Bitcoin soared to a historic high of nearly $80,000 on Sunday, fueled by renewed optimism within the crypto community following Donald Trump’s reelection as US president.

This support has powered Bitcoin’s upward momentum, with its rally appearing unstoppable for the time being.

Bitcoin’s Latest ATH Drives $400 Million Market Liquidation

On November 10, Bitcoin reached an unprecedented peak of $79,600, surpassing its prior all-time high (ATH) of more than $77,000, according to BeInCrypto data. Though it has slightly receded to $79,326 at press time, the leading digital asset’s price has still experienced a notable increase of over 3% in the past 24 hours.

“$79k bitcoin, new ATH. Steady folks, this is just the beginning. This is a time for being right and sitting tight. No rash action is needed, HODLing does the work for you,” Bitcoin investor Tuur Demeester said.

Analysts credit a major portion of this growth to the optimism surrounding Trump’s return to office. Many speculate his administration may take a favorable approach to crypto regulation, adding further momentum. Trump himself has shown support for crypto, participating in several industry events, including the Bitcoin2024 Conference, and has pledged to foster a pro-crypto environment.

Similarly, the recent cuts in global interest rates have also fueled Bitcoin’s recent price action.

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Author: Oluwapelumi Adejumo