Within just 24 hours of successfully surpassing the $80,000 mark, Bitcoin showcased its impressive strength by surging another 12% to $89,100 on Monday evening, according to data from Coin Metrics. At one point, Bitcoin even touched $89,623, and many investors are hopeful that the cryptocurrency is en route to the $100,000 milestone this year.
“Bitcoin is currently in a phase of discovering new price levels after breaking its all-time high on the morning of November 6th, when Trump was officially declared the winner,” shared Mike Colonnese, Analyst at H.C. Wainwright. “The strong positive sentiment is likely to persist throughout 2024, and we foresee Bitcoin reaching the six-figure mark by the end of this year.”
Donald Trump’s overwhelming victory in the US presidential election has breathed new life into the cryptocurrency market. The president-elect’s pledges to create a more friendly legal environment for cryptocurrency businesses have ignited optimism among investors. This is particularly significant for startups and cryptocurrency projects that have been grappling with legal ambiguities.
“That has done a 180-degree turn,” Matt Hougan, Chief Investment Officer of Bitwise Asset Management, told CNBC. “We’re now in a positive legal environment, we’re getting momentum from that, and this is happening in a market that was already trending up… that’s going to take us even higher.”
The rally isn’t limited to Bitcoin. Other cryptocurrencies are also experiencing impressive gains. Dogecoin, bolstered by its association with Elon Musk—who played a part in Trump’s victory—has surged by 38%. Ether, XRP, and the Polygon project’s token have also recorded significant increases ranging from 4% to 5.8%.
In the stock market, crypto-related stocks are putting on an impressive show. Coinbase’s shares soared 19% during the main trading session, surpassing the $300 mark for the first time since 2021.
Traders and analysts agree that this rally has just begun.
“It seems like there’s a gap between Bitcoin’s previous all-time high of around $72,000 and $100,000,” Hougan said. “It’s hard to see exactly what would bring sellers into this market and stop the upward momentum before we get there. Of course, nothing is guaranteed. You may see some corrections, but we’re in a new crypto market cycle… I think we’re right to be optimistic, and the trend is still upward.”
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