Bitcoin hits all-time high after Trump wins

Bitcoin surged to an all-time high of nearly $88,000 on Monday amid expectations that cryptocurrencies will thrive on the prospect of regulatory support following the election of Donald Trump as U.S. president.

This strong rise is driven by a significant increase in trading volume, in addition to the rise in the positivity index to 79%, especially after Donald Trump won the US presidential elections, supported by the possibility of adopting supportive regulatory measures.

The world’s largest and most popular cryptocurrency has more than doubled in value from its lowest level this year of $38,505, amid widespread expectations that Bitcoin will continue to rise to $90,000, and perhaps more, by the end of this week.

Bitcoin surpasses $88,000

Bitcoin was trading at $88,350 late Monday, November 11, up more than 9 percent from Sunday evening, hitting an all-time high, according to MarketCap data.

Bitcoin's market cap reached $1.74 trillion, up 9.3 percent, and trading volume over the past 24 hours exceeded $109 billion.

According to the positivity index, which measures the level of optimism in the market and the extent of investors’ interest in digital currencies, the index witnessed an increase to reach 79 percent, reflecting strong positive sentiment among traders.

The data shows that this high percentage reflects increased investor confidence in Bitcoin, as a result of several factors, including increasing expectations that the currency's price will reach new levels, and signs of improvement in the digital economy in general.

MarketCap data showed that Bitcoin trading volumes have seen a significant increase, with daily trading volumes hitting record highs due to increased demand from investors and speculators for the digital currency. Reports indicate that this increase in trading is partly due to markets turning to digital assets as an alternative investment haven amid global economic volatility.

Historic rise after Trump's victory

Bitcoin has seen several historic increases in its value, one of the most notable of which was in December 2017, when its value reached about $20,000, as it rose thanks to the growing interest in digital currencies and widespread media talk about them. At the end of 2020, Bitcoin returned to achieve a new record after exceeding the $29,000 barrier, which paved the way for a major upward wave in 2021.

In November 2021, Bitcoin hit an all-time high of over $68,000, benefiting from the adoption and large investments of major companies such as Tesla and MicroStrategy, as well as the use of Bitcoin as a hedge against inflation by some major financial institutions.

After Donald Trump's victory in the presidential election, there are great expectations about the impact of this victory on the US economy, global markets and investments.

However, its value has declined significantly in 2022 due to market conditions and volatility, until last week when it recorded an unprecedented rise following the announcement of Donald Trump's victory in the US presidential election.

Source: Agencies + American Press