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.
Dogecoin Price Leaps Again as Bitcoin Nears All-Time High
It's been a quieter few days for Dogecoin fans after a post-election season sprint that took the original meme coin to a three-year high price of about $0.43, but DOGE is finally running back up the charts again. Dogecoin hit a price of $0.40 on Tuesday morning, per data from CoinGecko, for the first time since November 14, marking an 11% jump over the past 24 hours. It's the biggest gainer in the top 10 coins by market cap as of this writing, according to CoinGecko, though other coins in the to...
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
