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Cryptocurrencies extended their gains on Sunday, Bitcoin It reached $80,000 for the first time in history.
The price of the flagship cryptocurrency was last up 4.5% to $79,800.19, according to Coin Metrics. ether It rose 3% after breaking above the $3,000 level on Saturday. The last trade was at $3,203.10.
Small-cap coins gained momentum as investors continued to digest the effects of President-elect Donald Trump’s second term. payment coin XRP It soared 11%. decentralized finance tokens associated with cardano It jumped to 40%. meme coin dogecoin and Shiba Inu Coin soared 17% and 31%, respectively.
“Cryptocurrencies are entering a golden age,” Alex Thorne, head of research at Galaxy Digital, said in a research note on Friday. “Trump has promised to make America the ‘crypto capital of the world,’ and his high-level team has strong crypto supporters… His team, his family, his donors… The pro-crypto character makes Trump more likely to implement his policies,” a campaign promise to the industry. ”
Bitcoin reached $80,000 for the first time in history on Sunday.
Regardless of the outcome of the election, Bitcoin is considered a safe asset, Bitcoin is not considered a security even by the Securities and Exchange Commission, and President Trump is interested in the idea of a National Strategic Bitcoin Reserve. He made big suggestions about Bitcoin, saying: The need to keep all Bitcoin mined in America.
But Ether and other cryptocurrencies stand to benefit even more from the crypto-friendly regulatory environment that President Trump has promised and appears to be a priority for many of his aides. For example, one of the reasons Spot Bitcoin ETFs have not been as successful as Bitcoin ETFs is because Spot Bitcoin ETFs do not distribute staking rewards. Many in the industry are hopeful that the situation will change next year.
“In this environment, we expect Bitcoin and other digital assets to trade significantly higher than their current highs over the next two years,” Thorne said. “What were once overwhelming headwinds in the world’s largest capital market are now turning into tailwinds, and no one is bullish enough.”
Bitcoin and Ethereum have risen 18% and 32%, respectively, since election day. coinbase It rose 48% last week, its best week since January 2023.
