Analysts attribute this to the preliminary results of the U.S. presidential election, according to which Donald Trump won.
According to aggregated data from Coinmarketcap, the price of Bitcoin reached $76,460. Similar data was reported by the Coinbase exchange. At the time of publication, the cryptocurrency stands at $74,819.
According to Brett Sifling, an investment advisor at Gerber Kawasaki Wealth & Investment Management, Trump has shown himself to be a “crypto supporter,” under whose administration regulation “will help strengthen Bitcoin’s position in the financial markets.”
This is primarily why, on election day, the price of the coin directly depended on the vote count:
- If Trump was leading, the coin rose.
- If his opponent, Kamala Harris, gained votes, the price decreased.
Such an “obvious and strong correlation” is rare, noted Tim Enneking, managing partner at Psalion.
Industry analysts suggest that the “Trump effect” could help the coin rise to $80-90 thousand by the end of 2024.
Daily gains were also shown by:
- ETH (+7.41%)
- BNB (+1.49%)
- XRP (+2.21%)
However, the meme coin Dogecoin, whose price has fluctuated multiple times due to statements from Trump supporter Elon Musk, fell by more than 5% over 24 hours. On November 6, 2024, it peaked at $0.21, but by 10:08 AM on November 7, it stood at $0.19.