Bitcoin (BTCUSD) recently traded around $79,700, up about 4% over the past 24 hours and still in the neighborhood of record levels.
Rising to new heights: Bitcoin traded above $80,000 over the weekend, continuing a rally that was fueled by Donald Trump's election victory last week.
On Monday, bitcoin was trading around $79,700, up about 4% over the past 24 hours. The cryptocurrency is still hovering near record levels.
The expectation that a second Trump administration and a new Congress that is seen as being friendlier to the crypto industry boosted both bitcoin and other assets in the sector. Investors have been pouring money into instruments like spot bitcoin exchange-traded funds.
This rise has boosted the estimated market cap of crypto broadly, with the figure recently virš $2.7 trln, according to CoinMarketCap.
It has also helped shares of crypto-linked companies like MicroStrategy, a big bitcoin holder—it said its bitcoin holdings were valued virš $16 billion at the end of the third quarter—and exchange Coinbase Global.
More broadly, investor optimism has lifted markets in recent days. The S&P 500 and Dow Jones Industrial Average both finished their best weeks of the year last week.
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