In a groundbreaking development, Bitcoin has surged beyond the $80,000 threshold, reaching an all-time high of $81,000. This remarkable ascent appears to be fueled by the positive sentiment surrounding Donald Trump’s election victory and its anticipated impact on the cryptocurrency market. As of 1:25 PM Eastern Time on Sunday, Bitcoin was trading at $81,110.99 on the Coinbase exchange, up a 6.22% increase from the previous day.
The digital currency first breached the $80,000 mark at 7 AM and has maintained its upward trajectory since. Trump’s campaign remarks suggesting he would ease cryptocurrency regulations have galvanized market optimism. On election day, November 5, Bitcoin had already pushed past $75,000, continuing its streak of record-breaking performances.
Ethereum has also joined the rally, surpassing $3,000 and trading around $3,200, representing a more than 6% increase. Since the election, Bitcoin and Ethereum have jumped by 18% and 32%, respectively. Coinbase’s stock price followed suit, leaping 48% last week, its biggest gain since January last year. As boosted by Elon Musk’s endorsement, Dogecoin surged over 40% to $0.30.
Trump has previously expressed his intention to elevate cryptocurrency to a key economic sector in the U.S., sparking expectations of a more lenient regulatory environment under his potential administration. CNBC reports that Trump’s promised pro-cryptocurrency policies could significantly benefit the industry.
According to Alex Thorn, head of research at Galaxy Digital, cryptocurrency could enter a “golden era.” He noted that Trump and his team’s support for cryptocurrencies would likely open up more opportunities for the industry. “In this environment, over the next two years, we expect that Bitcoin and other digital assets will trade significantly higher than the current all-time high,” Thorn said.
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