Bitcoin price today: hits record high of $82.5k on Trump cheer; DOGE at 3-yr peak
Bitcoin rose to a record high on Monday (NASDAQ:MNDY ), extending a rally from last week as sentiment toward cryptocurrencies remained lifted by Donald Trump’s victory in the 2024 presidential election.
Broader crypto prices also surged, with meme token Dogecoin rallying to a three-year high.
Improved appetite for crypto sparked a sharp increase in capital inflows into crypto investment vehicles over the past week, factoring into Bitcoin’s strong gains.
The world’s largest cryptocurrency hit a record high of just below $82,500 and traded around $82,121.0 by 09:09 ET (14:09 GMT). Bitcoin remains buoyed by Trump cheer
Gains in Bitcoin and other cryptos were driven chiefly by bets that Trump will enact more crypto-friendly policies in the next four years.
Trump had campaigned on a pro-crypto platform, and had even vowed to make America the crypto capital of the world.
This notion was the biggest driver of recent crypto gains, as traders bet that the Securities and Exchange Commission will have to soften its stance against the industry. Markets also bet that the industry will gain more legitimacy as an investment vehicle. Crypto ETFs see bumper inflows
Optimism over a Trump presidency saw crypto exchange-traded funds clock steep gains in the past few sessions.
Bitcoin ETFs saw a record $1.38 billion inflows last Thursday, Coindesk reported, with Blockrock’s iShares Bitcoin Trust (NASDAQ:IBIT ) commanding a bulk of these inflows. The IBIT also surpassed Blackrock’s gold ETF in total assets, reaching $34.1 billion, compared to the $33 billion of gold.
Increased institutional interest in crypto, after the launch of spot Bitcoin ETFs in U.S. markets earlier this year, has been a major driver of recent gains in crypto markets.
Bitcoin’s recent gains saw it trading up about 91% so far in 2024. Buy everything you can, Bernstein says
Trump's victory marks the start of a new crypto bull market, Bernstein analysts said, urging investors to "buy everything you can."
“We expect a crypto-friendly regulatory environment under Trump, starting with a pro-crypto SEC,” wrote analysts led by Gautam Chhugani. The report added that several members of Trump’s transition team are "explicitly pro-crypto," reinforcing expectations for favorable policies.
Bitcoin surged above $80,000 over the weekend, driven mainly by expectations of crypto-friendly policies under Trump. Among the most significant proposals during his campaign was a national Bitcoin reserve, which would see the US government building a strategic Bitcoin stockpile. While this plan would require legislative approval and might only be realized by 2025, Bernstein sees it as a strong indicator of Bitcoin’s potential role within national treasuries.
Bernstein remains “confident” in its 2025 Bitcoin price target of $200,000, noting, “Even at $81K/Bitcoin, we believe risk-reward is favorable over next 12 months.”
Bitcoin’s rally also boosts the outlook for publicly traded Bitcoin miners, who are now seeing profits surge as prices remain well above their average production costs, as well as for AI-driven mining companies. Crypto price today: altcoins cool, but DOGE shines
Broader crypto markets somewhat cooled after a recent rally, with most major altcoins logging a mixed performance on Monday.
Dogecoin was an exception, surging around 29% to a three-year peak of $0.2912. DOGE was boosted chiefly by increased speculation over Elon Musk, who has been a proponent of the token, potentially clinching a position in the Trump administration.
Other altcoins retreated. World no.2 crypto Ether fell 1% to $3,170.31, although it remained close to a three-month high.
XRP , ADA and MATIC fell between 2% an 4.6%, while SOL jumped more than 5%.
Ambar Warrick contributed to this report.
Source: Investing.com
