2024-11-11 15:33 |
Bitcoin hit a new all-time high of $82,216 on Monday as cryptocurrency markets surged following Donald Trump’s election win.
According to Coin Metrics, the price was up by 3.6% by early morning ET.
Source: CoinMarketCap
Bitcoin’s rally came after surpassing the $80,000 milestone on Sunday, attracting attention across the market and sparking optimism among crypto investors.
Trump’s promises to transform the US into a global crypto hub have ignited fresh interest in Bitcoin, with market participants anticipating a more favourable regulatory landscape under his leadership.
Ethereum, XRP, and memecoins experience strong gainsAt the time of writing Ethereum also saw gains, rising 1.8% to trade at around $3,163 after briefly surpassing $3,000 over the weekend.
Other popular coins, such as XRP, gained traction, though it paused slightly on Monday.
Source: CoinMarketCap
Memecoins like Dogecoin and Shiba Inu were among the biggest beneficiaries of the market’s positive sentiment, with Dogecoin climbing by 11% and Shiba Inu advancing by 5%.
The rally highlighted increased interest across the cryptocurrency spectrum, supported by speculation of a regulatory shift under Trump’s administration.
Trump vows to turn the US into a global crypto leaderTrump’s bold promises to make the US the “crypto capital of the world” have added fuel to Bitcoin’s rise.
He has outlined plans to facilitate a supportive environment for crypto operations, suggesting that the US could establish a reserve crypto fund to help stabilise and increase demand for digital assets.
Trump also hinted at more predictable regulations that could spur investment and adoption, although it remains uncertain how these initiatives will be executed.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, noted that Trump’s election has unleashed “euphoria” in the crypto market.
According to Streeter, Trump’s pro-crypto stance has generated optimism among Bitcoin investors, who now expect a “friendlier regulatory environment” under his administration.
This sentiment is fuelling the rally as speculators position themselves for long-term gains, anticipating that government backing could provide Bitcoin with newfound legitimacy in the US financial system.
Spot crypto ETFs witness massive inflows post-electionAccording to a research note by Citi, the crypto market has seen some of its largest-ever inflows into spot Bitcoin and Ethereum ETFs since Trump’s election.
The bank’s strategists, led by David Glass, reported that inflows reached $2.01 billion for Bitcoin ETFs and $132 million for Ethereum ETFs over two days.
These record inflows reflect investor optimism for a pro-crypto administration that may encourage greater institutional involvement in digital assets.
Citi’s report suggests that ETFs are playing a pivotal role in driving Bitcoin’s current price surge.
With Bitcoin surpassing $80,000 and investor confidence growing, some analysts believe the cryptocurrency could hit the $100,000 mark by the end of the year.
The ongoing rally, buoyed by Trump’s support for the sector, suggests that Bitcoin’s upward momentum may persist.
Some experts caution that regulatory uncertainties and potential policy delays could still impact the timeline for crypto market expansion.
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