Why is Bitcoin up today? Here’s what’s fueling the latest surge!

• Why is Bitcoin up today is a question many investors ask as the asset consistently hits new all-time highs 
• Growing adoption and increased active addresses further drive BTC’s price momentum amid market expansion.

Bitcoin’s [BTC] recent surge continues to capture market attention as it achieves unprecedented price levels. The leading cryptocurrency has maintained a strong bullish momentum over the past week, climbing 21.7% and repeatedly breaking its all-time high. 

Bitcoin reached a peak of $93,477 on 13th November, before experiencing a minor correction. Trading at $91,079 at press time, the price marks a 2.8% drop from its highest point. Despite this slight decline, Bitcoin remains up by 4.4% on the day. 

This price surge has significantly boosted Bitcoin’s market capitalization, pushing it to a valuation of approximately $1.80 trillion and solidifying its position among the world’s largest assets.

The broader crypto market has also benefited, with the global market cap increasing by 3.6% to exceed $3.15 trillion.

Another noteworthy aspect of Bitcoin’s recent surge is its daily trading volume, which has jumped from under $80 billion last week to over $124 billion at press time.

The increased volume signifies heightened activity and interest from investors worldwide, raising many questions.

Why is Bitcoin up today?

One of the driving forces behind Bitcoin’s price surge is the belief that a new bull run cycle is underway. This sentiment has been boosted by the recent victory of Donald Trump as the 47th president of the United States. 

As a pro-Bitcoin advocate, Trump has made various campaign promises supporting cryptocurrency, including the potential creation of a BTC national reserve. His perceived support for the crypto sector has generated optimism within the community, prompting a surge in investment activity. 

This expectation of more favorable crypto policies and regulatory clarity under Trump’s leadership has drawn both institutional and retail investors to BTC, contributing to its recent gains.

Moreover, broader adoption in the crypto market has also played a role.

A notable development is BlackRock’s expansion into the crypto space through its BUIDL Fund, which now spans five different blockchains, including Aptos, Arbitrum, Avalanche, OP Mainnet (formerly Optimism), and Polygon. 

This move by one of the world’s largest asset managers further validates the growth and acceptance of digital assets, including Bitcoin. It reflects the rising mainstream confidence in cryptocurrencies, reinforcing market momentum and drawing in additional investment.

Market metrics

Several key Bitcoin metrics have also demonstrated positive trends, supporting the recent price increase while also giving an answer to the question “why is Bitcoin up today”.

Data from Glassnode reveals a surge in Bitcoin’s number of active addresses, which serves as a gauge of retail interest and market activity. 

Source: Glassnode

Read Bitcoin’s [BTC] Price Prediction 2024–2025

As of 12th November, active addresses reached a high of 998,000 before slightly declining to 865,000 on 13th November. This represents a significant rise from the levels seen last month when active addresses fell below 700,000.

The increase in active addresses indicates growing retail participation, suggesting heightened interest and demand for BTC.