The crypto market hit pause on its rocket rally that began a week ago following the U.S. election, though investors should expect it to pick up again. On Tuesday bitcoin edged lower by 1% to $87,440.88, according to Coin Metrics. On Monday, it rose more than 10%, to as high as $89,623.00 at night. Its price is expected by many investors to continue making fresh records on its way to $100,000 later this year. Bitcoin has risen more than 26% since election day on Nov. 5, when it had reached a new record for the first time since March. Ether was down 3% Tuesday after a 33% gain over the past week. “Bitcoin is now in price discovery mode after breaking through all-time highs early last Wednesday morning when it was officially declared that Trump won the election,” said Mike Colonnese, an analyst at H.C. Wainwright. “Strong positive sentiment is likely to persist through the balance of 2024 and [we] see bitcoin prices potentially reaching the six-figure mark by the end of this year.” Crypto investors have been cheering President-elect Donald Trump’s promises to make the regulatory environment more supportive and even friendly toward crypto businesses, which have long struggled with a lack of clarity of the rules of the road. While bitcoin has long been deemed a safe asset in Washington – that is, not subject to securities laws – the long tail of cryptocurrencies and crypto-related startups have been operating in a riskier grey area. “That’s just shifted 180 degrees,” Matt Hougan, chief investment officer of Bitwise Asset Management, told CNBC. “We’re now in a positive regulatory environment, we now have tailwinds from that, and that comes in the case of a market that was already in a bull market … that’s going to push us higher.”

Full article : Bitcoin on the way to $100,000 as crypto investors await pro cryptocurrency legislations.