Bitcoin hits another record high as post-election crypto rally gains momentum

Bitcoin (BTC-USD) notched yet another record high Monday, exceeding the $84K mark, as Donald Trump’s presidential election win continued to fuel optimism for crypto-friendly policies.

The price of bitcoin (BTC-USD) jumped 6.2% to $84.7K at press time, leaving the highest-profile token about 40% higher from a month ago. BTC had topped $80K for the first time over the weekend. The rally broadened to altcoins, with ether (ETH-USD) up 1.4%, dogecoin (DOGE-USD) +25.6%, cardano (ADA-USD) +0.3% and solana (SOL-USD) +3.3%.

Crypto-focused stocks unsurprisingly caught a bid. MicroStratgey (MSTR), which earlier in the session disclosed a big bitcoin (BTC-USD) purchase, surged 17%. Bitcoin miners MARA Holdings (MARA) +22%, Riot Platforms (RIOT) +15.8%, Bit Digital (BTBT) +24%, Bitfarms (BITF) +15% and CleanSpark (CLSK) +22% all soared double-digits.

Exchange-traded funds investing directly in bitcoin (BTC-USD) also posted notable gains, with (IBIT), (FBTC), (GBTC) and (BTC) each climbing about 10%.

The swings come as Investors are factoring in the potential for the Trump administration to roll back crypto regulations, with a pro-crypto shift in Congress that could pass legislation to support industry growth.

Bitwise Head of Europe Bradley Duke noted that crypto asset sentiment is at its highest level in three years. “Investors see the Trump victory as a strong tailwind for crypto expecting it will usher in a golden age of crypto,” he said.

Seeking Alpha analyst Financial Serenity thinks $100K may now be in the cards for bitcoin (BTC-USD), even as “overcapitalization and concentrated supply may limit gains.”