The cryptocurrency market has surged to unprecedented levels, with Bitcoin (BTC) surpassing a staggering $19.5 trillion** in market capitalization and briefly approaching the **$100,000 mark following Donald Trump’s U.S. presidential election victory. The so-called "honeymoon rally" has reignited global interest in digital assets, drawing attention not only to Bitcoin but also to meme coins like Dogecoin (DOGE), which soared over 120% amid policy optimism and celebrity influence.
As of November 23, Bitcoin had pulled back slightly to around $98,800**, yet its market dominance remains strong, reflecting growing institutional adoption and shifting regulatory sentiment. With 24-hour trading volume exceeding **$72.7 billion, Bitcoin has appreciated more than 170% year-to-date, outpacing most traditional asset classes.
👉 Discover how global market shifts are fueling the next crypto surge.
What’s Driving Bitcoin’s Record-Breaking Rally?
Bitcoin’s meteoric rise since early November—jumping from under $70,000** to nearly **$100,000—can be attributed to a confluence of macroeconomic and political factors. The decisive catalyst was Trump’s election win, which brought renewed optimism for a crypto-friendly administration.
During his campaign, Trump advocated for a more supportive regulatory environment for cryptocurrencies and even pledged to make the U.S. the “crypto capital of the planet.” Post-election reports suggest he is actively considering the creation of a dedicated White House digital asset office, further signaling institutional embrace.
Additionally, Securities and Exchange Commission (SEC) Chair Gary Gensler is set to step down in January 2025, a move widely interpreted as favorable for the crypto industry. Gensler’s tenure was marked by aggressive enforcement actions against exchanges and token issuers, making his departure a potential turning point.
This regulatory pivot has boosted investor confidence, pushing Bitcoin to new all-time highs and reinforcing its status as a key component of modern financial portfolios.
Dogecoin Soars on Meme Power and Political Coincidence
While Bitcoin leads the charge, Dogecoin has emerged as a surprising beneficiary of the current market euphoria. Elon Musk, Dogecoin’s most vocal proponent, has long tied his public statements to the coin’s price movements. After backing Trump as the likely winner, Musk’s influence amplified when Trump announced plans to establish a “Department of Government Efficiency” (DOGE)—a name that coincidentally matches Dogecoin’s ticker symbol.
Though purely symbolic, the linguistic overlap sparked viral speculation, driving DOGE’s market cap to approximately $67.2 billion with a two-week gain of over 120%. While skeptics dismiss such rallies as meme-driven noise, they underscore the growing intersection between social sentiment, celebrity influence, and digital asset valuation.
Institutional Adoption Accelerates: MicroStrategy and Bitcoin ETFs
Beyond retail enthusiasm, institutional adoption continues to deepen. MicroStrategy, led by Bitcoin advocate Michael Saylor, holds over 331,200 BTC at an average acquisition cost below $50,000. This strategic accumulation has transformed the company into a top 100 U.S. publicly traded firm by market cap.
On November 20, MicroStrategy’s stock surged over 10%, ranking it the second-most traded stock on Wall Street that day—just behind AI leader NVIDIA. For investors seeking exposure without direct crypto ownership, such equities offer an accessible alternative.
Moreover, the approval of spot Bitcoin ETFs in the U.S. has opened new pathways for mainstream investment. These funds allow investors to gain exposure through regulated brokerage accounts, reducing custody risks and simplifying tax reporting.
👉 Learn how ETFs are reshaping access to digital assets.
Can Taiwanese Investors Participate Through Local ETFs?
Yes—and one fund stands out: 00909 Cathay Global Digital Payment Services ETF. This Taiwan-listed exchange-traded fund focuses on companies involved in blockchain technology and digital payments. Its top holding is MicroStrategy, with a weight of 10.55%, followed by Coinbase at 5.01%.
Over three months, 00909 delivered a return of 31.41%, topping performance among more than 200 similar funds in Taiwan. Weekly gains have reached nearly 8%, attracting both retail and institutional interest.
A major advantage for Taiwanese investors is taxation: capital gains from selling ETFs like 00909 are currently exempt from comprehensive income tax, unlike direct cryptocurrency transactions, which will soon be subject to capital gains taxation.
Given rising geopolitical tensions—including ongoing concerns about cross-strait relations—many traditional investors are turning to Bitcoin as a hedge against uncertainty, despite its volatility.
Historical Trends Support Long-Term Growth Potential
Bitcoin’s resilience isn’t new. In 2023 alone, amid Federal Reserve rate hikes and global monetary tightening, BTC rose 158%. The April 2024 halving event—reducing block rewards from 6.25 to 3.125 BTC—historically precedes bull markets. This time was no exception, with prices climbing steadily from $40,000** to near **$100,000.
Further supporting long-term demand is El Salvador’s national Bitcoin strategy. Since adopting BTC as legal tender in November 2022, the country has consistently purchased one Bitcoin per day. It now holds over 5,929 BTC, valued at approximately $480 million, with a strict “buy-and-hold” policy that reduces circulating supply.
Regulatory Uncertainty Looms Despite Policy Tailwinds
Despite favorable momentum, experts urge caution. While Trump’s proposed Bitcoin Strategic Reserve Act of 2024 suggests the U.S. could acquire up to 1 million BTC over five years—funded partially by selling Federal Reserve gold reserves—the plan remains unenacted.
Such proposals highlight growing political interest but do not guarantee immediate implementation. Regulatory clarity across jurisdictions remains fragmented, and market cycles have historically been volatile.
Frequently Asked Questions (FAQ)
Q: Is it too late to invest in Bitcoin at nearly $100,000?
A: While timing the market is difficult, many analysts believe long-term fundamentals remain strong due to limited supply and increasing adoption. Dollar-cost averaging can reduce entry risk.
Q: Can I invest in Bitcoin through ETFs in Taiwan?
A: Direct spot Bitcoin ETFs aren’t available locally yet, but ETFs like 00909 provide indirect exposure via companies such as MicroStrategy and Coinbase.
Q: How does the U.S. election impact crypto prices?
A: A pro-crypto administration increases regulatory certainty and institutional participation, often leading to price rallies—as seen post-election.
Q: Is Dogecoin a safe investment?
A: DOGE is highly speculative and driven largely by sentiment and celebrity influence. It lacks the scarcity model of Bitcoin and should be approached with caution.
Q: Will Bitcoin keep rising after hitting $100K?
A: Past performance doesn’t guarantee future results, but historical patterns following halvings and increased institutional inflows suggest continued upside potential.
Q: Are there tax advantages to investing via ETFs in Taiwan?
A: Yes—capital gains from selling ETFs like 00909 are currently tax-exempt, unlike direct crypto holdings which may face capital gains tax.
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Final Thoughts: Strategic Entry Amid Volatility
Bitcoin has evolved from niche experiment to global financial asset. With market cap exceeding $19 trillion, it now rivals major tech giants and national economies. While risks remain—especially around regulation and valuation—its integration into mainstream finance appears irreversible.
For investors in Taiwan and beyond, options exist beyond direct ownership. From ETFs to equity plays like MicroStrategy, diversified exposure is possible within regulated frameworks.
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As the landscape evolves, staying informed—and investing thoughtfully—will be key to navigating the next chapter of this digital revolution.