The value of Bitcoin continues to climb and is now buying and selling near $81,400 after briefly surpassing $81,800. The bullish rally of the cryptocurrency has been pushed by Donald Trump’s victory because the forty seventh President of the USA.
Bitcoin rallied round 8 p.c in the course of the weekend buying and selling surge, reaching a report worth of roughly $81,000 for the primary time. Over the previous week, Bitcoin elevated by about 18 p.c in worth, with additional potential features on the horizon.
Nevertheless, BTC shouldn’t be the best-performing cryptocurrency out there. Ether, the second-largest cryptocurrency by market capitalisation, gained round 30 p.c final week and is now buying and selling at almost $3,200. Solana is one other high-performing main token, rising virtually 28 p.c over the previous seven days and briefly attaining a market cap of over $100 billion.
DOGE Is the Winner
The highest-performing cryptocurrency among the many common ones is the meme coin DOGE, which surged over 95 p.c final week and almost 30 p.c within the final 24 hours. Sometimes endorsed by billionaire Elon Musk, DOGE even overtook Circle’s stablecoin, USDC, to develop into the sixth-largest cryptocurrency by market cap.
what the heck is happening doge pic.twitter.com/njBL5RXUm1
— Shibetoshi Nakamoto (@BillyM2k) November 11, 2024
The rally in crypto costs additionally pushed Bitcoin Worry and Greed Index to 78, categorising it as ‘Greed’. Nevertheless, this determine stays decrease than the ‘Excessive Greed’ stage of 92, which Bitcoin reached throughout its rally final March.
⚡️ LATEST: Crypto Worry and Greed Index faucets 7-month excessive as #Bitcoin rallied 6.15% on Nov. 10 to cross $81K. pic.twitter.com/wkFlWyp6id
— Cointelegraph (@Cointelegraph) November 11, 2024
Victory of the First ‘Bitcoin President’ Boosts Costs
Bitcoin is decentralised, however its market worth is considerably influenced by the insurance policies of highly effective governments, corresponding to that of the USA. Trump, who has but to take over the White Home administration, has positioned himself as Bitcoin-friendly.
Throughout his election marketing campaign, he attended a number of Bitcoin conferences, promising progressive insurance policies for US-based miners. Moreover, he launched non-fungible tokens and expressed his ambition to develop into the primary ‘Bitcoin President’.
🇺🇸TRUMP: “By no means promote your Bitcoin.”When the President says don’t promote your #Bitcoin, you hear. pic.twitter.com/7yiWnU0G7F
— Cointelegraph (@Cointelegraph) November 10, 2024
Musk, an in depth affiliate of Trump, can also be a notable cryptocurrency advocate. His electrical automobile firm, Tesla, maintains lively Bitcoin investments. Musk has moreover endorsed DOGE, a meme coin with none real-world software, which acquired a lift from his curiosity. Whereas Musk’s function within the incoming Trump administration remains to be unclear, his affect on the White Home’s future insurance policies is more likely to be important.
This text was written by Arnab Shome at www.financemagnates.com.
