The re-election of President Donald Trump has caused Bitcoin, a type of cryptocurrency, to soar to a record market value of $1.752 trillion, making it the 8th largest asset in the world. It has even surpassed silver, which is valued at $1.726 trillion.
Bitcoin’s value has risen due to positive feelings about Trump’s re-election. Trump has stated he will be a “pro-crypto president.”
Recently, Bitcoin went up by 9% and closed at $88,570. In addition to silver, Bitcoin’s market value has exceeded that of Meta Platforms at $1.472 trillion, Tesla at $1.123 trillion, and Warren Buffett’s Berkshire Hathaway at $1.007 trillion.
Gold remains the top asset with a market cap of $17.6 trillion, followed by Nvidia, Apple, Microsoft, and Alphabet (Google) in the top five spots.
Reports indicate that Trump may appoint pro-crypto supporters, like Mark Uyeda and Paul Atkins, to replace SEC Chairman Gary Gensler. This could lead to lighter regulations for the cryptocurrency industry.
Since the election, Bitcoin has performed very well, reaching $89,604 and showing a nearly 30% increase since November 5, when the election was held.
The rise in Bitcoin’s price was further supported by MicroStrategy Inc., which bought 27,200 Bitcoin for $2.03 billion between October 31 and November 10. This was the company’s biggest purchase since it started investing in Bitcoin in 2020.
Analysts are optimistic about Bitcoin’s future. It is currently just $11,000 away from the $100,000 mark. Alankar Saxena, Co-founder of Mudrex, believes that Bitcoin has enough momentum to reach $100,000 by the end of the year.
“Currently, BTC has strong support at $75,600. If BTC keeps up this momentum, it could surge to $90,000 and reach $100,000 before the year ends,” he said.
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