Bitcoin Surges Past $81,000 to Achieve New All-Time High
Bitcoin is experiencing significant growth, recently reaching a record high. Investors speculate that Donald Trump’s return to the presidency will positively impact the crypto industry.
The cryptocurrency has more than doubled from its low of $38,400 this year and was last priced at $81,405, having peaked at $81,890, according to Coingecko. Following the elections, Bitcoin reached $75,000, surpassing its previous peak of $74,797 from March. The recent price increase aligns with Bitcoin's prominence as a topic during the election.
While Kamala Harris supported new technologies like AI, Trump appeared more favorable towards Bitcoin and the crypto sector. Bitcoin’s surge increased its market cap to over $2.7 trillion, based on CoinMarketCap data.
Bitcoin Reaches Another ATH, Enhances Crypto Landscape
Bitcoin’s price rally began on November 5th after Trump secured a convincing electoral win. By Wednesday, Bitcoin hit $75,000 and continued climbing to new heights by Monday.
This upward trend also positively affected the broader crypto market; for instance, MicroStrategy’s stock value increased alongside Bitcoin’s rise, corroborated by Coinbase Global. Market optimism was reflected in the positive performance of the Dow Jones Industrial Average and S&P 500.
Trump's Shift in Bitcoin Policy
Initially, Trump expressed skepticism about Bitcoin and cryptocurrencies, labeling them as scams during his first term. However, his recent statements indicate strong support for digital assets.
In campaign speeches, Trump pledged to position the US as the leading nation for Bitcoin and cryptocurrencies, gaining backing from notable figures in the crypto community, including Elon Musk.
Crypto Project
Beyond verbal endorsements, Trump has ventured into the crypto space. In September, he and his sons launched World Liberty Financial, a digital currency platform. However, the launch faced technical challenges.
Despite the volatility associated with Bitcoin and cryptocurrencies, Trump's actions have contributed to their adoption, notably using BTC for retail purchases—the first US president to do so, marking a historic event.
Featured image from DALL-E, chart from TradingView