Bitcoin Breaches $81,000 To Record New High Following US Presidential Elections

While 2024 has been a bumpy and gloomy time for crypto geeks, there’s finally some good news!

Bitcoin has surged to its new all-time high, surpassing the $81,000 mark following Donald Trump's victory in the U.S. presidential election. This significant rise reflects the market's optimism surrounding Trump's support for digital assets and the potential for a more crypto-friendly administration.

As of November 11, Bitcoin reached $81,156.62, marking its second consecutive record-breaking day after peaking at $80,000 just the day before. Investors are now anticipating that new POTUS Donald Trump's presidency, combined with a pro-crypto Congress, will create a supportive environment for the growth of cryptocurrencies.

Bitcoin's recent gains follow its rise to $75,000 on November 6, surpassing its previous all-time high of $73,797.98 from March 2024.

However, one might wonder – is Trump winning the U.S. election the only reason? Read on to know more!
 

Why Is Bitcoin's Value Skyrocketing Right Now?

 

• Throughout the presidential campaign, Trump hinted at a favorable stance toward cryptocurrencies, reversing his earlier skepticism. His pledge to make the U.S. a "bitcoin and cryptocurrency capital" has infused optimism among crypto enthusiasts.

• Moreover, the prospect of a U.S. Congress filled with pro-crypto lawmakers adds to the bullish outlook, with many believing this will expedite favorable regulations for the crypto industry.

• Adding to this, inflows into U.S.-based Bitcoin ETFs as well as interest rate cuts from the Federal Reserve have led investors to seek alternative stores of value, further boosting the demand for Bitcoin and other crypto tokens.

 

Will This Crypto Trend Continue?

 

• Looking at the broader crypto industry, other tokens, including Elon Musk-backed Dogecoin (DOGE), are also experiencing massive gains. DOGE is trading around $0.28 on Monday, after an 83% increase in the past week.

• The second-largest crypto token, Ethereum, also saw a spike in transaction volumes, reaching its highest since July at nearly $60 billion. There's a noticeable spike in activity on the Ethereum main network, possibly due to a rise in DeFi and NFT activity.

• Major players like Richard Galvin, the founder of crypto investment firm DACM, anticipates continued "buying pressure" given the momentum generated by Trump's pro-crypto victory.

However, there is a much larger player in the crypto landscape who we cannot forget. Read on!
 

How Is Elon Musk Shaping The Future Og Dogecoin?

 

• Elon Musk's long-standing involvement with Dogecoin, including his co-founding of the "Department of Government Efficiency" (DOGE), has reignited interest in the meme coin. The DOGE initiative, aimed at reducing government waste, has gained attention, especially after Musk's comments suggesting it could save the U.S. trillions in tax spending.

• Interest in DOGE also reached a new all-time high of $2.26 billion and its highest daily trading volume of the year at $13.96 billion, signaling a surge of new capital.

• With Dogecoin's chart showing a breakout above key resistance levels, traders are eyeing a potential rally to revisit its October 2021 highs of $0.34. Similar trends are expected for other crypto tokens, given Bitcoin’s meteoric rise over the past few days.

 

Final Thoughts

While US president Trump's support appears to be a boon for the crypto industry, it is accompanied by challenges. His newly launched digital currency platform, World Liberty Financial, faced a lackluster launch, signaling that not every venture will see instant success. Trump's plans to appoint Elon Musk to oversee government audits also show a proactive approach to crypto that resonates with its tech-savvy advocates.

However, Bitcoin's record high of over $81,000 represents more than just a price milestone—it reflects market sentiment around the incoming pro-crypto administration, interest rate cuts and the growing adoption of crypto-based financial products. With a supportive administration, rising institutional interest and increasing activity across major blockchain networks, the U.S. might be entering a transformative era for digital assets.

Will Trump's pro-crypto approach help Bitcoin reach even greater heights? Will regulatory support and a pro-crypto governmental stance make the U.S. a global leader in the cryptocurrency landscape?

Let us know in the comments below!