Key takeaways
- Bitcoin briefly surged past $80,000 after Donald Trump won the Presidential election.
- Cardano’s price jumped after Charles Hoskinson announced plans to influence crypto policies in the Trump administration.
- Standard Chartered predicts new all-time highs for Bitcoin, Ethereum, and Solana before Trump’s inauguration.
- Analysts foresee Bitcoin reaching up to $125,000 by January 20, 2025.
Bitcoin Hits $80K Following Trump Victory
Bitcoin surged past $80,000 on Sunday morning, marking a new inflation-adjusted high. The price increase followed President-elect Donald Trump’s electoral victory and the stock market’s subsequent rally.
Investors are betting on the continued growth of digital assets in light of favorable market conditions. Analysts such as Standard Chartered’s Geoff Kendrick anticipated this rise, forecasting $80,000 as a key target before the election.
According to an X post, Kendrick believes that Bitcoin’s price will keep climbing until the end of the year. He expects it to hit $100,000 before the expiration of certain Bitcoin options on December 27.
In an email sent on Sunday, Kendrick emphasized that the $125,000 level is “easily achievable” by December 31. However, he also noted that past market movements, particularly during the 2016 election, showed that prices might peak around Trump’s inauguration on January 20.
Besides Bitcoin, Kendrick predicted that Ethereum and Solana could also see significant gains. He forecasted that Solana might break its previous all-time high of $260, set in November 2021, before the year ends.
In comparison, Ethereum’s all-time high of $4,866 might take longer to reach, possibly by Trump’s inauguration.
Cardano Gains Momentum as Hoskinson Eyes Policy Role
Alongside Bitcoin’s rise, Cardano experienced a major price rally, surging by over 35% within 24 hours. Also, ADA has sustained a surge of more than 75% in the past week, according to CoinMarketCap.
This increase came after Cardano’s founder, Charles Hoskinson, expressed his intentions to shape crypto policy under Trump’s administration.
On Friday, during a podcast on X, Hoskinson mentioned his connections with several members of the incoming administration. He expressed optimism about influencing crypto-friendly policies.
In his podcast, Hoskinson said, “I have personal friendships with certain lawmakers and certain people who are now members of the Trump administration.”
He added that he hopes to engage in discussions regarding crypto policies in the coming months. However, Hoskinson clarified that nothing is set in stone yet, as the new administration is not officially in office.
Cardano’s price surge reflects growing confidence among investors, with many expecting the coin’s involvement in future crypto regulations. This optimism has contributed to the broader crypto market’s rally.
Broader Crypto Market on the Rise
As Bitcoin and Cardano surged, the overall cryptocurrency market followed suit. The top 30 crypto tokens, as tracked by The Block’s GMCI30 Index, saw an average increase of 8.5% over the past 24 hours.
Investors are optimistic that crypto adoption will continue to grow, especially under a Trump-led administration. Kendrick noted that the crypto market could reach a total value of $10 trillion by the end of 2026 if this growth continues.
Additionally, Kendrick believes that Bitcoin’s success will lift other major cryptocurrencies. He stated that “all boats will keep rising,” referring to the expected gains across different digital assets.
Solana, in particular, is expected to perform the best among top cryptocurrencies due to its strong fundamentals and recent price gains. Both Bitcoin and Cardano have benefited from recent political developments and growing market interest.
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Rida is a dedicated crypto journalist with a passion for the latest developments in the cryptocurrency world. With a keen eye for detail and a commitment to thorough research, she delivers timely and insightful news articles that keep her readers informed about the rapidly evolving digital economy.
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