Business: Bitcoin hits historic high, surges close to $90,000 mark

Bitcoin’s price surged close to the $90,000 mark on Tuesday, reaching new historic highs. Over the past 24 hours, the world’s largest cryptocurrency ranged from a low of $80,800 to a high of $89,900.

The rapid rise follows last week’s price of $70,000, reflecting a remarkable 30% increase in just seven days, spurred by Donald Trump’s victory in the U.S. presidential election.

The market anticipates favorable conditions for the cryptocurrency sector under Trump’s leadership, as he has expressed strong support for making the U.S. a global hub for digital currency.

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Speaking at July’s Bitcoin Conference in Nashville, Tennessee, Trump stated, “If crypto is going to define the future, I want it mined, minted, and made in the USA. It is not going to be made anywhere else.”

Currently, Bitcoin’s market cap stands at approximately $1.77 trillion, with a 24-hour trading volume of $136.3 billion, as reported by CoinMarketCap. The price surge also boosted Ethereum, the second-largest cryptocurrency, which fluctuated between $3,130 and $3,390 over the past day.

The bullish trend in cryptocurrency is partly attributed to optimistic market sentiment around Trump’s commitment to fostering a favorable environment for digital assets in the U.S., setting expectations for increased crypto adoption and innovation.