Bitcoin approaches $90,000 for the first time

The flagship cryptocurrency was last up 12% to $89,100, according to Coin Metrics. It rose as high as $89,623.00 early Monday. Many investors expect its price to continue setting new records, reaching up to $100,000 later this year.

“Bitcoin is now in price discovery mode after breaking all-time highs early last Wednesday morning when it was officially announced that Trump had won the election,” said HC Wainwright analyst Mike Colonnese. “The strong positive sentiment is likely to continue through the balance of 2024, and (we) see Bitcoin prices potentially reaching six figures by the end of this year.”