Leading cryptocurrency Bitcoin (BTC) has broken its all-time high price mark once again, reaching a new peak of $93,521 early Tuesday afternoon per data from CoinGecko. Coinbase showed an even higher mark of $93,581.
This comes following an impressive rally for the orange coin after pro-crypto candidate Donald Trump secured reelection as President of the United States.
Bitcoin’s previous high was reached less than a week ago, as it shot up to $93,477 (per CoinGecko) on November 13, before falling to $87,300 over the coming 24 hours. Since then, the leading cryptocurrency has climbed back above $90,000 as it has flirted with a new all-time high.
On Tuesday, this new peak was reached as it rallied 2% over the past 24 hours, claiming a nearly $1.85 trillion market cap. With this, the Crypto Fear and Greed Index has again returned its highest figure of the year at 90, claiming the market is in a state of “Extreme Greed.”
Much of this recent jump in value has been put down to Trump’s election victory. The Republican candidate ran on a number of crypto-positive policies, from creating a strategic Bitcoin reserve to ensuring U.S. domination in crypto mining.
As such, Bitcoin claimed an all-time high as soon as Trump’s victory started to take shape, albeit before the final whistle was blown. On election day, BTC beat its previous March all-time high of $73,737 as it climbed to $74,504—and then kept climbing.
Just a few days later, Bitcoin then topped $80,000 on November 10, marking another all-time high, as the market buzzed about the Republican win. A day later, Bitcoin rose above $82,000 before it surged to $93,500 on November 13.
This sparked chief investment officer at ETF manager Bitwise, Matt Hougan, to predict that Bitcoin will eventually be worth $500,000 apiece. Meanwhile, Michael Saylor—the founder and Executive Chairman of MicroStrategy, which holds $30 billion worth of Bitcoin—believes that a $100,000 price point is likely by the end of 2024.
Edited by Andrew Hayward