For the first time in Bitcoin's history, it has surpassed $85,000.

The election of Donald Trump as president and the decision of the U.S. Federal Reserve (Fed) to cut interest rates led to a significant rise in the cryptocurrency market on the first day of the week. Bitcoin broke its all-time record by surpassing the $85,500 level, fueled by expectations that Trump might adopt cryptocurrency-friendly policies. Today, the price of Bitcoin, which is nearing the $86,000 mark, has increased by more than 17% in the last month and over 95% since the beginning of the year.

CURRENT STATUS OF THE CRYPTOCURRENCY MARKET

On the other hand, the increase in Bitcoin's value positively affected other cryptocurrency units as well. Ethereum, which ranks second in terms of market value, gained more than 27% in the last 7 days, rising above $3,300 for the first time in 3 months. The alternative cryptocurrency Dogecoin also reached $0.32, marking its highest level in the last 3 years.

WILL THE RISE CONTINUE?

The cryptocurrency industry had spent over $119 million to support pro-cryptocurrency congressional candidates. Experts noted that Republicans are expected to control both chambers of Congress in the U.S., which has a positive impact on the cryptocurrency world from the perspective of investors. In this case, the rise in the cryptocurrency market is expected to continue.