Boudrol Shukrut | SOPA Photos | Rocket Lite | Getty Images
Bitcoin The value of the coin recorded another rise on Monday, as cryptocurrencies continue to rise following Donald Trump's election victory.
The price of the major cryptocurrency recently rose 5% to $83,429.04, according to Coin Metrics. ether It rose 2%, after a 30% gain last week that pushed it above $3,000 over the weekend.
The DeFi token is linked to Cardano It rose 1.7%, while the payments currency rose XRP Take a break. Dogecoin It continued to rise, rising nearly 8%.
Coinbase It rose 15%, while Accurate strategy Advanced 12%
Bitcoin reached $80,000 on Sunday for the first time ever.
Susannah Streeter, head of money and markets at investment platform Hargreaves Lansdown, noted that the rise in cryptocurrencies comes amid a market “euphoria” triggered by Trump’s presidential victory last week.
“His pledge to move forward in the crypto space has sent Bitcoin to new highs,” she said in a research note on Monday.
“He has done his part to support the industry and now pledges to turn the United States into the cryptocurrency capital of the world. Bitcoin speculators are betting on a looser regulatory environment, and have expectations that the authorities may build a crypto reserve fund that will help lift continued demand.”
During his election campaign, Trump made a slew of promises to the cryptocurrency industry, including making the United States the “cryptocurrency capital of the planet” and insisting that all bitcoins must be mined in the country.
He also vowed to fire US Securities and Exchange Commission Chairman Gary Gensler – who has taken an aggressive approach to cryptocurrencies – despite the fact that the president does not have the authority to do so.
In a research note last week, Citi strategists highlighted that cryptocurrencies were one of Trump's “few trades that have yet to decline.”
“Part of the reason is due to the expected crypto-friendly nature of the Trump administration, which investors hope will translate into regulatory clarity in the US,” said strategists led by David Glass.
They note that since the election, spot cryptocurrency ETFs have seen some of their largest inflows ever.
“Specifically, net inflows to Bitcoin and Ethereum ETFs in the two days following the election were $2.01 billion and $132 million, respectively,” they said. “We continue to see ETF inflows as the main driver of Bitcoin returns.”
Looking ahead, some analysts expect cryptocurrencies to continue to rise, with some saying Bitcoin is on track to reach the $100,000 level by the end of the year.
