Bitcoin hit a new record high late Monday, its value peaking at $89,623 as investors quickly moved to cash in on expectations that Donald Trump will end a White House crackdown that intensified last year on crypto.
While the trading rally has now paused, analysts predict that bitcoin’s value will only continue rising following Trump’s win—perhaps even reaching $100,000 by the end of 2024, CNBC reported.
Bitcoin wasn’t the only winner emerging from the post-election crypto trading. Crypto exchanges like Coinbase also experienced surges in the market, and one of the biggest winners, CNBC reported, was dogecoin, a cryptocurrency linked to Elon Musk, who campaigned for Trump and may join his administration. Dogecoin’s value is up 135 percent since Trump’s win.