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Bitcoin Bitcoin prices hit new highs on Monday as the cryptocurrency continued its rally following the election of Donald Trump.
Bitcoin was trading up 3.6% at $82,171 as of 5:30 a.m. ET, according to Coin Metrics. This comes after the flagship cryptocurrency touched $80,000 for the first time on Sunday.
Other coins also received a boost, among them ether Up 1.7%, it is trading around $3,202 after breaking above $3,000 over the weekend. Decentralized financial tokens and cardano rose 1.3%, while payment coins Ripple Take a breath.
Meme Coin Dogecoin and Shiba Inu coins also continued to rise, rising nearly 10% and 3.5% respectively.
On Sunday, Bitcoin hit $80,000 for the first time.
Susannah Streeter, head of currencies and markets at investment platform Hargreaves Lansdown, pointed out that the rise in cryptocurrencies comes as the market is “joyed” by Trump’s election as president last week.
“His pledge to go all-in on cryptocurrencies has propelled Bitcoin to exciting new heights,” she said in a research note on Monday.
“He has made a radical shift in supporting the industry and now vows to turn the United States into the cryptocurrency capital of the world. Bitcoin speculators are betting on a looser regulatory environment and hope that authorities may establish a reserve crypto fund to help lift Ongoing demand.
On the campaign trail, Trump announced a series of promises to the crypto industry, including making the United States the “crypto capital of the earth” and insisting that all Bitcoin be mined in the country.
He also pledged to oust SEC Chairman Gary Gensler – who has taken an aggressive stance on cryptocurrencies – even though the president has no authority to do so.
In a research note last week, Citi strategists highlighted cryptocurrencies as “one of the few Trump trades that has not yet retraced.”
“Part of this is due to expectations that the Trump administration will be crypto-friendly, which investors hope will translate into U.S. regulatory clarity,” strategists led by David Glass said.
They noted that spot crypto ETFs have seen their largest ever inflows since the election.
“Specifically, net inflows into BTC and ETH ETFs in the two days following the election were $2.01 billion and $132 million, respectively,” they said. “We continue to believe that ETF flows are the primary driver of Bitcoin returns.”
Looking ahead, some analysts expect the cryptocurrency to continue rising, with some saying Bitcoin is expected to hit the $100,000 milestone by the end of the year.
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