Bitcoin, the world’s largest cryptocurrency, has surged to an unprecedented all-time high, crossing £81,000 ($102,000) in value.
Trading data reveals the milestone price of £81,500 ($102,428) on the Bitmex Cryptocurrency Exchange, while Binance recorded a close figure of £80,800 ($101,588).
The cryptocurrency’s rally gained momentum following the announcement of Donald Trump’s victory in the recent US presidential election.
Since 5 November, Bitcoin’s value has skyrocketed by more than 52%, leaping from approximately £53,500 ($67,000) to its current peak.
Bitcoin’s meteoric rise is partly attributed to renewed investor confidence in digital assets, often seen as a hedge against economic uncertainty.
The election results, coupled with broader macroeconomic factors such as inflation concerns and fluctuating global markets, have amplified Bitcoin’s appeal as a decentralised and secure store of value.
Historically, Bitcoin has shown significant volatility during periods of political or economic upheaval.
This latest surge mirrors patterns observed in previous election years when cryptocurrencies experienced heightened trading activity amidst uncertainty.
Bitcoin’s record-breaking ascent is underpinned by increasing mainstream adoption. Institutional investors, including hedge funds and publicly traded companies, have significantly expanded their cryptocurrency portfolios, citing long-term growth potential.
Additionally, retail investors continue to flood the market, encouraged by user-friendly trading platforms and a growing belief in Bitcoin as “digital gold.”
The cryptocurrency’s recent rise also aligns with developments in regulatory discussions. Anticipation of clearer frameworks from major economies, including the UK and the US, has alleviated some investor concerns about the future of digital currencies.
