Bitcoin Breaches ATH For Third Time in 7 Days, Sits Above $81,000 On Monday, BTC crossed the USD 80,000 benchmark to touch an all-time high of USD 81,858.29 and cross a market capitalization (m-cap) of USD 1.61 trillion
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Since Donald Trump's election as the 47th US President last week, Bitcoin (BTC) is surging to newer highs almost daily. BTC jumped over USD 6000 from the day Trump won on November 6 to November 11, an increase of approximately 8.55 per cent.
On Monday, BTC crossed the USD 80,000 benchmark to touch an all-time high of USD 81,858.29 and cross a market capitalization (m-cap) of USD 1.61 trillion.
"(The record) is a testament to renewed market optimism driven by strong fundamentals and recent U.S. election results that hint at pro-crypto policies ahead. This achievement underscores Bitcoin's resilience and appeal as a hedge against traditional market volatility. Increased institutional interest, facilitated by Bitcoin ETFs and evolving regulatory clarity, continues to solidify Bitcoin's role as 'digital gold.' said Sumit Gupta, co-founder, CoinDCX.
Also read: Bitcoin Touches an All Time High Ahead of US Election Results
"The BTC fear-greed index signals "Extreme Greed," indicating strong momentum, while long positions in futures have risen to USD 2.8 billion on BTC at USD 90K, showing market confidence in the ongoing bull run," said Edul Patel, CEO, Mudrex.
While current trends suggest that BTC new ATH has set the stage for greater gains soon, Balaji Srihari, Business Head, CoinSwitch feels that it's important for investors to stay vigilant and informed about factors that could influence price stability as the market gains momentum. Concurs Vishal Sacheendran, Head of Regional Markets, Binance, "It is also important to note that In a bull market like this, investors should also remain mindful, conduct thorough research, and not make investment decisions solely based on market sentiment or hype."
Additionally, Ethereum also rallied, climbing to USD 3,200 amid BTC's positive market sentiments. According to CoinMarketCap, 10 out of 12 top cryptocurrencies have seen a green tick in trading per cent over the past seven days.
During his campaign, President Trump backed cryptocurrency and Bitcoin and pushed for it to become a part of the nation's reserve assets.
