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 priced 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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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Dotted Yeti/Chuenmanuse
