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Bitcoin keeps hitting new record highs as the cryptocurrency rallies on Donald Trump’s presidential election win, which will put a crypto ally in the White House for the first time ever.
The leading cryptocurrency surged to $89,560 on Monday evening, just hours after reaching $82,000 earlier that day, extending its impressive 126% gain for the year.
According to the crypto tracking website CoinGecko, Bitcoin has surged more than 129,296% since 2013, meaning that a $1000 investment in Bitcoin back then would now be worth over $1.2 million.
And its price is expected to continue barreling forward, as investors’ optimism and enthusiasm grows on Trump’s return to the Oval Office in January. Some analysts say Bitcoin could even cross the $100,000 threshold as a result.
Throughout his campaign, Trump took an unprecedented pro-Bitcoin stance, championing the digital currency as a symbol of financial independence and an alternative to traditional banking. Labeling himself as the “crypto candidate,” Trump fully embraced digital assets in his campaign, even accepting donations in a range of cryptocurrencies, including Bitcoin, Ether, Dogecoin, and Solana.
Trump also addressed a Bitcoin event, attending the Bitcoin conference in Nashville, Tennessee, where he emphasized his commitment to positioning America at the forefront of the crypto revolution.
Following Trump’s election win last week, investors began pouring cash into spot Bitcoin ETFs, or exchange-traded funds. On Thursday alone, U.S. Bitcoin ETFs recorded unprecedented inflows of $1.3 billion. BlackRock (BLK+0.11%), the world’s largest asset manager, led with more than $1 billion directed into its Bitcoin ETF, while Fidelity’s FBTC saw an inflow of $190 million, according to data from Farside.
Bitcoin’s new all-time highs have lifted the entire cryptocurrency market, driving significant gains across a number of other digital assets. Ether, the native token of the Ethereum blockchain, was priced at more than $3,100 as of Monday morning. Dogecoin surged 18% in the past 24 hours, while Solana was up 6%.
The global crypto market is valued at $2.79 trillion — an almost 3% rise in the past day, according to CoinMarketCap.