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Bitcoin surged to a new all-time high of just over $77,000 on Friday, continuing its record-breaking streak following Donald Trump’s reelection as President of the United States. The strong support from the crypto community for Trump’s return to the White House is fueling Bitcoin’s upward momentum, making its rise appear unstoppable as of now.
The leading cryptocurrency hit a record high of $77,239 at approximately 3:00 PM on Friday. According to crypto tracking website CoinGecko, the top cryptocurrency has surged 113,011% since 2013. This means a $1000 investment in Bitcoin back then would now be worth over $1 million.
Bitcoin’s price is expected to rise further, showing heightened optimism and enthusiasm among investors due to recent political developments. The momentum shows no signs of slowing — among seasoned traders and newcomers alike. Some even anticipate when the top cryptocurrency will cross the $100,000 level.
Investors poured over $1B into Bitcoin ETFs in one day
Following Trump’s reelection, investors are pouring funds into the spot Bitcoin ETFs (exchange-traded funds). On November 7th alone, U.S. Bitcoin ETFs recorded unprecedented inflows of $1.3 billion. BlackRock (BLK+0.27%), the world’s largest asset manager, led with over $1 billion directed into its Bitcoin ETF, while Fidelity’s FBTC saw an inflow of $190 million, according to data from Farside.
Other major cryptocurrencies are also surging
Bitcoin’s new all-time high has lifted the entire cryptocurrency market, driving significant gains across various digital assets. Ether, the native token of the Ethereum blockchain, hovered around $2,900, while Cardano reached $0.44—marking an impressive 10% increase in the past 24 hours. Other major cryptocurrencies, including Chainlink and Polygon, also surged by over 7% and 13%, respectively.
