Today’s record high shows that post-election cryptocurrency predictions of reaching $100,000 by the end of the year could be correct.
Bitcoin’s value surged from $95,000 to $98,000 in 24 hours. The currency has doubled this year and is 40% higher since the election. Since the US election, more than $4 billion has been traded in US bitcoin exchange-traded funds.
It is reported that 52 million Americans hold digital assets. Although Bitcoin’s value has increased dramatically and quickly due to its volatility, financial experts do not recommend investing in it at this time.
Trump’s promise to introduce a national cryptocurrency reserve is expected to drive prices even higher. The President-elect also plans to implement regulations that will integrate cryptocurrency into the mainstream US financial system, a strategy that has only been successfully adopted by El Salvador and the Central African Republic so far.
Analysts are predicting a rise in the popularity of other cryptocurrencies due to Bitcoin’s demand pricing potential investors out of the coin. Today, various altcoins, cryptocurrencies, or tokens that are not Bitcoin, including Ethereum, have gained up to 6%.
CEO NA Editorial Staff
