Bitcoin Almost Reaches IDR 1.25 Billion, Altcoin Prices Soar

Bitcoin almost reached Rp1.25 billion, Altcoin price also jumped (Photo; Doc. Puntodecorte)

JAKARTA - Bitcoin has again reached its highest level approaching IDR 1.25 billion (850,000 US Dollars) in the past week. This increase brought the market to a bull cycle moment, while some altcoins have also skyrocketed with double-digit increases in recent days.

The crypto market is moving again after the results of the US election which showed Donald Trump's victory in the 2024 presidential election. Trump's victory turned out to bring positive sentiment to Bitcoin (BTC) which a few days ago was still at the level of 67,000 US Dollars (Rp1.04 billion). However, shortly after the election results were announced, the price of BTC soared to 75,000 US Dollars (Rp1.17 billion) and continued to skyrocket to almost reach 80.000 US Dollars. This increase was accompanied by the high volume of funds in Bitcoin spot ETF products, which recorded a value of nearly 2.3 billion US Dollars (Rp35.9 trillion) in the last three days of trading.

The move by the United States Federal Reserve, which cut interest rates on Thursday last week, also pushed the price of Bitcoin up to the level of $77,000 before resuming the rally on weekends. On Sunday, BTC set its latest record high close to 80.000 US Dollars and put its market cap at around 1.57 trillion US Dollars (Rp24.3 quadrillion), although its dominance over altcoins was reduced to 55% at CoinGecko.

While Bitcoin continues to rise, altcoins also show spectacular performance with significant price increases. This phenomenon commonly referred to as "altseason" can be seen with several crypto assets from large capitalization groups skyrocketing to double digits in a day.

Cardano (ADA) and SUI stand out as the highest-increase altcoins, each rising by more than 30%. Cardano is driven by positive speculation from its community and hopes for Trump's government policies that are considered to be friendly to the crypto industry. This has led ADA to print impressive price increases in the past week.

No less interesting, Dogecoin (DOGE) also made new achievements by touching its multi-year highs above 0.23 US Dollars (Rp 3,597), meaning DOGE has more than doubled its value in the past month. Positive sentiment in DOGE was largely driven by the high interest of retail investors who returned to look at these assets amid market optimism.

Ethereum (ETH) also managed to strengthen and is currently at the level of around 3,200 US Dollars (Rp50 million) after experiencing a 30% increase in the past week. Meanwhile, Shiba Inu (SHIB) rose more than 17% in one day. Several other altcoins that also experienced double-digit spikes include Bitcoin Cash (BCH), Polkadot (DOT), Cronos (CRO), Aptos (APT), and Kaspa (KAS).

Overall, global crypto market cap has increased by around 130 billion US Dollars (Rp2,033 quadrillion) in a day, with a total value of more than 2.85 trillion US Dollars (Rp44.5 quadrillion) on CoinGecko data.

Trump's victory in the US election not only had an impact on Bitcoin, but also on the overall sentiment of the crypto market. The expectations of new government-friendly and pro-growth policies increased optimism for digital assets. During the campaign, Trump expressed his limited support for crypto, which is expected to provide a more open policy space.