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Bitcoin is inching up toward six-figure valuation as investor optimism remains high due to Donald Trumps incoming presidency and optimistic signs for cryptocurrency regulation.
In comparison, Bitcoins second-best daily gain occurred in August 2021, when the price rose $7,576 in 24 hours, from $38,871 to $46,448.
Bitcoins price is now just 17% away from surpassing the $100,000 mark, which could occur before the end of 2024 due to Trumps presidential victory, analysts told Cointelegraph.
The increasing Bitcoin hashrate and block reward reduction from the Bitcoin halving may lead to miner consolidation among smaller firms.
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