The world’s number one cryptocurrency, Bitcoin, crossed its previous high of $70,000 on Sunday and is trading at an all-time high price of $82,250.
According to a report, Donald Trump’s victory over Kamala Harris has generated hopes among investors. As such, many investors believe that the new US administration will positively affect the cryptocurrency.
Bitcoin Crosses $82,000:
Before halting at $81,300, Bitcoin reached a peak of $81,600. Several reports suggest that the rally in Bitcoin is caused by Trump’s victory as the US Congress aims to bring pro-crypto laws.
Additionally, BTC has gained about 93 percent this year due to the inflows into US ETFs and interest rate cuts. Further, Trump has promised to make the US Bitcoin and crypto capital of the world.
Ethereum, XRP, Cardano Gains:
As Bitcoin reached an all-time high, Ethereum also witnessed decent gains. It reached $3,200 and jumped 31 percent this month. According to U Today, Ethereum might be ready for a new bull run and is causing euphoria in the crypto market.
Furthermore, we might see a bull run to $4,000, a psychological level. As such, we could see a larger rally in the altcoin market.
Along with Bitcoin, smaller coins soared. XRP gained 11 percent, Cardano jumped 40 percent, and meme tokens Dogecoin and Shiba Inu saw a gain of 17 percent.
An analyst at ByteTree, Charles Morris, told AFP that “the odds that Bitcoin and crypto will become a significantly larger asset class have risen markedly,” and that this trend could continue well into Trump’s term.
