Price of Bitcoin surges to USD92,000, continuing daily gains

(MENAFN) The price of Bitcoin rose to USD92,000 on Monday, marking a daily increase of around 1.7 percent. This price surge followed the cryptocurrency reaching a record high of USD93,434 last week, with annual gains totaling about 145 percent as of Monday. In the last 24 hours, Bitcoin fluctuated between a low of USD89,410 and a high of USD92,560, reflecting the volatile nature of the market.

Before the US elections, Bitcoin was priced at approximately USD70,000. Following Donald Trump's victory, the cryptocurrency experienced significant growth, fueled by market optimism. Traders and investors are expecting positive developments for cryptocurrencies, as Trump has pledged to make the US the "crypto capital" of the world, further boosting market confidence.

The market's positive outlook on Bitcoin and other cryptocurrencies is also driven by the anticipation of regulatory clarity and potential government support in the coming years. With Trump's stance on cryptocurrency being largely favorable, investors are positioning themselves for continued growth in the sector.

As of the latest data, Bitcoin's market capitalization has reached USD2.22 trillion, according to Coinmarketcap, a digital asset price-tracking website. This figure underscores the increasing significance of Bitcoin in global financial markets and highlights its potential as a dominant digital asset in the coming years.

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