Bitcoin, the flagship cryptocurrency, continues its upward surge, surpassing $76,000 for the first time ever.
The $76,000 mark is a new all-time high and nearly $3000 above the previous all-time high of $73,737, which lasted for months.
Bitcoin’s upward surge is a direct result of Donald Trump’s reelection which he viewed as a strong Bullish signal amongst the global crypto community.
Donald Trump during his campaign strongly aligned with the Crypto community.
He endorsed Bitcoin and promised to set up a strategic Bitcoin reserve for the United States if elected.
Donald Trump’s gimmicks with the crypto community earned him the moniker “The Crypto Candidate.” He also promised to ensure that the United States leads the global charge on cryptocurrency.
According to Coin Gecko data, Bitcoin hit its new all-time high of $76,243 13 hours ago and has cooled down to $75,070 at the time of the report dropping by 1.3%.
Michael Saylor, Chairman of Microstrategy, the largest corporate holder of Bitcoin, and a renowned Bitcoin advocate stressed the significance of a Pro Bitcoin candidate sitting at the White House.
Michael Saylor shared his thoughts as regards Donald Trump winning with his community of 3.6 million X followers.
“We have a #Bitcoin President.” Michael Tweeted
Michael Saylor who was also a keynote speaker at the Bitcoin Conference in Nashville with Donald Trump has always stressed the intrinsic value of digital assets and the many advantages they have over physical assets like gold.
110,615% surge in 11 years
Going by Bitcoin’s current price at the moment. The Primary crypto asset has surged by 110,615% since 2013. This means that a $100 investment in Bitcoin in 2013 is currently worth over $1 million.
Bitcoin is showing no signs of slowing down at the moment and industry watchers and investors all expect the price rally to continue.
Ethereum and other Top Altcoins also going up
Ethereum, the second largest crypto asset by market capitalization is also experiencing an upward swing. The crypto asset is currently exchanging hands for $2,823 surging by 7.5% in the last 24 hours.
Other top crypto assets constituting the top 10 list of coins by market cap also surged in price. Dogecoin jumped more than 11%, while Shiba Inu was up over 7% in the same period. Solana also experienced an increase of 12%.
What to Know
- The price of Bitcoin has historically been proven to have a ripple effect on the prices of other top crypto assets. So it isn’t surprising that at the moment when Bitcoin is surging in price other crypto assets are following suit.
- Donald Trump’s win is seen as a major win for the crypto community. The President-elect threatened during his campaign to fire the US Securities and Exchange Commission Chief Gary Gensler whose policies were a bit harsh to crypto founders.
