Trump's Victory Sparks Surge in Crypto Market: Bitcoin Breaks $80,000, Dogecoin Soars

Trump's Victory Sparks Surge in Crypto Market: Bitcoin Breaks $80,000, Dogecoin SoarsOn the evening of November 10th, Beijing time, with news of Trump's victory circulating, the Bitcoin market witnessed a robust rally. The $80,000 milestone was officially breached, marking the first time Bitcoin has ever reached this price point

Trump's Victory Sparks Surge in Crypto Market: Bitcoin Breaks $80,000, Dogecoin Soars

On the evening of November 10th, Beijing time, with news of Trump's victory circulating, the Bitcoin market witnessed a robust rally. The $80,000 milestone was officially breached, marking the first time Bitcoin has ever reached this price point. According to 21st Century Business Herald, cryptocurrencies are considered part of the "Trump trade." During his campaign, Trump repeatedly expressed his favor for Bitcoin and cryptocurrencies, believing that their innovative spirit and autonomy align with core American values. He also planned to support cryptocurrencies through policy, aiming to make the US a global leader in Bitcoin and blockchain technology. Trump's victory has reinforced the bullish confidence of Bitcoin investors, leading to a rapid surge in the cryptocurrency's price following the news. Over the past five natural days, Bitcoin has gained over 10%. In the last two months, it has climbed approximately 40%, and its year-to-date gains are close to 80%.

Bernstein Research, in its latest report, predicts that Bitcoin could reach a price of $200,000 by the end of 2025.

According to the Securities Times, Dogecoin's gains have been even more "dramatic." Since November 6th, the price of Dogecoin has soared from $0.1699 per coin to around $0.2262 per coin, representing an increase of over 30%. It's reported that Elon Musk, the CEO of Tesla, who has long supported Dogecoin, previously stated that if Trump wins the election, he would establish a Department of Government Efficiency, abbreviated as D.O.G.E.

Nick Philpott, co-founder of digital asset brokerage ZodiaMarkets, said, "Our price target range for Bitcoin, in the event of Trump's victory, is between $75,000 and $80,000. We also expect inflows from ETF funds and broader cryptocurrency funds to push Bitcoin to $100,000 in early Q1 of next year, possibly even earlier. On the options side, there are substantial call options with strike prices between $80,000 and $100,000, which should further add momentum."

Geoff Kendrick, Global Head of Digital Asset Research at Standard Chartered Bank, believes that following Trump's victory, Bitcoin's price will reach $125,000 by the end of this year and $200,000 by the end of 2025. Kendrick believes that Trump's previous commitments to cryptocurrencies, such as firing SEC Chair Gary Gensler, establishing a national strategic Bitcoin reserve, and reshaping the US as a "Bitcoin superpower," will fuel Bitcoin's rise.

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