Bitcoin surged past the $80,000 mark late Sunday, hitting an all-time high of $81,858, driven by renewed optimism following the US election.
The prospect of pro-crypto policies under President-elect Donald Trump appears to be fueling the rally.
By early Monday, Bitcoin settled around $81,500, reflecting an 18.5% increase over the past week, according to Forbes.
PUNCH Online’s check on CoinMarketCap showed Bitcoin’s value at $82,368.15, with a market cap of $2.79 trillion and a volume of $237.48 billion as of 11:26 a.m. Nigerian time.
FXStreet highlighted that Bitcoin surged more than 6% on Sunday alone, boosting sentiment across the broader crypto market.
Ethereum (ETH), Dogecoin (DOGE), and Solana (SOL) also saw gains, with Ether rising 28.7% over the past week to $3,165, and Dogecoin spiking by 83%.
Analysts believe a shift in the regulatory landscape may be underway, as Republicans gained control of the Senate and increased their majority in the House, potentially creating a more favorable environment for cryptocurrencies.
While Trump’s previous administration was skeptical of digital currencies, the president-elect has recently embraced the sector, vowing to make the US the “crypto capital of the planet.”
Trump also promised to retain “100% of all the Bitcoin the US government currently holds or acquires in the future” and to replace SEC Chair Gary Gensler, whose tenure saw extensive regulatory action against crypto firms.
Traders remain bullish, with some suggesting the current rally may just be the beginning.
“Bitcoin has maintained an upward swing since Trump’s victory,” one trader noted, although caution is urged as volatility could still challenge new highs.
The crypto surge has also positively impacted related stocks.
Coinbase’s share price jumped by 50% in the last five days, gaining another 15.6% in pre-market trading on Monday, reaching $312.92.
Trump’s pro-crypto stance has earned the backing of industry heavyweights, including billionaire investors Cameron and Tyler Winklevoss, and Marc Andreessen.
His vice president-elect, Senator JD Vance (R-Ohio), is also a well-known Bitcoin investor.
Analysts at Bernstein, led by Gautam Chhugani, have predicted Bitcoin could reach between $80,000 and $90,000 within two months of a Trump win.
Meanwhile, Standard Chartered’s Geoff Kendrick has suggested that Bitcoin could rise to $125,000 by the end of 2024 under Trump’s leadership.
The 2024 election cycle saw crypto emerge as a major corporate donor, with Public Citizen reporting that 44% of corporate donations came from the industry.
Pro-crypto PACs such as Fairshake, Defend American Jobs, and Protect Progress collectively funneled $135 million into races this year, The New York Times reported.
As of Sunday, crypto-backed candidates made significant gains, with 268 pro-crypto House representatives and 19 pro-crypto senators elected, according to Stand With Crypto.
With Bitcoin now trading above $80,000, the crypto industry is celebrating, though traders remain cautiously optimistic.
“Bitcoin is breaking records as a weekend surge drives the price near $82,000 to kick off the week,” CoinTelegraph reports.
While the rally is promising, traders are cautious, anticipating possible market corrections as the US approaches regulatory adjustments expected in 2025.
