The price of bitcoin topped $80,000 for the first time Sunday, extending a rally fueled by cypto optimism following Donald Trump’s election win.
Bitcoin BTCUSD2.18% hit as high as $81,074 on Sunday afternoon before slipping back to $79,006 as of 8 p.m. Eastern, according to CoinDesk data. The world’s largest cryptocurrency has surged more than 14% over the past week, and more than 25% over the past month. Over the past 12 months, it’s rallied more than 112%.
Other major cryptocurrencies also soared Sunday, including Ethereum ETHUSD0.59%, XRP XRPUSD 0.43%, Solana SOLUSD0.96%, CardanoADAUSD1.26% and Dogecoin DOGEUSD7.61%, which both surged more than 20%, according to Kraken data.
Trump’s victory in Tuesday’s presidential election raised hopes for crypto-friendly regulations. Trump, who once called crypto “a scam,” has now embraced digital assets and made a number of promises to the crypto community, including scaling back federal regulations, vowing to fire SEC Chairman Gary Gensler, pledging to build a U.S. crypto reserve and making the U.S. “the crypto capital of the planet.”