New Delhi: Cryptocurrencies continued their upward climb over the weekend, hitting new highs Sunday, including Bitcoin, which pierced $80,000 and marked another milestone for the flagship digital currency. Coin Metrics reveals that Bitcoin last traded 4.5% higher at the record of $79,800.19. On the other hand, Ethereum also made its record of its gain, Ethereum traded above $3,000. As recently as 3% more was recorded where the cryptocurrency now stands at a value of $3,203.10.
This rally did not limit itself to Bitcoin and Ethereum only as smaller coins went even sharper. XRP, for example, is a payment-focused coin, spiking at 11%, while the decentralized finance linked to Cardano saw 40%. Memecoins such as Dogecoin and Shiba Inu had their time in the limelight with gains of 17% and 31%, respectively.
A recent increase follows the new hope of the crypto industry with the re-election of President-elect Donald Trump. Trump has been a public advocate for the notion of a strong U.S. presence in the world of cryptocurrencies and even floated the idea of a strategic national Bitcoin reserve. Members of his team are largely pro-crypto, and the head of research at Galaxy Digital, Alex Thorn, recently noted, “Crypto is positioned to enter a golden era,” according to a recent research note.
This favorable regulatory environment has, of course, left many from the crypto community optimistic concerning tremendous growth in the coming years. Bitcoin and Ether have appreciated 18% and 32% since election day, and even analysts believe the supportive policy environment could propel them higher. This shift once being a regulatory headwind now bodes well for crypto markets as interest and investments seem to be climbing.
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