Bitcoin hit one other high on Monday as cryptocurrencies' rally following Donald Trump's election victory continued.
According to Coin Metrics, the value of the flagship cryptocurrency was last up 6% at $84,211.50. Previously it even rose to $85,000. ether rose 4% after rising 30% last week and pushing it back above $3,000 over the weekend.
The decentralized finance token that’s tied to Cardano rose by 1.7%, while payments were characterised XRP took a breather. Dogecoin rose further, by almost 8%.
Coinbase rose 15% while Microstrategy advanced 12%.
Bitcoin hits $80,000 for the primary time ever on Sunday.
Susannah Streeter, head of cash and markets at investment platform Hargreaves Lansdown, noted that the cryptocurrency bullish move comes against the backdrop of market “euphoria” sparked by Trump’s presidential victory last week.
“His promise to fully focus on crypto has taken Bitcoin to new, exhilarating heights,” she said in a research note on Monday.
“He has made a U-turn on supporting the industry and is now promising to make the US the crypto capital of the world. Bitcoin speculators are betting on a milder regulatory environment and expect authorities to build a reserve cryptocurrency fund, which will help boost ongoing demand.”
During the campaign, Trump made quite a few guarantees to the crypto industry, including naming the US the “crypto capital of the planet” and demanding that each one Bitcoins be mined within the country.
He also vowed to oust U.S. Securities and Exchange Commission Chairman Gary Gensler, who has taken an aggressive approach toward cryptocurrencies regardless that the president doesn’t have the authority to achieve this.
In a research note last week, Citi strategists highlighted that crypto was one in all the “few Trump trades that have not yet been retraced.”
“Part of the reason for this is the expected crypto-friendly nature of the Trump administration, which investors hope will lead to regulatory clarity in the US,” said the strategists led by David Glass.
They noted that spot crypto ETFs have seen among the largest inflows ever for the reason that election.
“Specifically, net inflows for BTC and ETH ETFs in the two days following the election were $2.01 billion and $132 million, respectively,” they said. “We continue to see ETF flows as the primary driver of Bitcoin returns.”
Looking ahead, some analysts expect cryptocurrencies to proceed to rise. Some say Bitcoin is on the right track to hit $100,000 by the tip of the yr.
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