Crypto Bullish Trends: Bitcoin Prices And Other Crypto Assets Rise Significantly

Illustration. (Photo: Unsplash)

JAKARTA - The price of Bitcoin (BTC) has again set an all-time high, all-time high (ATH) with a value of US$89,000 or around Rp. 1.4 billion per coin yesterday, Monday, November 12, 2024.

According to data from CoinGecko, global crypto market capitalization has now jumped by 6.9 percent in the last 24 hours, reaching 3.1 trillion US dollars. This rally not only boosts Bitcoin, but also has an impact on several other crypto assets, such as Ethereum (ETH) which rose 7.4 percent to 3,397 US dollars.

Some of the crypto assets that experienced an increase include popular altcoins, such as XRP which increased by 16.4 percent to a price of 0.6782 US dollars, Cardano (ADA) increased by 8.7 percent to 0.6317 US dollars, and Solana (SOL) rose 4.9 percent to a price of 220.56 US dollars.

In addition, the AI coin also has a positive trend, such as the Render (RENDER) which increased by 24 percent to 7.37 US dollars and SleeplessAI (AI) increased by 10.5 percent at a price of 0.52 US dollars.

On the other hand, coin memes also experienced a significant increase, Dogecoin (DOGE) jumped 52.6 percent to 0.42 US dollars with a market capitalization of 62.1 billion US dollars, SHIB rose 16.4 percent to a price of 0.00002917 US dollars and PEPE increased 21.4 percent to 0.00001462 US dollars.

With the rise of various coins, it proved a positive trend a week after Donald Trump's victory in the 2024 US presidential election had a significant impact among market players. Interestingly, Standard Chartered also predicts a surge in Bitcoin prices of up to 200,000 US dollars by the end of next year. This projection is considered more realistic by looking at the current trend in Bitcoin prices. In addition to Bitcoin, Ethereum is expected to set a new record high at the level of 10,000 US dollars in the coming year, while Solana is projected to have a higher growth potential than the two main assets in the crypto market.

INDODAX CEO, Oscar Darmawan, expressed his views on this new achievement.

"The surge in the price of Bitcoin that reaches ATH is an important moment for the crypto market, indicating increasing trust and adoption of Bitcoin as a decentralized digital asset," he said.

According to Oscar, this achievement also has the potential to open up opportunities for Bitcoin to reach even higher prices, supported by a number of external factors such as global policy developments and interest from large financial institutions.

"In the future, I am optimistic that Bitcoin will become more attractive, not only for retail investors but also for institutions seeking asset diversification amid global economic uncertainty," he added.

Oscar also said that Bitcoin is increasingly establishing itself as a digital gold. Similar to gold which has long been considered a store of value, Bitcoin is now starting to get a similar confession.

"Bitcoin offers opportunities for investors to protect their wealth in times of traditional market instability," he said.

With this price increase, Oscar also saw an increase in public awareness of digital assets.

"Bitcoin has proven itself to be an asset that is not only decentralized but also transparent. We at INDODAX believe that wider adoption will further strengthen Bitcoin's security and appeal," Oscar said.

He is optimistic that more and more people will get to know and understand blockchain technology through the popularity of Bitcoin. This ATH achievement gives a strong signal of the long-term prospects for Bitcoin and other crypto assets in the global market, reflecting the growing trust amid economic uncertainty and regulatory fluctuations.

With the existing trend, the crypto industry is on a promising path to continue to grow and attract wider interest among investors and financial institutions.