Proactive Investors - Bitcoin remains well bid following its shock-and-awe rally above $90,000 for the first time in its 15-year lifetime.
The world’s largest cryptocurrency smashed through this lofty price point on the back of pro-crypto president-elect Donald Trump’s successful presidential campaign.
Nine days after Trump’s sweeping victory over Kamala Harris, bitcoin has surged around 34% on the spot markets, adding well over $400 billion to its now-$1.8 trillion market capitalisation.
Bitcoin exchange-traded funds have raked in more than $4.7 billion in investor funds, largely thanks to Blackrock’s iShares Bitcoin Trust (IBIT) product.
With the markets as red hot as they are, those bullish $100,000-by-end-of-2024 price predictions that some analysts had on the chalkboards earlier this year don’t appear as far-fetched as they seemed.
Bitcoin is up 21% week on week – Credit: tradingview.com
That being said, the euphoria of Monday’s 10% moonshot has cooled down in the latter half of the week, with the BTC/USD pair closing flat on Tuesday; a few percentage points higher yesterday; and less than one percentage point today (so far).
At the time of writing, the BTC/USD pair was swapping for $91,180.
Shiba Inu-themed meme coin Dogecoin (DOGE), meanwhile, remains more than 100% higher week on week.
DOGE is having its moment in the sun thanks to its biggest cheerleader, Elon Musk, aka the world’s richest man turned Trump surrogate, being hired by Trump to lead the new, brazenly named non-governmental Department of Government Efficiency. Or DOGE for short.
Meme coins aren’t exactly known for their rational investor community, so DOGE’s Musk-themed rally comes as little surprise.
At the time of writing, SODE was swapping for $0.4 per token with a $58.4 billion market cap.
The global cryptocurrency market cap is currently at a record high of $2.99 trillion.