Bitcoin increases to record highs
(MENAFN) The price of Bitcoin continued to rise, surpassing the USD86,000 mark for the first time in history on Monday, fueled by trader hopes that US President-elect Donald Trump will invest in the digital asset industry.
As of 19:23 GMT, Bitcoin was trading around USD86,295 per coin, marking an increase of over 7 percent. This price surge marked Bitcoin's second-best week of the year, according to Glassnode data, and the price has more than doubled from approximately USD37,000 a year ago. Other cryptocurrencies also experienced significant price gains.
With a market capitalization of USD1.7 trillion, Bitcoin is now the ninth-largest financial asset. The total market capitalization of all cryptocurrencies surpassed USD2.88 trillion on Monday.
Le Shi, Hong Kong managing director at market-making firm Auros, told Bloomberg, “With the dust from Trump’s victory still settling down, it was only a matter of time before a run-up of some sort occurred given the perception of Trump being pro-crypto, and that’s what we’re seeing now.”
As of 19:23 GMT, Bitcoin was trading around USD86,295 per coin, marking an increase of over 7 percent. This price surge marked Bitcoin's second-best week of the year, according to Glassnode data, and the price has more than doubled from approximately USD37,000 a year ago. Other cryptocurrencies also experienced significant price gains.
With a market capitalization of USD1.7 trillion, Bitcoin is now the ninth-largest financial asset. The total market capitalization of all cryptocurrencies surpassed USD2.88 trillion on Monday.
Le Shi, Hong Kong managing director at market-making firm Auros, told Bloomberg, “With the dust from Trump’s victory still settling down, it was only a matter of time before a run-up of some sort occurred given the perception of Trump being pro-crypto, and that’s what we’re seeing now.”
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