Bitcoin is blasting through thousand-dollar barriers at a relentless rate, now crossing the $88,000 mark at time of publishing.
Just one week ago, BTC was price at $67,568.
Altcoins are flying alongside Bitcoin, with Ethereum hitting $3,349, Solana (SOL) touching $220 and Dogecoin reaching $0.32, with 24 hour gains of 6.7%, 7% and 23%, respectively.
Bitcoin’s massive move has played out alongside equities, with the Dow Jones Industrial Average closing at a record high of 44,293, as markets digest Donald Trump’s emphatic victory.
The President-elect has vowed that his administration will stop selling billions of dollars of Bitcoin that the US has collected from criminal cases, and instead hold onto it strategically in a similar fashion to gold.
Trump has also said he will fire U.S. Securities and Exchange Commission Chair Gary Gensler on day one, and implement policies that solidify crypto self-custody and support the industry at large.
Despite crypto’s explosive and across-the-board rally, analyst Michaël van de Poppe notes the total market cap of all crypto assets combined is lagging.
“The total market capitalization of crypto hasn’t reached an all-time high, yet.
I think we’ll see one in November (next 2 weeks) after we’ve had a minor correction.”
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Featured Image: Shutterstock/Dotted Yeti/Chuenmanuse
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