Bitcoin reached a historic milestone on November 21, surpassing $97,000 for the first time. This surge follows renewed optimism about a more crypto-friendly regulatory environment under President-elect Donald Trump. Bitcoin was trading at approximately $97,445, with a market capitalization nearing $1.93 trillion, according to CoinMarketCap.
The cryptocurrency’s all-time high of $97,628 marks a staggering growth of over 300% compared to its $30,000 value a year ago. Analysts suggest that this rally is driven by institutional inflows, regulatory clarity, and the increasing adoption of Bitcoin exchange-traded funds (ETFs).
Pro-Crypto Sentiment Boosts Market Confidence
Bitcoin’s remarkable rally gained momentum after Trump’s reelection and the victory of pro-crypto lawmakers in Congress. Since the election, the crypto market has added approximately $900 billion in value, with Bitcoin alone rising 40% over the past two weeks. Trump’s proposed initiatives, including establishing a dedicated White House position for cryptocurrency policy, have further bolstered market sentiment.
Edul Patel, CEO and Co-founder of Mudrex, highlighted the impact of these developments:
“A year ago, Bitcoin was trading at $30,000. Today, it has surged past $97,000—a growth of over 300%. Institutional participation and renewed confidence in the market are key factors driving this upward trend. At this pace, the $100,000 milestone seems within reach in just a few days.”
Institutional Adoption and ETF Momentum
The surge has also been fueled by significant inflows into U.S.-listed Bitcoin ETFs, which have attracted over $4 billion since the election. Options trading on these ETFs, including BlackRock’s Bitcoin ETF, has seen strong interest, with bullish call options dominating the market.
Additionally, MicroStrategy Inc.’s plans to accelerate Bitcoin purchases have amplified positive sentiment, further establishing Bitcoin as a mainstream digital asset.
Trump’s Vision for Cryptocurrency
President-elect Trump has pledged to position the United States as the “crypto capital of the planet” and has proposed accumulating a national Bitcoin reserve. Reports indicate that discussions are underway to create a White House role focused exclusively on cryptocurrency policy, with industry leaders advocating for direct access to the president-elect.
The Path Forward
Bitcoin’s unprecedented rally underscores the growing influence of the cryptocurrency market and its integration into the global financial system. With regulatory clarity and mainstream adoption continuing to expand, Bitcoin’s trajectory toward the $100,000 mark appears increasingly achievable.
What happened next: an update
This article was first published on November 21, 2024. Here is how things played out afterwards, based on price data and news reports:
- $100,000: Bitcoin crossed $100,000 for the first time on December 5, 2024.
- A record high: It went on to hit an all-time high of about $126,000 in early October 2025, according to price trackers such as Coinbase and CoinDesk.
- A sharp fall: After that peak, Bitcoin fell by roughly 40% to 50%, and was trading near $78,000 in early September 2026, as reported by market trackers.
- Policy moves: In March 2025, President Trump signed an executive order to set up a Strategic Bitcoin Reserve using Bitcoin already held by the US government. MicroStrategy, mentioned above, renamed itself Strategy in February 2025 and kept adding Bitcoin to its balance sheet.
The swings show why Bitcoin is often described as volatile. Prices that rose fast also fell fast. Check a live price before making any decision.
How crypto is taxed in India
If you buy or sell crypto in India, two rules matter. Gains from crypto and other virtual digital assets are taxed at a flat 30%, plus cess, and losses cannot be set off against other income. A 1% tax deducted at source (TDS) also applies on transfers above set limits. India has not made crypto legal tender, and rules may change, so check the latest guidance or speak to a tax adviser.
This is not investment advice. See our disclaimer.
Questions to think about
- Should political promises move asset prices as much as they did in 2024?
- Does a government holding Bitcoin make it safer or riskier for ordinary investors?
- How much of your savings, if any, would you put in an asset this volatile?
