cryptocurrencies that have benefitted from the positive market sentiment.

While Donald Trump’s recent election victory is being hailed as a significant driver of Bitcoin’s price rise, it is just one piece of a broader puzzle. Crypto insiders suggest that long-term factors, such as the post-halving supply squeeze and supportive macroeconomic trends, are playing a larger role in driving the upward momentum of Bitcoin and its altcoin counterparts.

Trump’s victory has certainly added fuel to the fire, especially considering the crypto community’s more favourable view of his stance on digital assets compared to the current administration. Trump has been seen as less antagonistic towards the cryptocurrency sector than President Biden, whose administration has been associated with a more regulatory-heavy approach to crypto.

During his presidential campaign, Trump became the first candidate to accept cryptocurrency donations, and he even hinted at the possibility of creating a federal Bitcoin reserve. “For too long, our government has violated the cardinal rule that every Bitcoiner knows by heart: Never sell your Bitcoin,” Trump famously said, further solidifying his appeal among crypto enthusiasts.

As a result, the crypto lobby has been rallying behind Trump, with many seeing his administration as potentially more favourable to digital assets. Despite this, analysts believe that the market’s rebound is not solely driven by Trump’s win. Instead, they point to deeper structural factors, including the ongoing Bitcoin halving cycle, which reduces the supply of new coins entering circulation, and favourable global economic conditions that have supported a resurgence in digital asset prices.

This combination of short-term political catalysts and long-term supply-and-demand dynamics has investors and crypto enthusiasts watching closely, with many speculating that Bitcoin’s rise could continue toward its next significant milestone: the $100,000 price point. While Trump’s victory provides a boost, it’s clear that the broader trends in the crypto market are the true driving forces behind the surge.

As Bitcoin continues its ascent, the question remains whether it can sustain this momentum and break through the $100,000 barrier. With the backing of influential figures like Trump and a favourable market environment, the coming months could prove pivotal for the future of Bitcoin and the wider cryptocurrency market.