Bitcoin has surged to nearly $80,000, gaining traction from President-elect Donald Trump’s hold of digital assets and crypto Congress. The digital currency climbed 4.3% to an unprecedented $79,771, reaching heights unseen before and capturing the attention of investors worldwide. Other cryptocurrencies like Cardano and Dogecoin joined the rally, with Dogecoin rising 29% before stabilizing.
Following a previous record high of $73,738 in late October, BTC has rebounded post-election, hitting $73,000 and signaling more potential upside. Investors see Trump’s return to office as a catalyst, with many projecting the price to surge above $80,000. Polymarket and Kalshi’s trading platforms indicate increased interest and investments in this outcome, reflecting bullish sentiment.
Trump’s Victory Sparks Optimism for Bitcoin Prediction
Trump’s victory has encouraged investors in cryptocurrencies. His intention of accumulating bitcoins and hiring pro-crypto regulators during his campaigns has boosted the anticipation of a booming digital asset market. Trump’s dominance of the Senate and a slight majority in the House enable him to drive crypto-positive legislation, providing further impetus to Bitcoin’s upward move.
Analysts have bullish sentiments about Bitcoin’s future price. Predictions for the digital currency place it between $80000 and $90000, well within the timeframe of Trump’s January 2025 inauguration. The election results have also instilled hope, as investors expect the launches of wise policies to occur that may raise the prices of BTC and other cryptocurrencies further in a short period of time.
Russ Mould, investment director at AJ Bell, noted that Bitcoin’s price could soar if Trump returns to the White House. Bitcoin’s recent rally has sparked speculation about a potential rise above $100,000, fueled by Trump’s support for digital currencies. Crypto traders are closely watching the market for any signs of continued growth.
Bitcoin and Other Cryptos See Strong Growth
The cryptocurrency market has rallied, with BTC gaining about 90% in 2024, driven by interest in exchange-traded funds (ETFs) and the Federal Reserve’s rate cuts. Other major cryptocurrencies, including Ethereum and Dogecoin, also saw significant gains following Trump’s victory. Ethereum surged by 8%, and Dogecoin spiked by as much as 29%.
The market is also moving due to a growing appetite for ETFs, especially BlackRock’s iShares BTC Trust, which many analysts expect will take the Bitcoin rally to new heights. According to Bloomberg data, ETF had a record net inflow of about $1.4 billion courtesy of institutional investors taking an interest in BTC, which had been quiet. This marks a significant turnaround from the Jan 2021 attack on all things crypto during the era of President Joe Biden.
Related Reading: Bitcoin and Gold Prices to Surge with Trump’s Victory, JPMorgan Predicts 2024
