The price of Bitcoin continues to rise steadily in recent days after it became known that Republican Donald Trump won the US presidential election. Over the past 24 hours, the rate of the world’s most popular cryptocurrency has increased by 4%, and the weekly growth increased to 16%. Thanks to this, the price of Bitcoin exceeded $79,000 per coin, which is a new all-time high.
Image source: André François McKenzie/Unsplash
Typically, trading volume in the cryptocurrency market decreases over the weekend as many institutional investors and professional traders reduce activity. A decrease in liquidity can lead to an increase in volatility, against the background of which even small transactions will lead to significant fluctuations in the cryptocurrency rate. However, the significant increase in the Bitcoin price on Saturday and Sunday indicates that market activity is being stimulated by small investors. This indicates a high level of interest in cryptocurrency from small investors, and not just institutional players.
Analysis of the CoinDesk platform shows that profit taking among Bitcoin traders remains insignificant compared to previous periods of active cryptocurrency growth. This suggests that the Bitcoin rate will most likely continue to rise. Bitcoin’s current strong growth is due not only to Trump’s victory in the US presidential election, but also to the fact that the Federal Reserve announced a 25 basis point interest rate cut.
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