This past weekend, cryptocurrencies extended their winning streak, with BitCoin touching $80,000 for the first time. The coin’s price now sits at $79,800.19, which is 4.5% higher than it started before climbing. Another crypto, Ether, rose 3%, last being recorded at $3,203.10.
Many investors have seen crypto as a safe bet during the election regardless of the outcome. One reason is that it isn’t considered a security, even by the Securities and Exchange Commission.
Smaller coins saw more movement as investors continued to plan for President-elect Donald Trump’s second term. XRP, a payments coin, surged 11%, while Cardano, a decentralized finance token, shot up 40%. Even meme coins like Dogecoin and Shiba Inu rose 17% and 31%, respectively.
“Crypto is poised to enter a golden era,” said Alex Thorn, head of research at Galaxy Digital. “Trump has promised to make America the ‘crypto capital of the world’ and his high-level team is filled with strong crypto advocates… The pro-crypto nature of his team, family, and donors increases the likelihood that Trump follows through on his campaign promises to the industry.”
Some of the promises are that Trump wants to create a strategic national bitcoin reserve and the need to keep all bitcoin mined in America. Many coins will likely benefit from the pro-crypto regulatory environment that was promised.
“In this environment, over the next two years we expect that bitcoin and other digital assets will trade significantly higher than the current all-time high. What was once an oppressive headwind in the world’s largest capital market will now shift to a tailwind, and no one is bullish enough,” Thorn said.