Bitcoin hits $80,000 for first time as crypto traders enjoy Trump election victory

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Cryptocurrencies extended gains on Sunday, Bitcoin Hitting $80,000 for the first time ever.

The price of the flagship cryptocurrency recently rose 4.5% to $79,800.19, according to Coin Metrics. ether Shares rose 3% after breaking above $3,000 on Saturday. It last changed hands for $3,203.10.

Smaller coins have seen greater volatility as investors continue to digest the impact of President-elect Donald Trump’s re-election. payment coins Ripple Soared 11%. Decentralized financial tokens and cardano Soared 40%. Meme Coin Dogecoin and Shiba Inu coin soared by 17% and 31% respectively.

“Cryptocurrency is about to enter a golden age,” Alex Thorn, director of research at Galaxy Digital, said in a Friday research note. “Trump has promised to make the United States the ‘crypto capital of the world,’ and his top team is filled with strong crypto players. Advocates… The nature of his team, family and donors’ support for cryptocurrencies increases the likelihood that Trump will deliver on his campaign’s promises to the industry.

On Sunday, Bitcoin hit $80,000 for the first time.

Regardless of the election outcome, Bitcoin is considered a safe asset — even the SEC does not consider it a security, and Trump has made major proposals for Bitcoin, such as considering the establishment of a strategic nation The idea of a Bitcoin reserve and talking about the need to keep all Bitcoin mined in the United States.

However, Ethereum and other cryptocurrencies will benefit more from Trump’s promise of a crypto-friendly regulatory environment, which appears to be a priority for many in his inner circle. For example, one of the reasons spot Bitcoin ETFs haven’t been as successful as Bitcoin ETFs is that they don’t distribute staking rewards. Many in the industry hope that will change next year.

“In this environment, we expect Bitcoin and other digital assets to trade significantly above current all-time highs over the next two years,” Thorne said. “What was once a depressing headwind in the world’s largest capital market will now Turns into a tailwind, and no one is optimistic enough.”