Bitcoin price skyrockets after Trump win

After a long run of stability, Bitcoin suddenly jumps in value after the results of the US presidential elections. Image CoinDesk

Donald Trump’s election win sent shockwaves to markets around the world. And not just in traditional markets but also in the cryptocurrency world where the Bitcoin price skyrocketed.

At $738, the cryptocurrency rose around 3% from an earlier $708 mark overnight. However, the jump did not happen to other forms of digital money, reports Fortune.

Another form of cryptocurrency like Ethereum and Ripple, which are the second- and third-biggest in the market have gone down by 2% and 1% respectively, according to a Coinmarketcap report.

Bitcoin’s jump in market value is acting as a vindication that it is a haven in times of market volatility. The cryptocurrency has also enjoyed a long period of relative stability in the second half of 2016. Yet, despite the positive trend, its current value is still far from the all-time high of $1,200 that it experienced back in 2013. Alfred Bayle