The price of bitcoin has soared nearly 50% since Election Day.
The price of bitcoin topped $100,000 for the first time ever late Wednesday, and soared to a fresh high in early trading on Thursday.
The new gains extended a rally set off by the election of former President Donald Trump, who is viewed as friendly toward cryptocurrency.
In a post on Truth Social on Thursday, Trump took credit for the gains: “CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!!.”
Since Election Day, the price of bitcoin has climbed nearly 50%. That performance far outpaces the S &P 500, which has risen about 5% over the same period.
But the breakneck pace of bitcoin’s growth poses a quandary for investors: Is it too late to buy into the rally, or will the good times continue to roll?
Investment analysts who spoke with ABC News gave reason to be optimistic about further gains, citing expectations of a friendly regulatory environment under Trump and continued interest rate cuts at the Federal Reserve.
The surge of momentum alone may pull investors from the sidelines, propelling the price of bitcoin higher, they added.
Analysts, however, warned that bitcoin remains a highly volatile asset, making it all but impossible to predict where its price will go next.
“Bitcoin clearly has some things going in its favor,” said Mark Hamrick, Washington bureau chief and senior economic analyst for Bankrate.
