Bitcoin $100,000 is closer than ever
Bitcoin has reached over $93,000 and shows no signs of slowing.
According to the crypto tracking website CoinGecko, the leading cryptocurrency’s new all-time is $93,477, which is over 5% up from the past 24 hours and 23% from the last week. Some analysts say Bitcoin could even cross the $100,000 threshold.
The recent bitcoin surge is due to Donald Trump’s reelection, which has put an expected crypto ally in the White House for the first time. And bitcoin’s price is expected to continue barreling forward as investors’ optimism and enthusiasm grows regarding Trump’s return to the Oval Office in January.
With a $1.8 trillion market cap, bitcoin is now the eighth-largest asset in the world. It surpassed silver, which has a market cap of $1.71 trillion. Bitcoin has surged more than 135,211% since 2013, meaning that a $1,000 investment back then would now be worth over $1.3 million.
Bitcoin is rallying on Trump’s victory
Trump took a pro-bitcoin stance throughout his campaign, championing the digital currency as a symbol of financial independence and an alternative to traditional banking. Labeling himself as the “crypto candidate,” Trump embraced digital assets in his campaign, even accepting donations in a range of cryptocurrencies, including Bitcoin, Ether, Dogecoin, and Solana.
Trump made history as the first president to address a bitcoin event when he attended the bitcoin conference in Nashville, Tennessee, where he underscored his commitment to positioning the U.S. at the forefront of the crypto revolution.
Bitcoin advocate and MicroStrategy (MSTR) founder Michael Saylor posted on X after Trump’s win: “We have a #Bitcoin President.”
Dogecoin is skyrocketing, too
Dogecoin is surging after the news that the cryptocurrency’s biggest cheerleader, Elon Musk, will head up a “Department of Government Efficiency” (DOGE) — effectively a non-government group that will consult on spending.
The popular memecoin is currently trading at $0.4006, reflecting an increase of over 15% in the past 24 hours and 121% over the last week.
Other major cryptocurrencies such as Ether, Solana, and XRP were also up Tuesday morning, with increases of 0.3%, 1.15%, and 5%, respectively, in the past 24 hours.
