The price of Bitcoin has crossed the $80,000 level for the first time in history, bringing the total market value to over $1.5 trillion. This increase occurred a few days after the re-election of Donald Trump in the US presidential elections.
On Nov. 10, the leading cryptocurrency rose nearly 4.50% to a new inflation-adjusted record high of $80,116, according to Bitstamp data. Other altcoins such as Ether (ETH), Dogecoin (DOGE) and Cardano (ADA) also showed growth during this period.
In his campaign, Trump promised to make the US a leader in crypto and appoint pro-crypto regulators. Bitcoin's price has risen 15.65% since the winner was announced on November 6, and is on track for its strongest weekly performance since February.
In 2024, Bitcoin will overtake gold and the stock market
Bitcoin is up nearly 80% in 2024, outperforming traditional investments including stocks and gold, driven by strong demand for U.S. cryptocurrency exchange-traded funds (ETFs) and interest rate cuts by the Federal Reserve.
For example, Spot Bitcoin ETFs such as BlackRock Inc.'s iShares Bitcoin Trust (IBIT) have played a major role in the rise in the price of BTC. According to Farside Investors, on November 8, IBIT recorded a daily net inflow of $1.4 billion. A day before that, trading volume for the iShares ETF reached a record high, underscoring the positive impact of Trump's return to the political scene on the crypto sector.
