The price of the flagship cryptocurrency Bitcoin (BTC) has been seeing an extended rally after Republican candidate Donald Trump won the US presidential elections, to the point it’s now at a new all-time high above the $82,000 mark.
According to CryptoCompare data, the cryptocurrency is at the time of writing trading at $81,170 after seeing a slight drop from an $82,442.01 all-time high seen earlier today as investors keep on betting on the cryptocurrency.
Source: CryptoCompare
Over the past week Bitcoin is up around 19.4%, while the second-largest cryptocurrency by market capitalization Ethereum (ETH) is up around 29.3%. While both BTC and ETH are outperforming numerous cryptocurrencies such as BNB, XRP, TON, and SUI, they’re far behind the performance of some altcoins.
Market data shows that Solana’s SOL, for example, surged 32% over the past week to now have a $102 billion market capitalization, while the meme-inspired cryptocurrency Dogecoin (DOGE) moved up 86% to around $0.293 per token.
As reported two leading cryptocurrency exchanges, Binance and Coinbase, saw a whopping $9.3 billion worth of stablecoin inflows on the Ethereum network after the US elections, with analysis showing that large-scale stablecoin inflows and subsequent upward trends have historically “coincided with bullish market rallies.”
The stablecoin inflows come at a time in which spot Bitcoin exchange-traded funds (ETFs) saw record daily inflows of $1.38 billion as the price of the flagship cryptocurrency kept on making new highs.
A Trump victory was widely expected to help boost Bitcoin’s price, as the former U.S. President has expressed strong support for the cryptocurrency sector, meaning the regulatory outlook could improve through the reduction of regulatory ambiguity and the appointment of more crypto-friendly officials to key positions, for example.
Bitcoin’s price, however, has been known to rally after U.S. presidential elections, having seen 90-day returns of 87%, 44%, and 145% after the elections in 2012, 2016, and 2020, respectively.
Featured image via Unsplash.
