Bitcoin Reaches Unprecedented $80,000 Milestone Amidst Celebration of Trump’s Electoral Win by Crypto Investors

On Sunday, the surge in cryptocurrencies continued, with bitcoin reaching the $80,000 mark for the first time in history.

The premier digital currency, bitcoin, was up by 4.5%, trading at $79,800.19 as per Coin Metrics data. Meanwhile, Ether climbed by 3%, continuing its ascent after surpassing the $3,000 level on Saturday, with its latest price being $3,203.10.

As investment flows continued to process the re-election of President-elect Donald Trump, smaller cryptocurrencies experienced even more substantial increases. The digital currency for payments, XRP, jumped by 11%. Furthermore, the decentralized finance token associated with Cardano shot up by 40%. The popular memecoins dogecoin and Shiba Inu coin saw significant boosts of 17% and 31%, respectively.

“Crypto is on the brink of a golden age,” mentioned Alex Thorn of Galaxy Digital in a research briefing on Friday. “With Trump vowing to make America a crypto stronghold and his cabinet hosting several individuals open to cryptocurrency… it increases the likelihood of Trump keeping his campaign pledges to the sector,” Thorn added.

Regardless of the election’s result, bitcoin has been acknowledged as a safe asset — not classified as a security by the Securities and Exchange Commission, with Trump openly considering the creation of a national bitcoin reserve and advocating to retain all bitcoin mining within the US.

Although bitcoin remains robust, other digital currencies such as Ether could benefit significantly from the pro-cryptocurrency regulatory climate promised by Trump, a priority for his administration insiders. For instance, traditional spot bitcoin ETFs haven’t had as much success as their counterparts that include staking rewards, and many industry insiders are optimistic that regulatory changes will come about in the next year.

“We foresee bitcoin and other cryptocurrencies surging well beyond their current peaks over the forthcoming two years,” Thorn stated. “What was a formidable obstacle in the world’s largest capital market will turn into an advantageous force, and the market sentiment is not yet as bullish as it could be,” he further remarked.

Since the election, bitcoin and ether have seen respective gains of 18% and 32%. Coinbase has witnessed a 48% increase in the past week alone, marking its most successful week since January 2023.