Bitcoin It was trading just under $90,000 late Monday, after topping $80,000 a day earlier.
The flagship cryptocurrency was last up 12% at $89,100, according to Coin Metrics. Earlier on Monday, it rose to $89,623.00. Many investors expect its price to continue setting new records later this year, rising to $100,000.
“After Trump was officially declared the winner of the election in the early hours of last Wednesday, Bitcoin broke all-time highs and is currently in price discovery mode,” said HC Wainwright analyst Mike Colonnese. “The strong positive sentiment is likely to continue into 2024, and (We) expect that Bitcoin prices may reach the six-digit mark by the end of the year.”
Bitcoin approaches $90,000 for first time ever
Cryptocurrency investors have been cheering President-elect Donald Trump’s pledge to make the regulatory environment more supportive and even friendly for cryptocurrency businesses, which have long struggled with a lack of clear rules.
While Bitcoin has long been considered a safe asset in Washington — that is, not subject to securities laws — the long tail of cryptocurrencies and crypto-related startups has been operating in a dangerous gray area.
“Things have turned 180 degrees,” Matt Hougan, chief investment officer at Bitwise Asset Management, told CNBC. “We’re now in a positive regulatory environment, we now have the tailwinds that come from that, and we’re in a market that’s already in a bull run. Case…that will push us higher.”
ether It rose 5.8% late Monday. payment token Ripple Tokens linked to decentralized finance projects rose nearly 4% polygon An increase of more than 4%. Dogecoin has been one of the biggest winners – probably because of its connection to Elon Musk, who helped elect Trump. It’s up 38%.
In the stock market, Coin library and micro strategy were up about 3% and 5% respectively in extended trading. In regular trading on Monday, Coinbase surged 19%, surpassing $300 for the first time since 2021.
Traders and analysts agree that this rally is just getting started.
“There does appear to be a gap between Bitcoin’s previous all-time high of $72,000 and $100,000,” Hougan said. “Until we get to that level, it’s hard to see exactly what will force sellers into this market and halt the momentum. Of course, it’s hard to see , there are no guarantees. You may see a pullback, but we are in a new cryptocurrency market cycle… I do think we are bullish and the bias is still to the upside.
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