KUALA LUMPUR: One cryptocurrency exchange saw a tenfold jump in market activity and user sign-up tripling with the most traded cryptocurrency, Bitcoin surging ahead to the US$100,000 milestone.
Bitcoin topped US$97,000, hours after breaching the US$95,000 earlier today.
Tokenize Xchange founder and chief executive officer Hong Qi Yu said the cryptocurrency market is experiencing a wave of euphoria, noting that many institutions and banks are exhibiting 'fear of missing out' (FOMO) behaviour in their rush to gain exposure to cryptocurrencies.
'There is a very high probability we will see Bitcoin price hover above US$100,000 for the next 6 months.
"Trump winning the US election definitely is the strong catalyst for Bitcoin prices to appreciate," he told Business Times.
Tokenize is a registered digital asset exchange operator with the Securities Commission Malaysia.
Hong added that the U.S. is expected to create crypto regulations that are more welcoming and beneficial than those in other countries.
He said Elon Musk, who is a well-known supporter of cryptocurrencies, chairs Dogecoin and promotes the crypto industry as a whole.
SPI Asset Management managing director Stephen Innes Bitcoin is charging toward the coveted US$100,000 milestone, with its meteoric rise capturing the attention of traders and speculators alike.
"Since Trump's election earlier this month, the cryptocurrency has skyrocketed nearly 40 per cent, igniting a frenzy that shows no signs of cooling.
"Trump's bold declaration to make the US the 'Bitcoin and cryptocurrency capital of the world' has supercharged market confidence, fueling a rally driven by anticipation of a crypto-friendly regulatory landscape," he said.
However, CoinGecko co-founder and chief operating officer Bobby Ong stated that predicting Bitcoin's exact price trajectory is inherently challenging due to the interplay of various factors such as market sentiment, regulatory developments, macroeconomic conditions, and global liquidity.
"The recent rally has been notably influenced by Donald Trump's victory in the US presidential election and the Republican Party securing control of both the House and Senate.
"Trump's pro-crypto stance has reignited optimism within the cryptocurrency industry, with market participants hopeful that his administration will foster a more supportive and conducive regulatory environment for cryptocurrency innovation in the US—a stark contrast to the more restrictive policies observed under the Biden administration," he added.
Luno said with the US largely expected to lead in crypto policies, there is an increasing possibility of Bitcoin hitting US$100,000 before the year ends.
"Cryptocurrency has matured since the start of this year, driven largely by the US approval of spot Bitcoin exchange traded-fund (ETF), which narrowed the gap between traditional financial institutions and decentralised finance.
"While there is really no telling how the market would react to the anticipated policies, investors should treat cryptocurrencies as every other investment class and weigh the risk and reward ratio," the platform said in a written reply.