Unstoppable Bitcoin: BTC Price Barrels Past $81,000 For New ATH — $82k Now Within Reach
11 Novembre 2024 - 8:00AM
NEWSBTC
Bitcoin is proving its mettle, and showing no signs of stopping.
The crypto skyrocketed to a fresh record high on Monday, as
investors bet that Donald Trump’s return to the Oval Office will be
good for the crypto industry. Related Reading: $1,400 On The
Horizon? Solana Breach Of $200 Excites Analysts The world’s largest
and most recognized cryptocurrency has now more than doubled from
the year’s low of $38,4000 and was last at $81,405 having earlier
touched a record high of $81,890, data from Coingecko shows. A day
after the elections, Bitcoin hit $75k, topping its previous high of
$74,797 last March. Bitcoin’s early November price surge isn’t
surprising, knowing how Bitcoin and crypto have become a hot
election topic. While Democrat Kamala Harris pitched her support
for new technologies like AI, Trump was seen as more receptive and
favorable to the Bitcoin and crypto community. Bitcoin’s latest
surge pushed the asset’s market cap to over $2.7 trillion, data
from CoinMarketCap show. Bitcoin Inks Another ATH, Boosts The
Crypto Landscape Bitcoin’s bullish price action started last
November 5th, when Trump’s numbers showed a convincing win. Earlier
Wednesday, Bitcoin’s price hit $75k and soon surged to new highs
until, Monday. Bitcoin’s surge also benefited the rest of the
crypto industry. For example, with Bitcoin’s price ascent,
MicroStrategy’s share price increased, which was confirmed with
Coinbase Global. Traders’ optimism is high; even the Dow Jones
Industrial Average and the S&P 500 ended the week in black.
Trump’s Change In Bitcoin Policy Interestingly, incoming President
Trump wasn’t initially keen on Bitcoin and cryptocurrencies. During
his first presidency, Trump labeled these digital assets as scams.
However, with his recent public appearances and pronouncements,
Trump changed his tune and now shows massive support. In one of his
campaign speeches, Trump promised to make the US the Bitcoin and
crypto capital of the world. He also enjoys the support of many
famous crypto personalities, including Elon Musk. Related Reading:
SEC Shake-Up: Robinhood Legal Boss On Shortlist For Top Spot—Report
Crypto Project Aside from his public statements supporting Bitcoin,
Trump has also explored a crypto project. Last September, Trump and
his sons and other entrepreneurs launched World Liberty Financial,
a digital currency platform. However, technical difficulties and
other issues marred the project’s launch. Although Bitcoin and
cryptocurrencies are known for their volatility, Trump has led the
adoption of digital assets in recent months. Before the elections,
he used BTC for retail purchases, the first US president to do so,
making it a historic transaction. Featured image from DALL-E, chart
from TradingView
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