Bitcoin topped the $37k level over the weekend as the market performance improved.
Javier Milei has won the presidential election in Argentina and has been vocal about his support for Bitcoin.
Bitcoin Trading Above $37k Once Again
Bitcoin, the world’s number one cryptocurrency by market cap, is up by more than 1% over the last 24 hours. At press time, the price of Bitcoin stands at $37,213.
The positive performance comes as the market reacted to Javier Milei winning the presidential election in Argentina. Milei is a self-described anarcho-capitalist who has voiced his support for Bitcoin over the years.
The president-elect is also planning to adopt the US Dollar as a legal tender in Argentina and shut down the country’s central bank. Bitcoin rallied to the $37,350 region late on Sunday before slightly retracing to the sub-$37,300 region.
Thanks to this latest development, the total cryptocurrency market cap increased to $1.41 trillion.
Altcoins have also been performing well in the last 24 hours. Ether, the second-largest cryptocurrency by market cap, is up by 2% in the last 24 hours and is now trading at $2,005 per coin.
Chainlink is the best performer amongst the top 20 cryptocurrencies by market cap. It went up by more than 5% over the weekend and is now trading at $15.02.