The world’s largest cryptocurrency topped $93,000 for the first time on Wednesday. As of around 11:30 a.m. ET, bitcoin’s price stood at $93,376, per CoinDesk, up over 30% in the last week alone.
That’s part of a rally across cryptocurrencies and crypto-related investments since Trump won the U.S. presidential election last week. Analysts credit much of the recent gains to an anticipated “crypto-friendly” nature of the incoming administration, which could translate into more regulatory clarity but also leeway.
Still, as with everything in the volatile cryptoverse, the future is hard to predict. And while some are bullish, others continue to warn of investment risks.
Here’s what you need to know
BACK UP. WHAT IS CRYPTOCURRENCY AGAIN?
Cryptocurrency has been around for a while now, but has come under the spotlight in recent years.
In basic terms, cryptocurrency is digital money. This kind of currency is designed to work through an online network without a central authority — meaning it’s typically not backed by any government or banking institution — and transactions get recorded with technology called a blockchain.
Bitcoin is the largest and oldest cryptocurrency, although other assets like Ethereum, Tether and Dogecoin have gained popularity over the years. Some investors see cryptocurrency as a “digital alternative” to traditional money — but it can be very volatile, and reliant on larger market conditions.
WHY ARE BITCOIN AND OTHER CRYPTO ASSETS SOARING NOW?
A lot of it has to do with the outcome of last week’s election.
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