Budrul Chukrut | Image SOPA | Lightrocket | Getty Images
Bitcoin Another hit was high, as the rally in cryptocurrencies continued after Donald Trump won the election.
The price of the flagship cryptocurrency was last higher by 3% at $81,854.98, according to Coin Metrics. Earlier, it increased to $82,526.33. Ether little changed, after a 30% gain in the past week that pushed back over the $3,000 mark at the end of the week.
Decentralized finance tokens are tied Cardano ticked 1.7% more, when payment coin XRP breathe. Dogecoin continued to rise, up almost 8%.
Bitcoin touched $80,000 on Sunday for the first time.
Susannah Streeter, head of money and markets at investment platform Hargreaves Lansdown, noted that crypto’s march higher comes amid “euphoria” in the market unleashed by Trump’s presidential victory last week.
“This promise to open everything in crypto has sent Bitcoin to fresh heady heights,” he said in a research note on Friday.
“They have actively supported the industry and now promise to turn the US into the crypto capital of the world. Bitcoin speculators are betting on a more clement regulatory environment, and have expectations that the authorities can build a reserve crypto fund. , helping to lift the constant demand.”
On the campaign trail, Trump made promises to the crypto industry, including making the US the “crypto capital of the planet” and insisting that all bitcoins must be mined in the country.
He also promised to remove the Chairman of the US Securities and Exchange Commission Gary Gensler – who has taken an aggressive approach to crypto – despite the fact that the president does not have the power to do so.
In a research note last week, Citi strategists highlighted that crypto has become one of “the few Trump trades that have not been tracked.”
“Part of the reason is due to the anticipated cryptofriendly nature of Trump’s administration, which investors hope will translate into the regulatory clarity in the US,” strategists, led by David Glass, said.
He noted that since the election, spot crypto ETFs have seen some of the largest inflows.
“Specifically, net inflows for BTC and ETH ETFs in the two days after the election were $2.01 billion and $132 million, respectively,” he said. “We continue to see ETF flows as a key driver of Bitcoin’s return.
Going forward, some analysts expect the crypto to continue to rise, with numbers saying that bitcoin is on track to reach the $100,000 milestone by the end of the year.
