Bitcoin price crossed the $80,000 mark over the weekend, marking a new milestone for the leading cryptocurrency. The recent rally is partly fueled by investor optimism following last week’s U.S. election results, which saw Donald Trump re-elected, along with a pro-crypto Congress.
At last check, Bitcoin was trading near $79,700, up around 4% over the past 24 hours and maintaining close to its all-time high. The prospect of a second Trump administration, seen as favorable to the crypto industry, has bolstered confidence in Bitcoin and similar assets. Investors are increasingly flocking to products like spot Bitcoin exchange-traded funds (ETFs), pushing demand further.
This price surge has also boosted the broader crypto market, with the sector’s total market capitalization recently climbing above $2.7 trillion, according to CoinMarketCap.
The upward trend in Bitcoin’s price has positively impacted stocks of crypto-linked companies as well. For instance, MicroStrategy, a major Bitcoin holder, saw its holdings valued above $16 billion at the end of Q3, while Coinbase Global, a leading cryptocurrency exchange, also benefitted from the rising tide.
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