The price of Bitcoin has soared since Donald Trump won re-election on Nov. 5.
Its price rose from roughly $73,000 on Election Day to an all-time high of over $98,000 early Thursday morning, according to CoinGecko data. It’s gone up nearly 8% in the past week, over 41% in the past month, and up 141% in the past year.
Cryptocurrency prices are notoriously volatile. But the larger a coin’s market cap, the more money it takes to spike or dump its price. Bitcoin is the largest cryptocurrency by market cap and the oldest, and its price movements can influence the rest of the crypto market.
David Duong, head of institutional research at Coinbase, tells PCMag via email that Bitcoin surpassing $90,000 is due to a combination of a favorable broader market and US government changes (like Trump) that may trigger “a potentially massive shift.”
“The US approvalof spot BTC and ETH …