currencyjournals — Bitcoin rose to an all-time excessive on the nineteenth. Monday (NASDAQ:), prolonged its beneficial properties from final week as sentiment in the direction of cryptocurrencies continues to rise as a consequence of Donald Trump's victory within the 2024 presidential election.
Broad cryptocurrency costs additionally rose, with meme token Dogecoin rising to a three-year excessive.
Elevated urge for food for cryptocurrencies has led to a surge in capital inflows into crypto funding autos over the previous week, which is priced into Bitcoin's sturdy rally.
It hit an all-time excessive of $81,792.4 and was buying and selling round $81,193.4 by 0:18 ET (5:18 p.m. Japan time).
Bitcoin continues to rise with assist from President Trump
The rally in Bitcoin and different cryptocurrencies was pushed largely by the idea that President Trump will enact extra crypto-friendly insurance policies over the following 4 years.
Trump campaigned on a pro-crypto platform and even vowed to make the US the crypto capital of the world.
Merchants anticipate the Securities and Trade Fee to melt its stance on the crypto trade, a perception that has been the most important driver of crypto's current rally. The market can also be betting that the trade will achieve extra legitimacy as an funding automobile.
Inflows into digital foreign money ETFs surge
Cryptocurrency exchange-traded funds (ETFs) have soared over the previous few classes as a consequence of optimism in regards to the Trump presidency.
CoinDesk reported that Bitcoin ETFs noticed report inflows of $1.38 billion final Thursday, with BlockRock's iShares Bitcoin Belief (NASDAQ:) accounting for almost all of those inflows. occupied. IBIT additionally surpassed the BlackRock Gold ETF in complete belongings, reaching $34.1 billion in comparison with gold's $33 billion.
Rising institutional investor curiosity in cryptocurrencies has been a serious driver of the current crypto market rally for the reason that launch of the Spot Bitcoin ETF within the US market earlier this 12 months.
Bitcoin's current rally has pushed it up about 91% to this point in 2024.
Crypto costs in the present day: Altcoins are cool, however DOGE shines
After the current rally, the broader cryptocurrency market cooled down a bit, with most main altcoins posting blended efficiency on Monday.
was the exception, leaping 24% to a three-year peak of $0.280991. DOGE is basically pushed by rising hypothesis about token backer Elon Musk, who might achieve a place within the Trump administration.
Different altcoins fell. The world's second-largest cryptocurrency fell 1% to $3,152.49, however stays close to a three-month excessive.
, and moved lower than 1% in both route.
