In the last two months, Bitcoin has seen tremendous and spontaneous growth with so many reasons attached to this. The rise of Bitcoin price has made for increase the value of the coin for investors in the cryptocurrency. Onramp Bitcoin’s Co-founder Jesse Myers, had taken to his X account to debunk the various rumours associated with the reason for the rise. In his words, “Yes, the incoming Bitcoin-friendly administration has provided a recent catalyst… But, the main story here is that we are 6+ months post-halving.”
According to Statista, Bitcoin(BTC) was measured at $70,215.19 on 31st October, 2024. On November 30, 2024 Bitcoin was recorded at $96,449.05. Currently, Bitcoin is $97,279.79. The growth rate of BTC in the past two months is measured at approximately 33.58%.
Asides Bitcoin (BTC), other Cryptocurrencies have also seen this growth. That means, Bitcoin is not the only cryptocurrency to gain in value. Tech Target, identified that before the election, specifically on 4th November, ETH was recorded at $2,397.03 and after the election, on 13th November, it was recorded at $3,192.60 which measures to a 33.19% increase. Another cryptocurrency, DOGE coin before 4th November was recorded at $0.1583 and after the election on November 13th it was at $0.3995 which is a 152.37% growth. Sol, before 4th November, was measured at $157.75 and on 13th November it was measured at $215.18 translating to a 36.41% growth.
Coin gecko, identifies the price of BTC as at today, 1st December, 2024, to be $95,267.08, ETH at $3,593.91, Sol at $224.93, DOGE at $0.4104, SUI at $3.22 and so much more.
Speaking to a Crypto Coach and Trader, he identified that other cryptocurrencies are also experiencing a gain in value but the reason Bitcoin’s growth in value is more popularized is that it is the pioneer cryptocurrency. To quote him, “Bitcoin can be called the founding father of cryptocurrency. It is the currency that ushered in crypto to the world. It is also the one first cryptocurrency that brought about blockchain transactions and liquidity”.
