Bitcoin (btc) tops $82,000 as crypto euphoria reigns over Trump's victory

Bitcoin hit another high on Monday as cryptocurrencies' rally following Donald Trump's election victory continued.

According to Coin Metrics, the price of the flagship cryptocurrency was last up 5% at $83,429.04. ether rose 2% after rising 30% last week and pushing it back above $3,000 over the weekend.

The decentralized finance token that is tied to Cardano rose by 1.7%, while payments were characterized XRP took a breather. Dogecoin rose further, by almost 8%.

Coinbase rose 15% while Microstrategy advanced 12%.

Susannah Streeter, head of money and markets at investment platform Hargreaves Lansdown, noted that the cryptocurrency bullish move comes against the backdrop of market “euphoria” sparked by Trump’s presidential victory last week.

“His promise to fully focus on crypto has taken Bitcoin to new, exhilarating heights,” she said in a research note on Monday.

“He has made a U-turn on supporting the industry and is now promising to make the US the crypto capital of the world. Bitcoin speculators are betting on a milder regulatory environment and expect authorities to build a reserve cryptocurrency fund, which will help boost ongoing demand.”

During the campaign, Trump made a number of promises to the crypto industry, including making the US the “crypto capital of the planet” and insisting that all Bitcoins should be mined in the country.

He also vowed to oust U.S. Securities and Exchange Commission Chairman Gary Gensler, who has taken an aggressive approach toward cryptocurrencies even though the president does not have the authority to do so.

In a research note last week, Citi strategists highlighted that crypto was one of the “few Trump trades that have not yet been retraced.”

“Part of the reason for this is the expected crypto-friendly nature of the Trump administration, which investors hope will lead to regulatory clarity in the US,” said the strategists led by David Glass.

They noted that spot crypto ETFs have seen some of the largest inflows ever since the election.

“Specifically, net inflows for BTC and ETH ETFs in the two days following the election were $2.01 billion and $132 million, respectively,” they said. “We continue to see ETF flows as the primary driver of Bitcoin returns.”

Looking ahead, some analysts expect cryptocurrencies to continue to rise. Some say Bitcoin is on track to hit $100,000 by the end of the year.