Key Points
- Bitcoin (BTC) has achieved a record-high of over $89,000, getting closer to the $100k mark.
- The recent US Presidential election and Trump’s re-election has had a significant effect on Bitcoin’s value.
Bitcoin’s value has seen a significant increase in the past day, reaching a record high of over $89,000. This growth is bringing the cryptocurrency ever closer to the coveted $100k mark.
The conclusion of the US Presidential election has had a positive impact on financial markets. The re-election of Donald Trump has also influenced the cryptocurrency market, particularly Bitcoin (BTC).
Bitcoin’s Record-breaking Performance
In a single day, Bitcoin broke several records, with its highest value reaching 89,666 on Coinbase. The coin is currently trading above the $88k mark. In the past 24 hours, Bitcoin’s value has increased by over 10%, and since Trump’s re-election, it has seen an uptrend of over 30%.
This rapid increase is reminiscent of Bitcoin’s performance towards the end of March and beginning of April this year. The coin had reached over $70,000 then, a level it has once again reached this week. The coin has gained over $9000 in just one day.
Impact on the Market and Indicators
This upward trend is similar to previous instances when Bitcoin experienced a significant bull run. Indicators such as Parabolic SAR and RSI suggest that the market is currently witnessing a massive interest from buyers.
This record-breaking performance of Bitcoin has influenced not only the rest of the cryptocurrency market but also other financial and non-financial institutions. MicroStrategy, a software and Bitcoin development company, saw its stock price reach a 24-years high today.
Similarly, Coinbase, a US-based cryptocurrency exchange, also experienced a similar trend. The firm’s stock price reached a high not seen since November 2021. Coinbase was one of the political donors that contributed millions of dollars towards pro-crypto and bipartisan super PAC Faireshake. The investments seem to be working in the firm’s favour, with the actual gains to be measured in its Q4 reports, due to be released next year.