Investing.com– The rose to a record high on Monday, extending a rally from last week, as sentiment toward cryptocurrencies remained buoyed by Donald Trump’s victory in the 2024 presidential election.
Cryptocurrency prices in general have also increased, with memcoin Dogecoin hitting a three-year high.
The increased appetite for cryptocurrencies has led to a sharp increase in capital inflows into cryptocurrency investment vehicles over the past week, which has contributed to bitcoin’s strong advance.
It hit a record high of $81,792.4, and was trading around $81,193.4 at 07:10.
Bitcoin remains supported by Trump’s encouragement
Gains in bitcoin and other cryptocurrencies have been fueled primarily by bets that Trump will adopt more cryptocurrency-friendly policies over the next four years.
Trump campaigned on a pro-crypto agenda and even pledged to make America the crypto capital of the world.
This idea has been the main driver of recent rises in cryptocurrencies, as traders have bet that the Securities and Exchange Commission will have to soften its stance towards the sector. Markets also bet that the sector would gain legitimacy as an investment vehicle.
Cryptocurrency ETFs See Massive Inflows
Optimism about a Trump presidency has helped cryptocurrency exchange-traded funds post significant gains in recent sessions.
Bitcoin ETFs saw a record inflow of $1.38 billion last Thursday, Coindesk reported, with Blockrock’s iShares Bitcoin Trust (NASDAQ:) driving the majority of those inflows. IBIT also surpassed Blackrock’s gold ETF in terms of total assets, reaching $34.1 billion, compared to $33 billion for .
Increased institutional interest in cryptocurrencies, following the launch of spot Bitcoin ETFs in US markets earlier this year, has been a key driver of recent gains in cryptocurrency markets.
Bitcoin’s recent gains have seen it rise about 91% so far in 2024.
Cryptocurrency Prices Today: Altcoins Cool, But DOGE Shines
Broader crypto markets cooled somewhat after a recent rally, with most major altcoins reporting mixed performance on Monday.
was an exception, jumping 24% to a three-year high of $0.280991. DOGE was boosted primarily by increased speculation about Elon Musk, who has been a supporter of the token, potentially getting a position in the Trump administration.
Other altcoins retreated. The world’s No. 2 crypto fell 1% to $3,152.49, although it remained near its highest level in three months.
The , , and changed by less than 1% in both directions.
