Bitcoin, the leading cryptocurrency, has continued its unprecedented rally, setting new all-time highs daily following former President Donald Trump's election victory. According to cryptocurrency exchange Coinbase, Bitcoin reached $84,614 by 11:36 AM Eastern Time (8:36 AM Pacific) on November 11, marking a 6.24% increase over the past 24 hours.
Having surpassed the $80,000 mark for the first time the previous day, Bitcoin briefly climbed to $84,900, nearing the $85,000 threshold. Compared to its price of $70,000 on November 5—just before Trump’s win was confirmed—Bitcoin has surged over 20% in a matter of days.
This rally is fueled by expectations that Trump’s second administration will adopt a friendlier stance toward the cryptocurrency industry, in stark contrast to the regulatory crackdown seen under the Biden administration. Ethereum, the second-largest cryptocurrency by market capitalization, rose 2.46% to $3,303, while Solana increased 4.76% to $219.
Dogecoin, promoted by Tesla CEO Elon Musk, a major supporter of Trump’s campaign, surged 24.21%, trading at $0.33. Just a week ago, Dogecoin was priced at $0.16.
Susannah Streeter, an analyst at the British investment firm Hargreaves Lansdown, commented, “The market is thrilled with Trump’s victory,” adding, “His promise to support cryptocurrency is taking Bitcoin to new heights.” She further noted that while Trump had previously taken a negative stance on cryptocurrency, his current commitment to establishing the U.S. as the world’s top crypto hub is encouraging traders who expect a more lenient regulatory environment.
The influx of funds into spot Bitcoin ETFs is also propelling prices upward. Citi analysts reported, “Following the U.S. election, we’ve seen record inflows into spot ETFs,” noting that Bitcoin and Ethereum ETFs saw net inflows of $2.01 billion and $132 million, respectively, in just two days after the election.
CNBC reported that some analysts expect the rally to continue, with Bitcoin potentially reaching $100,000 by the end of the year.
— Yonhap News
