President-elect Donald Trump lauded Bitcoin’s (BTC) record-breaking ascent past $100,000, congratulated Bitcoin investors on his Truth Social platform, and attributed the milestone to his influence.
Trump declared that Bitcoin investors are “welcome,” framing the surge as a testament to his pro-growth policies. He said:
“CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!”
Following the US election results on Nov. 6, Bitcoin experienced a series of all-time highs, culminating in a historic all-time high of $104,611 on Dec. 4. However, as of press time, the flagship crypto was trading around $98,300 following a retracement.
Over this period, BTC delivered a staggering 36% return, with market sentiment buoyed by what many traders and analysts dubbed the “Trump trade.”
Trump trade
Bitcoin’s rally gained traction in early October after a period of prolonged stagnation, driven by speculation surrounding the election’s outcome. Traders and investors began pouring into risk assets, including Bitcoin and US equities, anticipating that a Trump victory would catalyze a price surge.
This pre-election momentum pushed BTC prices up 20% in just a month. Market analysts responded by revising their forecasts, aligning investment strategies with the bullish sentiment spurred by Trump’s political comeback.
Standard Chartered’s global head of digital assets research, Geoffrey Kendrick, said investors should buy Bitcoin’s dip at $60,000 on Oct. 3, citing Trump’s potential win as a pivotal factor. Kendrick’s call coincided with growing market confidence in a pro-crypto administration.
VanEck’s head of digital asset research, Matthew Sigel, echoed this optimism, raising the firm’s price target for Bitcoin to $180,000 during the current bull cycle. Sigel attributed his bullish outlook to a combination of institutional demand and the political tailwinds from Trump’s election victory.
Meanwhile, Bitwise CIO Matthew Hougan described Trump’s presidency as heralding a “Golden Age of Crypto.” In a memo released after the election, Hougan suggested that Trump’s administration could usher in greater regulatory clarity for the US crypto market.
Hougan emphasized that Bitcoin’s fundamentals entering 2024 were already robust, bolstered by institutional demand following the approval of spot Bitcoin ETFs in the US and the increasing adoption of real-world use cases.
However, he noted that a pro-crypto government could amplify these gains, providing the final push to cement Bitcoin’s position as a mainstream asset class.
Bitcoin Market Data
At the time of press 8:22 pm UTC on Dec. 5, 2024, Bitcoin is ranked #1 by market cap and the price is down 0.24% over the past 24 hours. Bitcoin has a market capitalization of $1.94 trillion with a 24-hour trading volume of $142.94 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of press 8:22 pm UTC on Dec. 5, 2024, the total crypto market is valued at at $3.56 trillion with a 24-hour volume of $355.18 billion. Bitcoin dominance is currently at 54.53%. Learn more about the crypto market ›
