Bitcoin (BTC) Hits Record $81,000 High After Trump Victory, Market Cap Tops $1.5 Trillion

Bitcoin (BTC) is on a roll! After topping $80,000 on Sunday, the world's biggest cryptocurrency has made history by hitting past the $81,000 mark

Bitcoin (BTC) price today surged past the $81,000 (roughly Rs. 59,84,340) mark for the first time ever on Monday, clocking gains of 5.52 percent in the past 24 hours (as of 0900 hours). The world's biggest cryptocurrency has been rallying over the past few weeks, clocking gains of over 18 percent in the past seven days. The bullish momentum in Bitcoin comes amid a broader market response to recent political shifts and macro trends.

The euphoria around Trump's emphatic victory in the U.S., followed by increased institutional interest has propelled BTC to surge over 18% in the past week, amid heightened hopes of regulatory clarity around it.

The second biggest crypto, Ethereum, however, is down 0.98% in the past 24 hours, reaching $3,163, Coindesk data shows.

This is for the first time in history that Bitcoin crossed the $81,000 mark and reached a historic $1.5 trillion market capitalisation. Gupta says it is a "testament" to renewed market optimism driven by strong fundamentals and recent U.S. election results.

"If regulatory frameworks become more favourable, we could see even broader institutional adoption, potentially marking the end of the crypto winter and fostering a stronger digital asset ecosystem," says Sumit Gupta, co-founder of CoinDCX.

Balaji Srihari, business head, CoinSwitch, says the election of Donald Trump as U.S. President has lifted the "regulatory weight" from the industry.

"Since the November 5 election results, Bitcoin has gained over 30%, signalling a fresh wave of confidence among investors. We now have large institutional investors accumulating Bitcoin and offering it as an asset to customers through exchange-traded funds (ETFs), a positive regulatory environment and several innovative projects ready for takeoff. It's the perfect set-up for a bull cycle."

He says the current trend suggests that Bitcoin could not only hold its ground above $80,000 but also set the stage for even greater gains soon.

"At CoinSwitch, we’re seeing an encouraging trend: the trading volumes have risen by 350% since the election results (as compared to the previous week)."