Bitcoin has soared to a series of new all-time highs in the weeks following the victory of President-elect Donald Trump, with the cryptocurrency asset surging to a new high of $94,000 today.
The largest cryptocurrency asset has climbed to a series of new highs ever since election night, first jumping from roughly $68,000 to about $74,000 as Trump secured victory over Vice President Kamala Harris, then surging again to $90,000 in the eight days that followed.
Bitcoin sat at just over $44,000 on January 1st, 2024, marking an increase of over 100 percent in less than a year.
JUST IN: $94,000 #Bitcoin 💥🚀 NEW ALL TIME HIGH! pic.twitter.com/bqMlM4Hprf
— Bitcoin Magazine (@BitcoinMagazine) November 19, 2024
Today’s jump in price to $94,000 followed Trump’s decision to name Cantor Fitzgerald CEO Howard Lutnick as his Secretary for the Department of Commerce.
Lutnick has been a vocal proponent of cryptocurrency and Bitcoin in particular, telling the Bitcoin Conference in Nashville, Tennessee, earlier this year that “Bitcoin is like gold and should be free trade everywhere in the world.”
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The billionaire CEO also has a personal stake in Bitcoin, explaining in an interview that he has “hundreds of millions of dollars of exposure to bitcoin and it will be billions.” The announcement that Lutnick will be nominated as Commerce Secretary comes just after Trump reportedly met with Brian Armstrong, the CEO of the major cryptocurrency exchange platform Coinbase, to discuss personnel appointments.
The move comes after cryptocurrency companies entered the political arena during the election, assembling $160 million as they backed candidates who support the industry.
Cryptocurrency enthusiasts and Bitcoin bulls are now hoping for the rally to continue and propel the asset to $100k, with some pointing to increased corporate interest and adoption of the cryptocurrency as a potential catalyst for increased upside.
Some smaller cryptocurrencies have benefited from Bitcoin’s upward move, with Solana inching towards its previous all time high of $258, which was set in November 2021. The asset similarly saw positive price action on the heels of Trump’s victory, jumping from $160 on election day to a recent high of $247 in a 64 percent move to the upside in less than two weeks.