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Bitcoin has hit another record, reaching over $82,000 on Monday, boosted by Donald Trump\u2019s re-election to the White House last week.<\/p>\n
According to data from CoinMarketCap, Bitcoin\u2019s value has risen more than 19% in the past seven days and 30% over the past 30 days. Taking to X, Anthony Pompliano, host of the Pomp podcast, said:<\/p>\n
\u201cThe first pro-Bitcoin President was elected in US history and Bitcoin hit $80,000 within a week. The market is preparing itself.\u201d<\/p>\n
\nThe first pro-bitcoin President was elected in US history and bitcoin hit $80,000 within a week.<\/p>\n
The market is preparing itself.<\/p>\n
\u2014 Anthony Pompliano 🌪 (@APompliano) November 10, 2024<\/p>\n<\/blockquote>\n
While Trump\u2019s win has helped push crypto prices up, many don\u2019t think it\u2019s the sole reason. In response, Sleep Money Maker said: \u201cThink bigger than one week or one event. We\u2019re watching decades of regulatory friction starting to dissolve. When barriers fall, capital flows \u2013 that\u2019s just market physics in action.\u201d<\/p>\n
Speaking to CoinJournal last week, James Toledano, COO at Unity, a self-custody crypto wallet, said it was \u201cdisingenuous\u201d to say the US election directly caused the price increase.<\/p>\n
In the long-term, it won\u2019t be the election that moves the crypto market, but \u201cbroader macroeconomic events, technological advancements, shifting market sentiment, and factors outside of the next President\u2019s control,\u201d Toldeano explained.<\/p>\n
Institutional appetite for Bitcoin is rising<\/h2>\n
Institutional interest in Bitcoin has also reached new levels, noted by BlackRock\u2019s iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF) bringing in a record $1.12 billion in daily inflows. This followed BlackRock setting a new record in October when its total assets reached $30 billion in 293 days.<\/p>\n
Speaking of the recent price rally, Toledano, said:<\/p>\n
\u201cThere is clearly heightened confidence in Bitcoin as a key investment vehicle and institutional investors are not only recognizing Bitcoin\u2019s resilience as an asset class but are increasingly allocating capital in response to favorable macroeconomic conditions, including recent rate cuts and political shifts.\u201d<\/p>\n
Other coins that are rallying include Ethereum, trading over $3,100, Solana, at $216, and Dogecoin, up nearly 158% in the past month at $0.2877.<\/p>\n