Hold onto your hats, crypto enthusiasts! Bitcoin is on a wild ride, smashing records in the wake of Donald Trump's victory in the U.S. presidential election. As the election results rolled in, Bitcoin reached an eye-popping high of $76,444 late Wednesday, continuing to soar after hitting previous peaks earlier that day.
With Trump clinching the presidency with 295 electoral votes to Kamala Harris' 226, and just a handful of votes left to count, it seems Bitcoin is basking in the post-election glow. The buzz is that America now has the most crypto-friendly Congress ever, a sentiment echoed by Coinbase, the nation’s biggest crypto exchange.
This Bitcoin bonanza has sent the asset skyrocketing by a solid 20% over the past month, with an impressive 78% gain for the year so far. Although it took a slight dip to $74,500 in Thursday's Asian trading session, spirits remain high.
Crypto experts are buzzing with excitement over Trump's victory. One enthusiast, known as ‘The Bitcoin Therapist', confidently predicted to his 140,000 followers that Trump would propel Bitcoin to an astronomical $250K.
Adding to the excitement, Bitcoin has now leapfrogged Meta, Facebook's parent company, in market capitalization. Bitcoin boasts a whopping $1.48 trillion compared to Meta’s $1.44 trillion. Plus, there's renewed chatter about the U.S. establishing a strategic Bitcoin reserve, stirring the pot even more.
But wait, there’s more! Institutional investors are also jumping on the bandwagon. Spot Bitcoin ETFs saw massive inflows on Wednesday, snapping a three-day trend of outflows. Bloomberg’s Eric Balchunas noted that BlackRock's IBIT ETF experienced its busiest trading day ever, surpassing the likes of Berkshire, Netflix, and Visa in volume.
And it’s not just Bitcoin making waves. Ethereum has finally shaken off its slumber, surging 10% to hit $2,872 in Thursday's Asian trading session. This is Ethereum’s highest point since early August, when it dipped below $3,000. After months of rumors and misinformation, Ethereum seems to be back in action, with analysts now forecasting a dramatic rally to $5,000.
So, whether you're a Bitcoin believer or an Ethereum enthusiast, it's an electrifying time in the crypto world. Who knows what heights these digital currencies will reach next? Grab your popcorn and enjoy the show!
