Bitcoin is soaring to new record highs, rallying in response to Donald Trump’s presidential election victory. The sentiment among crypto enthusiasts that a pro-crypto ally is now leading the country has fueled gains across the entire cryptocurrency market.
Let’s take a look at what this week has in store.
Bitcoin seems unstoppable at the moment: The leading cryptocurrency surged past $88,000 on Monday, adding to its 100% climb so far this year. According to the crypto tracking website CoinGecko, Bitcoin has surged more than 128,000% 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 its hike as investors’ optimism and enthusiasm grow on Trump’s return to the Oval Office in January. Some analysts say Bitcoin could even cross the $100,000 threshold as a result.
Ether, the second-largest cryptocurrency by market capitalization, has surged past the $3,000 mark, riding the rally alongside Bitcoin. Since Election Day, spot Ether exchange-traded funds (ETFs) have seen consistent inflows — a shift from the previous pattern of mixed inflows and outflows.
Currently, Ether is trading at $3,147, a 27% rise in a week.
The popular and highly volatile memecoin Dogecoin was expected to react strongly to Trump’s victory. A key driver of its recent upward momentum is its association with Tesla CEO Elon Musk, a self-proclaimed “Dogefather” and open supporter of Trump this year.
Unsurprisingly, Dogecoin surged from $0.16 to $0.28 in just a week, marking an impressive 82% increase.
Other memecoins that have shown momentum in recent weeks may likewise continue that trend based on the election’s outcome. Shiba Inu, a popular memecoin and a rival to Dogecoin, has also risen high after the election results.
Currently, Shiba Inu is trading at $0.00002539, a 48% rise in a week.
Cardano, the ninth-largest cryptocurrency by market cap, is climbing following Trump’s reelection amid rumors that its founder, Charles Hoskinson, might join the Trump administration in 2025. While these speculations remain unconfirmed, Cardano’s price is on the rise.
Currently, Cardano is trading around $0.5951, which is up more than 80% over the past seven days.
