Following Trump’s victory in the US elections, Bitcoin broke records in a row, exceeding $97,000. This rise gained momentum after news that Trump’s Trump Media and Technology Group was considering buying the cryptocurrency trading platform Bakkt. After the presidential election on November 5, the price of Bitcoin increased by more than 40% in the US.
The price of Bitcoin has risen above $97,000 due to rumors that Trump’s social media company will buy Bakkt. According to data from analysis platform Coinmarketcap, the value of the global cryptocurrency market has also increased by 3.95% in the last 24 hours, reaching $3.19 trillion.
Bitcoin Surpasses $97K$BTC
Bitcoin, the world’s largest cryptocurrency, has gained more than 5.6% in the past 24 hours following news that Trump’s Trump Media and Technology Group will buy Bakkt. Trump had promised to turn the U.S. into “the crypto capital of the world” during his presidential campaign, saying he would support digital assets. He also has a “national Bitcoin reserve plan.”
Bitcoin has risen above $97,000 for the first time, bringing the cryptocurrency’s weekly gain to over 8.6%. As of 8:31 a.m. today, Bitcoin is trading at $97,767, up more than 40% since the November 5 presidential election.
Bitcoin’s market share in the global cryptocurrency market reached its highest level in the last three years at 61%. This increase in value had a limited impact on other cryptocurrencies. Ethereum, which ranks second in terms of market value, lost more than 3% in the last week and fell to $3,125. On the other hand, Solana rose by 10.4% to over $241.
Analysts note that the Republicans controlling both houses of parliament in the US and Elon Musk's new role in the government have created a positive atmosphere for the crypto world.
Trump is also expected to meet with Brian Armstrong, CEO of US-based cryptocurrency exchange Coinbase, soon. Also, Microstrategy, a company known for its Bitcoin purchases, announced on November 18 that it had purchased $4.6 billion worth of Bitcoin. Thus, the total value of the company's Bitcoin assets reached approximately $30 billion.