Bitcoin Hits $80K For the First Time as Trump Victory Fuels Crypto Optimism

Cryptocurrency prices continue to soar following Donald Trump’s recent election victory. Bitcoin (BTC) reached an all-time high of $80,000 on Sunday, just two days after crossing the $77,000 mark.

At press time, BTC trades at around $79,500, representing a weekly gain of over 16% and a monthly increase of more than 31%.

Altcoins Join the Rally

Other cryptocurrencies have also seen gains. Ether (ETH) rose 4.5% to nearly $3,100, marking its highest level over three months as activity in the decentralized finance (DeFi) sector strengthened. Solana (SOL), a popular layer-1 blockchain often positioned as Ethereum’s main competitor in DeFi, exceeded $200, reaching levels not seen since April.

Solana’s recent performance has pushed it past Binance Coin (BNB) to become the fourth-largest cryptocurrency by market cap, holding a valuation of $96.8 billion. Additional altcoins, including XRP, Dogecoin (DOGE), and Cardano (ADA), saw respective increases of 4.9%, 10.79%, and 32.5% over the past 24 hours.

Market Optimism

Many market participants are optimistic about potential regulatory changes under Trump’s leadership, hoping for a more favorable environment for digital assets. Analysts note increased investor activity since the election, with on-chain data showing that large Bitcoin transaction volume surged to $90 billion on Wednesday, highlighting a rise in whale activity.

Fundstrat Capital’s Chief Investment Officer, Thomas Lee, recently expressed continued confidence in Bitcoin’s trajectory on CNBC’s Squawk Box, predicting that BTC could hit six figures by year’s end. Lee believes the current rally is only a fraction of the potential for Bitcoin and the crypto market, emphasizing that Trump’s presidency will likely fuel even more growth for Bitcoin soon.

Trump’s proposals—including establishing a national Bitcoin reserve, supporting crypto miners, and forming a regulatory advisory body—have strengthened investor sentiment. His win has also led to optimism regarding potential changes in SEC leadership, which could usher in a more crypto-friendly regulatory framework.

As Trump begins his second term, industry leaders, like Bitwise CIO Matt Hougan, suggest this could signal a “golden age” for crypto.