Bitcoin hit yet another all-time high on Monday, as the rally in cryptocurrency prices gained momentum following Donald Trump’s recent presidential victory. According to Coin Metrics, Bitcoin rose over 12%, reaching $89,174, with a peak of $89,623. Ether, the second-largest cryptocurrency, climbed more than 7% to $3,371.79, benefiting from a 30% weekly gain that pushed it above $3,000 over the weekend.
Crypto Market Soars with Gains Across Key Tokens
Other major cryptocurrencies followed suit: Cardano’s DeFi token ticked up by 4.7%, while Dogecoin spiked almost 24%. Meanwhile, crypto-related stocks also saw significant gains, with Coinbase closing up nearly 20% and MicroStrategy advancing over 25%. Both stocks continued to rise in extended trading.
Market Euphoria Follows Trump’s Pro-Crypto Agenda
Susannah Streeter, head of money and markets at Hargreaves Lansdown, noted the “euphoria” in the crypto market fueled by Trump’s election win and his promises to support the industry. In a research note, Streeter highlighted Trump’s pledge to make the U.S. the “crypto capital of the world,” sending Bitcoin to “fresh heady heights.” Speculators are betting on a favorable regulatory environment under Trump, including potential initiatives to build a U.S. reserve crypto fund.
Trump’s Vision for a U.S.-Dominated Crypto Industry
On the campaign trail, Trump outlined a series of crypto-focused promises, including plans to make the U.S. a global crypto hub and require all Bitcoin mining to take place domestically. He also indicated a desire to replace SEC Chair Gary Gensler, known for his strict approach to crypto, though such a decision remains outside the president’s direct authority.
Analysts Predict Bitcoin Could Reach $100,000 by Year-End
Citi strategists recently pointed out that crypto has been one of the few assets benefiting significantly from Trump’s victory, with the anticipated crypto-friendly policies boosting investor confidence. Spot crypto ETFs have seen record inflows since the election, with $2.01 billion for BTC and $132 million for ETH in just two days post-election, further driving Bitcoin’s rise.
Looking forward, analysts remain optimistic about Bitcoin’s growth, with many forecasting that it could reach the $100,000 milestone by year’s end if current trends persist.
