Bitcoin’s (BTC) price is at an all-time high of $82,000 U.S. as the rally sparked by Donald Trump’s re-election accelerates.
The largest cryptocurrency by market capitalization rose sharply over the weekend and is up 4% in the last 24 hours as investors bet on pro-Bitcoin policies from a Trump administration.
This is the first time ever that Bitcoin’s price has been above $80,000 U.S.
Other cryptocurrencies are also rallying, with Ethereum (ETH) gaining 2% to trade at $3,200 U.S., topping $3,000 U.S. for the first time in months.
Meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) are up 10% and 3.5% respectively.
During his election campaign for president, Trump announced several promises related to crypto, including making America the “crypto capital of the planet” and insisting that all Bitcoin be mined in the U.S.
He also promised to remove U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, who has taken an aggressive approach towards regulating crypto.
While it remains to be seen how many of his crypto campaign promises Trump will keep, investors are once again betting big on digital coins and tokens.
Spot crypto exchange-traded funds (ETFs) in the U.S. have seen some of their largest-ever inflows in recent days. Net inflows to Bitcoin ETFs since the election total $2.01 billion U.S.
Some analysts are now predicting that Bitcoin’s price will reach $100,000 U.S. by year’s end. So far in 2024, Bitcoin has risen 85%.
