Bitcoin The stock had topped $80,000 the previous day, but was trading just below $90,000 on Monday night.
The flagship cryptocurrency was last up 12% at $89,100, according to Coin Metrics. It rose to $89,623.00 early Monday. Many investors expect its price to continue setting new records by the time it reaches $100,000 later this year.
HC Wainwright analyst Mike Colonese said, “Bitcoin hit all-time highs early last Wednesday morning when President Trump’s victory was officially announced, and is now in price discovery mode.” Ta. “The strong positive sentiment is likely to continue until the end of 2024, and we see Bitcoin prices potentially reaching six-digit levels by the end of this year.”
Bitcoin approaches $90,000 for the first time in history
Cryptocurrency investors are rooting for President-elect Donald Trump’s promise to make the regulatory environment more supportive and friendly to crypto businesses. Cryptocurrency businesses have long struggled with a lack of clarity in the rules.
Bitcoin has long been considered a safe asset in Washington, meaning it is not subject to securities laws, but the long tail of cryptocurrencies and crypto startups have operated in a dangerous gray area.
“The landscape has just turned 180 degrees,” Matt Hogan, chief investment officer at Bitwise Asset Management, told CNBC. “We’re in a positive regulatory environment right now and we’re getting some tailwinds from that. That’s the case in a market that was already in a bull market…that’s going to push us further. .”
ether It was trading up 5.8% on Monday evening. payment token XRP Up nearly 4%, token linked to decentralized finance project polygon It increased by more than 4%. dogecoin has been one of the biggest winners, likely due to its ties to Elon Musk, who helped get Trump elected. It has increased by 38%.
In the stock market, coinbase and micro strategy In after-hours trading, they rose about 3% and 5%, respectively. In regular trading Monday, Coinbase soared 19%, topping $300 for the first time since 2021. It is currently up about 6% from its high in the same year.
Traders and analysts agree that this rally is just beginning.
“There appears to be an air gap between (Bitcoin’s) previous all-time high of about $72,000 and $100,000,” Hogan said. “It’s hard to understand exactly what would cause a seller to enter this market and stop the momentum before it reaches that level. Of course, there are no guarantees. We could see a pullback, but we We’re in a new crypto market cycle…I think we’re right to be bullish, and the bias remains positive.”
