Bitcoin, the most used and well-known cryptocurrency on the market, marks this Sunday new highs after rising more than 4% in the last hours and came close to reaching US$80,000 for the first time in its history.
According to market data collected by EFE, the virtual currency reached above US$79,500, a new record, already accumulating six days up. Last Wednesday, it appreciated more than 9%, after the electoral victory of Donald Trump in the United States.
Trump supported the main cryptocurrency throughout the presidential campaign, announcing that would make the country the largest holder of this asset if elected, as experts remember.
This year, bitcoin has appreciated more than 70%, and Binance analysts (cryptocurrency exchange entity) attribute the rise to a combination of “macroeconomic trends and strategic financial innovations, with the US elections as the main significant driver of this increase.”
Another important factor, remember, was the launch of spot bitcoin exchange-traded funds (ETFs) in the United States in January, “a significant milestone that has amplified institutional participation in the crypto space.” Major financial giants such as BlackRock and Fidelity launched spot bitcoin ETFs, garnering huge interest and introducing the cryptocurrency into mainstream investment portfolios, they explain.
According to data from one of the world’s leading exchanges, Bitcoin spot ETFs accumulate more than US$63 billion, which represents 5.2% of the total supply of this cryptocurrency.
The strong rise of altcoins
In the last few hours, in addition to Bitcoin, the increases of up to 45% in altcoins led by Cardano, SUI (30%), Shiba Inu (22%) and Dogecoin (19%) also stand out. Ethereum also climbed more than 5.4%, trading at US$3,100, a new high.
So far this week, SUI and Dogecoin were the altcoins that appreciated the most by 66% and 55%, respectively. Meanwhile, Ethereum advanced 30% and Bitcoin 16%.
Source: Ambito
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