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Cryptocurrency prices rose ahead of the presidential election in the United States, with analysts predicting bitcoin could reach a record high hitting $100,000 by the end of the year.
Industry leaders already theorized that Donald Trump’s victory of winning a second presidential term could push Bitcoin to $100,000 and drive altcoins higher.
While short-term volatility is expected, market strategist Joel Kruger at LMAX Group noted that both major U.S. political parties have embraced crypto, fostering a supportive environment for the industry, according to Investors.
Some companies have been opposed to it–Microsoft board strongly opposed an ‘unwarranted’ proposal to invest in Bitcoin–but diamond hand companies, like BlackRock and Fidelity, have embraced it.
Analysts forecast a strong, “stellar” fourth quarter for Bitcoin, with Bernstein projecting a potential $200,000 price by 2025.
The presidential election results may influence Bitcoin’s price, with Trump seen as beneficial for altcoins, a broad term used to describe all cryptocurrencies other than Bitcoin, like Ethereum and Solana.
Historically, U.S. elections have spurred Bitcoin rallies, though the impact has diminished over time.
Bitcoin was near $69,900 on Tuesday, up 64 percent this year.
Ethereum, an altcoin, traded around $2,460, up 6.8 percent in this year.
The broader crypto market, including Coinbase and bitcoin miners, also saw rebounds.
