Bitcoin Surges to $82,000 Amidst Ongoing Crypto Excitement Following Trump Victory, Reports NBC10 Philadelphia

• Citi analysts recently indicated in a report that cryptocurrency remains one of the investment areas still maintaining its value since the Trump election phenomenon.
• During his campaign, President-elect Trump made a series of commitments to the crypto sector, including his ambition to position the United States as the global leader in cryptocurrency.
• Future predictions by several market experts point towards a potential surge in cryptocurrency values, with predictions of bitcoin reaching the high landmark of $100,000 before the year concludes.

Following the electoral success of Donald Trump, Bitcoin reached new heights on Monday, continuing the positive trend in the cryptocurrency market.

As of 5:30 a.m. ET, bitcoin’s price rose by 3.6% to $82,171, per the data from Coin Metrics, after having achieved a new landmark by surpassing $80,000 on Sunday for the first time.

Other digital currencies witnessed gains as well, with ether climbing 1.7% to approximately $3,202, having breached the $3,000 mark over the weekend. Meanwhile, the token associated with Cardano increased by 1.3% and the payment-oriented cryptocurrency XRP stabilized after its recent rise.

The trending ‘memecoins’ such as dogecoin and Shiba Inu coin also gained momentum, posting increases of nearly 10% and 3.5%, respectively.

Susannah Streeter, the senior investment and markets analyst at Hargreaves Lansdown, remarked that the upward trajectory of cryptocurrency is fueled by the “euphoria” surrounding Trump’s recent victory.

“The endorsement of crypto by Trump has paved the way for Bitcoin to reach new remarkable levels,” she said in a Monday research briefing.

“Having reversed his stance on backing the industry, he now vows to transform the U.S. into the foremost cryptocurrency hub globally. Bitcoin enthusiasts speculate on a more favorable regulatory setting and anticipate the creation of a national crypto reserve, boosting continued demand for the digital currency.”

On the campaign front, Trump pledged a variety of pro-crypto initiatives, including the ambition to make the U.S. the outright leader in cryptocurrency and ensuring that all bitcoins are domestically mined.

He also aimed to challenge the position of U.S. Securities and Exchange Commission Chairman Gary Gensler, known for his stringent approach to regulating crypto, despite it falling outside presidential powers.

Last week’s Citi research brief underlined that the sustained investment interest in crypto is partly due to the anticipated pro-crypto stance of Trump’s administration, which investors believe would bring about a clear regulatory framework in the U.S.,” stated the lead strategist David Glass and his team.

They observed significant capital inflows into crypto ETFs since the election, some of the largest to date.

“In particular, net inflows for BTC and ETH ETFs during the two days following the election amounted to $2.01 billion and $132 million, respectively,” they reported. “We maintain that ETF flows continue to be a significant factor influencing Bitcoin’s price dynamics.”

As the future unfolds, a number of analysis reports suggest an optimistic continuation of the crypto market’s growth, with consensus among some analysts that bitcoin is poised to achieve the $100,000 mark before this year’s end.