Bitcoin's rally following the recent U.S. elections, hitting a record high of $85,000, signifies a potential shift in investment from traditional assets to cryptocurrencies.
The CoinDesk 20 Index has surged 29% post-election, indicating that the broader crypto market is currently benefiting from the political shift and investor sentiment.
Eric Balchunas noted that the iShares Bitcoin Trust ETF saw $1 billion in volume shortly after trading opened, signaling strong market activity and interest in bitcoin.
As traditional tech stocks and gold fall behind, the growing interest in cryptocurrencies may reflect changing investor preferences ahead of Donald Trump's presidency.
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