Bitcoin reached a new all-time high of $81,858 late on Sunday, breaking through the $80,000 barrier amid growing optimism following the US election. The market’s positive sentiment is fueled by expectations that pro-crypto policies may take shape under President-elect Donald Trump. As of early Monday, Bitcoin’s value had stabilized around $81,500, marking an impressive 18.5% increase over the past week, according to Forbes. By mid-day Monday, CoinMarketCap recorded Bitcoin’s value at $82,368.15, with a market capitalization of $2.79 trillion and a trading volume of $237.48 billion.
The surge in Bitcoin’s price has sparked gains across the broader crypto market. FXStreet highlighted that Bitcoin’s 6% increase on Sunday was a key driver, lifting the prices of other major cryptocurrencies such as Ethereum, Dogecoin, and Solana. Over the past week, Ethereum saw a notable rise of 28.7%, reaching $3,165, while Dogecoin experienced a dramatic 83% spike. This broad rally has led to speculation about a new regulatory environment emerging in the US, especially with Republicans gaining control of the Senate and further strengthening their House majority.
Under Trump’s leadership, the crypto industry expects a more favorable regulatory climate. The former president has shifted his stance to embrace digital currencies, pledging to make the US the “crypto capital of the planet” and stating that the government would retain all Bitcoin holdings. His administration had previously been more skeptical of cryptocurrencies, but his new position has sparked optimism. Prominent industry figures such as the Winklevoss twins and Marc Andreessen have expressed support for Trump’s pro-crypto stance, and analysts predict Bitcoin could reach between $80,000 and $90,000 within the next two months.
As Bitcoin hits new highs, related stocks are also benefiting, with Coinbase’s share price surging by 50% over the past five days. The crypto boom has also made a significant impact on the 2024 election cycle, with crypto becoming the top corporate donor, contributing 44% of corporate donations. Pro-crypto political action committees (PACs) supporting both Republicans and Democrats funneled $135 million into races, and crypto-backed candidates made notable gains, with 268 pro-crypto House representatives and 19 pro-crypto senators elected. As Bitcoin continues to climb, traders remain cautiously optimistic, speculating that the surge could continue, though they remain wary of potential market corrections ahead of expected regulatory shifts in 2025.
- Tags: Bitcoin, CoinMarketCap, donald trump, Forbes, usa 2024 election
