Analysts believe the rally could drive bitcoin to hit the $100,000 milestone by year-end
Just hours after reaching an all-time high of $82,000 yesterday, bitcoin reached another record price and surged past $89,174 on Monday, marking a 12% rise and continuing its post-Trump election rally. The crypto has gained 29% since last week when Donald Trump became president-elect.
This year alone, the cryptocurrency has had a 126% gain, and since 2013, its value has skyrocketed by over 129,296%, making an initial $1,000 investment worth $1.2 million today.
Other digital tokens rode the wave, too. Ether jumped more than 7% to $3,371.79, Cardano’s DeFi token rose 4.7%, and Dogecoin surged 24%. Stocks tied to crypto, like Coinbase (+19.8%) and MicroStrategy (+25.7%), also saw substantial gains.
Market excitement stems from Trump’s crypto-friendly stance during his campaign, which included accepting donations in digital assets and pledges to make America the global crypto leader.
He has also promised to bolster domestic crypto mining.
Spot crypto ETFs recorded massive inflows, with bitcoin and Ethereum ETFs bringing in over $2 billion combined since Trump’s win.
Analysts believe the rally could drive bitcoin to hit the $100,000 milestone by year-end.