Bitcoin traded above $80,000 this weekend, extending the run for the leading cryptocurrency, which got a lift after Donald Trump’s election victory last week.
Bitcoin (BTCUSD) recently traded around $79,700, up about 4% in the past 24 hours and still near record levels. Expectations that a second Trump administration and a new Congress that would be friendlier to the sector have sent both bitcoin and other assets in the sector surging, with investors lately pouring money into instruments like spot exchange-traded bitcoin funds.
The rise has broadly expanded crypto’s estimated market capitalization, with the figure recently surpassing $2.7 trillion, according to CoinMarketCap.
It also owns shares of crypto-linked companies such as MicroStrategy (MSTR), a major bitcoin holder – it said its bitcoin holdings were valued above $16 billion at the end of the third quarter – and exchange Coinbase Global (MINT).
More broadly, investor optimism has boosted markets in recent days. The S&P 500 and the Dow Jones Industrial Average ended their best weeks of the year last week.
