Budrul Chukrut | SOPA Images | Lightrocket | Getty Images
Bitcoin deed different precocious connected Monday, arsenic the rally successful cryptocurrencies continued pursuing Donald Trump's predetermination win.
By 5:30 a.m. ET, bitcoin was trading 3.6% higher astatine $82,171, according to Coin Metrics. It comes aft the flagship cryptocurrency touched $80,000 connected Sunday for the archetypal clip ever.
Other coins besides got a boost, with ether up 1.7%, trading astir $3,202 aft topping $3,000 implicit the weekend. The decentralized concern token tied to Cardano ticked 1.3% higher, portion payments coin XRP took a breather.
Memecoins dogecoin and Shiba Inu coin besides continued to rise, up astir 10% and 3.5%, respectively.
Bitcoin touches $80,000 connected Sunday for the archetypal clip ever.
Susannah Streeter, caput of wealth and markets astatine concern level Hargreaves Lansdown, noted that crypto's march higher comes amid "euphoria" successful the marketplace unleashed by Trump's statesmanlike triumph past week.
"His pledge to spell each successful connected crypto has sent Bitcoin to caller heady heights," she said successful a probe enactment Monday.
"He's made an astir crook connected supporting the manufacture and is present vowing to crook the U.S. into the crypto superior of the world. Bitcoin speculators are betting connected a much clement regulatory environment, and person expectations that the authorities whitethorn physique up a reserve crypto fund, helping assistance ongoing demand."
On the run trail, Trump announced a slew of promises to the crypto industry, including making the U.S. the "crypto superior of the planet" and insisting that each bitcoin should beryllium mined successful the country.
He besides pledged to unseat U.S. Securities and Exchange Commission Chairman Gary Gensler — who has taken an assertive attack to crypto — contempt the information that the president does not person the powerfulness to bash so.
In a probe enactment past week, Citi strategists highlighted that crypto had been 1 of the "few Trump trades that has yet to retrace."
"Part of the crushed is owed to the anticipated cryptofriendly quality of Trump's administration, which investors anticipation volition construe into regulatory clarity successful the U.S.," the strategists, led by David Glass, said.
They noted that since the election, spot crypto ETFs had seen immoderate of their largest-ever inflows.
"Specifically, nett inflows for BTC and ETH ETFs successful the 2 days post-election were $2.01bn and $132mn, respectively," they said. "We proceed to spot ETF flows arsenic the main operator of Bitcoin returns."
Looking ahead, immoderate analysts expect crypto to proceed to rise, with a fig saying bitcoin is on way to deed the $100,000 milestone by the extremity of the year.
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