Bitcoin continued to rise following the victory of President-Elect Donald Trump at the poll in the United States of America.
The leading cryptocurrency was trading above $70,000 a coin prior to Trump’s victory before appreciating by over $20,000 to $93,400 on Wednesday as capital inflows from institutional investors surged to a record high.
Presently the most dominant cryptocurrency is trading at $87,002.93 a coin.
While speculators have attributed the crypto space’s recent bullish run to Trump’s rhetorical support for digital assets, the increase in capital inflows from institutional investors is to hedge against economic uncertainties that come with aggressive change in government policies whenever a new government of largely opposite view takes over.
“After such an extended move it’s reasonable to think we will see opinions shift, resulting in increased two-way flows,” Chris Weston, head of research at Pepperstone Group, wrote in a note. “Still, the trend in Bitcoin is higher — for now — and I would expect buyers to kick back in once the liquidation of a concentrated position has run its course and we move to a cleaner position.”
Ethereum, the second most capitalised cryptocurrency, also appreciated from $2,397 a coin on November 5th to $3,376 in the last 24 hours.
Similarly, Dogecoin, Pepe and other meme coins are on the rise as traders are calling the rebound in cryptocurrency interest a bullish run.