Key Points
- Bitcoin’s value has surged, reaching a record high of over $89,000.
- The re-election of Donald Trump has influenced the cryptocurrency market, with Bitcoin leading the way.
Bitcoin’s value has seen a swift increase in the past day, reaching a historic high of over $89,000 and drawing nearer to the $100,000 mark. The financial markets have been optimistic following the conclusion of the US Presidential election, with the re-election of Donald Trump having a significant impact on the cryptocurrency market. Bitcoin, in particular, has been leading the charge.
The leading cryptocurrency has broken numerous records in a single day, reaching a high of 89,666 on Coinbase, as per TradingView. As of the time of writing, Bitcoin was trading above the $88,000 mark, with its price valued at $88,664 according to CoinMarketCap.
Bitcoin’s Performance Post-Election
In the last 24 hours, Bitcoin has seen a change of over 10%, and since Trump’s re-election, it has experienced an uptrend of over 30%. The trading volume of the coin was $116.47 billion, while its market cap was valued at $1.75 trillion.
The last time Bitcoin saw such a rapid increase was towards the end of March and beginning of April this year when it peaked over $70,000. This level was revisited this week, with the coin gaining over $9000 in a single day. Bitcoin’s closing price for Sunday stood at 80,087.81, according to TradingView.
Indicators Point to Continued Growth
This upward movement is reminiscent of previous times when Bitcoin has experienced a rapid bull run, suggesting that the $100,000 mark may not be far off. TradingView indicators such as the Parabolic SAR and RSI show a high level of interest from buyers in the market.
In the one-day chart, the dots are placed below the candlesticks, indicating a continued upward trend and a bullish sentiment. The Relative Strength Index is well above 70, showing that Bitcoin is currently overbought, which represents the extreme market greed.
Bitcoin’s record-breaking performance has not only impacted 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 hit a 24-year high today, reaching $351.73.
Coinbase, a US-based cryptocurrency exchange, also experienced a similar trend. The story continues to develop.
