Bitcoin Breaks Ceiling Again, Surpasses $88,000 for the First Time Ever... "Will Rise for 2 Years" (Comprehensive)

Rally on Cryptocurrency-Friendly Trump Effect
New Highs After Surpassing $80,000 Previous Day
Cryptocurrency-Related Stocks Like Coinbase Also Surge

Bitcoin surpassed $88,000 for the first time in history. Riding the wave of a surge fueled by the effect of Donald Trump, the U.S. President-elect who announced cryptocurrency-friendly policies, it has been breaking record highs day after day.

On the 11th, when Bitcoin, the leading cryptocurrency, surpassed $80,000 for the first time ever due to the influence of the US presidential election, Bitcoin price information was displayed on the electronic board at the Upbit Customer Center in Gangnam-gu, Seoul. Photo by Kang Jin-hyung

According to Coinbase on the 11th (local time), as of 4:31 PM Eastern Time, Bitcoin, the leading cryptocurrency, was trading at $88,093, up 10.69% from the previous trading day.

Bitcoin broke the $75,000 mark for the first time on the 6th, seven months after the victory of Trump was confirmed, setting a new all-time high. It then surpassed $80,000 for the first time on the 10th and quickly broke through the $88,000 level on the same day.

Other cryptocurrencies such as Ethereum rose 5.46%, and Solana increased by 5.99%. Cryptocurrency-related stocks also surged. On the New York stock market that day, Coinbase, a U.S. cryptocurrency exchange, jumped 19.76%, and Marathon Digital Holdings, a cryptocurrency mining company, soared 29.92%.

Cryptocurrencies including Bitcoin are representative assets of the "Trump Trade," where money flows into investments expected to benefit from Trump’s victory. Earlier, Trump had announced cryptocurrency-friendly policies, such as dismissing Gary Gensler, the Securities and Exchange Commission (SEC) chairman who held a negative stance on cryptocurrencies during his candidacy, and declaring his intention to make the U.S. the cryptocurrency capital.

The speed of Bitcoin’s rise is much faster than initially expected. Before the election, Wall Street predicted that if Trump won, Bitcoin would surpass $80,000 by the end of the year. According to a Bloomberg Market Live Pulse survey conducted on the 29th of last month with 350 investors and economists, the year-end Bitcoin price was expected to be $80,000 if Trump won, and $65,000 if the opposing candidate, Vice President Kamala Harris, won. Bitcoin surpassed $88,000 on the 11th, just six days after the election, far exceeding the initial year-end forecast of $80,000.

Le Shi, Managing Director of Aurus Hong Kong, said, "Considering Trump’s favorable stance on cryptocurrencies and the fact that the aftermath of his victory has not yet settled, the surge in cryptocurrencies is only a matter of time. We are witnessing it now."

Alex Sohn, Head of Research at cryptocurrency investment firm Galaxy Digital, predicted, "Cryptocurrencies are entering a golden age. As the once oppressive headwinds in the world’s largest capital markets are expected to turn into tailwinds, Bitcoin and other digital assets will trade at prices much higher than the current all-time highs over the next two years."