Bitcoin, the flagship cryptocurrency, has surged past the $81,000 mark, fueled by Donald Trump’s re-election in the U.S. and his favorable stance on digital assets. This significant milestone reflects growing investor optimism as Trump promises to make the U.S. a global hub for crypto and considers a “national Bitcoin reserve.”
Global Crypto Market on the Rise
According to Coinmarketcap, the global crypto market cap has grown by 3.21% in the past 24 hours, exceeding $2.71 trillion. Bitcoin’s unprecedented rise is largely driven by Trump’s campaign promise to embrace digital assets, adding considerable momentum to crypto markets. These factors have not only boosted Bitcoin but also sparked interest in other digital assets.
Bitcoin Hits New Record of $81,000
In Asian markets today, Bitcoin peaked at $81,858 and is trading at $81,263 as of 09:31 Turkey time. This represents a weekly gain of over 17%. Having ended last year at $42,283, Bitcoin has climbed nearly 66% since hitting this year’s lowest point at $38,505 in January.
Other Cryptos Riding the Wave
Bitcoin’s gains have positively impacted other cryptocurrencies as well. Ethereum, the second-largest crypto by market cap, has risen by more than 27% in the last week, reaching $3,200, a three-month high. Similarly, Dogecoin has reached its highest level in three years.
Congress and Crypto Advocates
Analysts suggest that the Republican control of both houses in Congress is seen as a favorable development for the crypto world. The industry has already invested over $119 million in supporting pro-crypto congressional candidates, further raising hopes for a more supportive policy environment in the U.S.