Bitcoin surged above $82,000 for the first time on Monday, hitting a historic milestone in cryptocurrency trading. The cryptocurrency market reacted enthusiastically to the victory of President-elect Donald Trump, sending Bitcoin to its all-time high. Trump’s pro-crypto stance suggests the industry may be on the upswing.
Other tokens, such as Ether, also saw significant growth, and the larger cryptocurrency market followed suit.
Bitcoin Strikes Between Historic Highs And Political Change
Bitcoin surged 19.5 percent from last week’s levels to hit a high of $82,197 early Monday, according to Global Financial Panorama.
According to a Forbes story, the rally began over the weekend, with bitcoin breaking through the $80,000 mark on Sunday and continuing its upward momentum into Monday.
The price of Ether, the second largest cryptocurrency, rose 28.7 percent to $3,165, indicating a positive trend for all digital currencies.
Not only Bitcoin and Ether led the rise of the cryptocurrency market, but other well-known tokens such as Dogecoin, Solana’s SOL, and Binance’s BNB all saw notable gains.
Notable was Dogecoin, which saw an 83% increase due to investor enthusiasm and its recall. The Forbes report claims that market excitement over Trump’s victory and the prospect of crypto-friendly measures under his administration is reflected in the strong rise in cryptocurrency values.
Trump’s Victory Inspires Optimism in the Crypto Community
Crypto enthusiasts hope that Donald Trump’s election victory will lead his administration to take a more positive stance on digital assets.
Investors have embraced Trump’s campaign promise to establish the US as the “crypto capital of the planet.” Known for his ever-changing views on cryptocurrencies, he has gone from a skeptic to a staunch proponent, pledging to put all bitcoin holdings under government control.
This change suggests that industry-wide regulatory demands can be reduced.
A Republican victory in flipping the Senate and perhaps retaining the House has boosted market confidence by putting the new administration in a position to craft crypto-friendly policies with fewer legislative hurdles.
According to analysts, the current political environment is conducive to the growth of digital assets. Bitcoin could reach $125,000 by the end of the year if Trump sticks to his promises.
A Wave of Pro-Crypto Sentiment Swept over Congress
Pro-crypto politicians won big in several races besides Trump, suggesting the industry has broader legislative support. According to the advocacy group Stand With Crypto, about 268 pro-crypto candidates were elected to the House and 19 to the Senate.
Among the notable victories was the Ohio Senate race, in which crypto-entrepreneur and Republican Bernie Moreno upset incumbent Democrat Sherrod Brown, who was known to oppose the development of cryptocurrencies.
Leaders in the cryptocurrency sector have applauded the wins, with Coinbase CEO Brian Armstrong saying, “Being anti-crypto is just bad politics.”
With $135 million poured into crypto super PACs like Fairshake and Defend American Jobs, the election results, which were fueled by significant industry donations, show bitcoin has emerged as a major political force.
How High Can Bitcoin Go?
As digital assets are expected to benefit from Trump’s policies, many analysts are raising their price targets. According to Bernstein’s experts, Bitcoin may rise further in the near future, perhaps reaching $80,000 to $90,000.
According to a Forbes story, Standard Chartered’s Geoff Kendrick is even more optimistic, predicting that if the Trump administration follows through on its promises, bitcoin could reach $125,000 by the end of the year.
All eyes are on the evolving policy landscape as the cryptocurrency market is riding high on optimism. Investors are interested in how the Trump administration’s stance on cryptocurrencies will affect the sector going forward and whether the momentum will result in long-term growth.
Ada Spark is a tech explorer and creative content creator with 6+ years of experience. Appreciate teamwork and creative strategies to promote content. Always looking to work according to the latest trends and create content that makes a difference. Also familiar with infographics and other forms of content.
