As an analyst with over two decades of experience in the financial markets, I have witnessed numerous paradigm shifts and market fluctuations. However, the meteoric rise of Bitcoin has undeniably left me astounded.
Bitcoin continues to demonstrate its strength and shows no signs of slowing down. On Monday, it reached an all-time peak, as investors wagered that Donald Trump’s return to the White House could benefit the cryptocurrency sector.
As a crypto investor, I’m thrilled to report that the world’s leading and most prominent digital currency has significantly surged past its annual low of $38,400. Currently, it stands at an impressive $81,405, with earlier reaching a remarkable new peak of $81,890, according to Coingecko data.
The day following the elections, Bitcoin reached an all-time high of $75,000, surpassing its previous peak of $74,797 from March last year. Given that Bitcoin and cryptocurrencies have been a significant point of discussion during the recent elections, this price surge in early November is hardly unexpected.
During her campaign, Democrat Kamala Harris expressed enthusiasm for emerging technologies such as AI, whereas President Trump appeared more open and welcoming towards the Bitcoin and cryptocurrency community. The recent growth of Bitcoin has driven its market capitalization to exceed $2.7 trillion, according to information from CoinMarketCap.
Bitcoin Inks Another ATH, Boosts The Crypto Landscape
The upward trend in Bitcoin’s price began on November 5th, coinciding with the confirmation of Trump’s election victory. By Wednesday, Bitcoin had reached a peak of $75k, and continued to rise, reaching new highs until Monday.
The rise in Bitcoin’s value positively impacted the broader crypto market as well. For instance, when Bitcoin’s price rose, the share price of MicroStrategy also increased, a fact supported by Coinbase Global. This bullish sentiment is evident; even the Dow Jones Industrial Average and S&P 500 finished the week with gains.
Trump’s Change In Bitcoin Policy
It’s worth noting that during his initial term, President Trump wasn’t particularly fond of Bitcoin and cryptocurrencies, even referring to them as fraudulent ventures. However, in more recent times, he has expressed a complete reversal of this stance, showing a significant level of endorsement for these digital assets based on his public statements.
During one of his political addresses, Trump expressed his intention to establish the United States as a leading hub for Bitcoin and cryptocurrencies. Notably, he has garnered backing from several influential figures in the crypto world, such as Elon Musk.
Crypto Project
Beyond just expressing endorsement for Bitcoin in public, it’s worth noting that Donald Trump has delved into the realm of cryptocurrencies himself. Last September, he, along with his sons and other business associates, unveiled World Liberty Financial – a digital currency platform. Unfortunately, this venture faced technical hurdles and various complications during its debut.
Despite the reputation for instability that Bitcoin and digital currencies often have, President Trump has spearheaded their adoption in recent times. Prior to the elections, he made headlines by using Bitcoin for retail transactions, an unprecedented move as this marked the first time a U.S. president utilized such a currency, making it a noteworthy transactional milestone.
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2024-11-11 11:46