Bitcoin skyrockets to an all-time high of over $84,000 — a euphoric surge in investments from Trump's presidential win

Bitcoin on fire stock image
(Image credit: Shutterstock)

After months of sitting in consolidation, Bitcoin has broken its record high for the second time this year, rising to over $84,000 at the time of writing. CNBC reports the main driving force behind Bitcoin's resurgence is Donald Trump's electoral win for the presidential seat.

Bitcoin broke its previous high ($73,794) on November 6, the day Trump won the election. Since then, Bitcoin has been on a nonstop bull run, charging to its all-time high of nearly $85,000 today. Bitcoin's new high represents a 15% increase over its previous high of $73,000 and a 23% increase from its last major high of $69,000 in 2021.

This massive spike is purportedly a result of market euphoria following Trump's presidential win. Trump is a big supporter of cryptocurrency, promising to make the United States the crypto capital of the world. He also purportedly insists that all Bitcoin should be mined in the country.

Bitcoin

(Image credit: TradingView)

Trump's endorsement of crypto, especially Bitcoin, is encouraging investors to pour more money into the cryptocurrency. Purportedly, net inflows for Bitcoin and Ethereum ETFs in the two days after the election were combined over $2 billion. ETFs appear to be the leading value-builder for the world's most popular cryptocurrencies. BlackRock Bitcoin ETF is now more valuable than gold due to the election, making Bitcoin one of the most attractive asset builders moving forward.

The good news for PC gamers and graphics card buyers is that Bitcoin's mining difficulty has not gotten any easier. As a result, we shouldn't see another major GPU mining shortage in the foreseeable future. Bitcoin's difficulty now requires dedicated ASICs to be profitable. Ethereum is in the same boat since the crypto moved to a proof-of-stake strategy that makes mining Ethereum with GPUs impossible.

Bitcoin isn't the only cryptocurrency that has seen price increases; virtually all of the popular cryptos have seen sudden spikes due to Trump's electoral win. Ethereum is now at $3,300, representing a full $1,000 increase in less than a week. Another popular coin, Ada (Cardano), has increased in value by over 80% in the same timeframe.

Aaron Klotz
Contributing Writer

Aaron Klotz is a contributing writer for Tom’s Hardware, covering news related to computer hardware such as CPUs, and graphics cards.

  • gg83
    Amazing that an eft has more capital than gold. We all crazy.
    Reply
  • Bikki
    It reflects market optimism under trump and his promises. No mater what market you look at from stock to crypto they're all sky rocketing and he hasnt take the office yet.
    Reply
  • Notton
    Bikki said:
    It reflects market optimism under trump and his promises. No mater what market you look at from stock to crypto they're all sky rocketing and he hasnt take the office yet.
    or an impending pump and dump.
    Reply
  • TJ Hooker
    Admin said:
    Bitcoin is now more valuable than Gold.

    Admin said:
    BlackRock Bitcoin ETF is now more valuable than gold
    What is this even supposed to mean?
    Reply