Bitcoin soared to a new all-time high of nearly $85,000 on Monday morning, spurred by the excitement surrounding Donald Trump's promise to enact crypto-friendly legislation. This surge in price has been met with celebration by investors who believe that the digital asset market is poised for significant growth under Trump's administration.
The president-elect's victory has been seen as a boon for the cryptocurrency industry, with many industry insiders predicting a "golden era" for digital assets. Trump's campaign was known for its crypto-friendly proposals, leading many to believe that his administration will work to overturn strict regulations, establish the US as a crypto hub, pass stablecoin legislation, and potentially create a national bitcoin reserve.
This optimism has resulted in a more than 10% increase in bitcoin's price since Election Day, with the token up 95% year-to-date. Analysts are now predicting that the price could reach $100,000 by the end of the year, with Geoff Kendrick of Standard Chartered suggesting that $90,000 could be the next target.
The rally in bitcoin has also impacted other cryptocurrencies, with altcoins like dogecoin and cardano more than doubling in value since Trump's victory. While these coins may appear overbought on daily timeframes, experts believe that they are being driven by a combination of FOMO (fear of missing out) and short squeezes, which could lead to further chaotic movements in the market.
Overall, the recent surge in bitcoin's price and the broader enthusiasm among crypto traders highlight a growing optimism in the industry. While some caution is advised due to the potential for volatile price movements, many believe that now could be a good time to consider investing in altcoins.