Bitcoin reached a record high of nearly $80,000. Analysts believe that the support of US President-elect Donald Trump has been key to the growth of the largest cryptocurrency. The new Congress is expected to include congressmen who support cryptocurrencies.
On Nov. 10, the cryptocurrency rose 4.3 percent to $79,771, according to a Bloomberg report. Smaller tokens such as Cardano and Dodgcoin also rose.
Donald Trump, during his election campaign, assured that he would put the U.S. at the center of the digital asset industry. This will include creating a stockpile of bitcoins and appointing appropriate regulators.
"With the dust of Trump's victory still settling, it was only a matter of time before there was some sort of uptick given the perception of Trump as being supportive of cryptocurrencies, and that's exactly what we're seeing now," said Le Shi, Hong Kong managing director of market-making firm Auros.
In 2024, bitcoin is up about 90 percent, supported by strong demand for U.S. exchange-traded funds (ETFs) and the Federal Reserve's cut in key interest rates. This exceeds returns from investments such as equities and gold. | BGNES
