Cryptocurrency: Bitcoin continues its record hunt

After breaking above $80,000 over the weekend, Bitcoin is continuing its record run. On the Bitstamp platform, the oldest and best-known cryptocurrency climbed to almost $81,900 today. Its value has more than doubled since its annual low of $38,500 in January.

Bitcoin received a strong tailwind from Donald Trump’s victory in the US presidential election last week. Since then, Bitcoin has risen by around 18 percent. Other cryptocurrencies such as Ether or Solana also remain in demand.

Former and incoming US President Trump was the favorite of the majority of the crypto community during the election campaign. Trump made negative comments about Bitcoin during his first presidency.

Recently, however, he had actively courted the crypto community. At a major Bitcoin conference in Nashville, Trump promised to leave the crypto market largely unregulated and to provide cheap electricity for calculating new Bitcoin coins (“mining”).

The fact that cryptocurrencies have found such a place in the US election campaign underlines the importance the asset class has now achieved, said analyst Timo Emden from Emden Research. The sharp rise in the Bitcoin price over the weekend also shows that private investors are also increasingly giving the rally new momentum.

The market has now developed its own momentum, giving the rally momentum day after day; The bull market feeds the bull market, said Emden. Probably also because some investors are afraid of missing the rally.