Bitcoin’s ascent continues as it trades above $97,500, inching closer to the much-anticipated $100,000 mark, a level that would push its market capitalization above $2 trillion. The cryptocurrency has gained nearly 30% over the past two weeks, driven by a combination of factors including a pro-crypto political environment in the U.S. and a series of interest rate cuts by the Federal Reserve. This rally is being dubbed the “Trump trade,” as markets across asset classes — including stocks and bonds — have benefited from the Republican victory earlier this month.

The momentum is further supported by the successful launch of BlackRock’s Bitcoin spot ETF (IBIT) options, which saw a remarkable $2 billion in trading volume on its first day. The options, which track Bitcoin prices and are physically settled, drew intense interest with 73,000 contracts traded within the first hour. This has underscored the growing institutional confidence in Bitcoin as a mainstream asset. Market analysts from QCP Capital pointed out that IBIT’s options debut places it among the top 20 most active non-index options, demonstrating how the entry of institutional investors is driving Bitcoin’s rise.

This bullish outlook has prompted several banks and financial analysts to raise their Bitcoin price targets, with some predicting Bitcoin could reach as high as $200,000 in the coming months, driven by the continued favorable political and economic conditions.

This combination of growing institutional investment, market optimism, and political backing positions Bitcoin for continued upward momentum. The introduction of Bitcoin ETF options is a sign of the asset’s maturation as it becomes more embedded within traditional financial markets.