After the just-concluded US election, the global cryptocurrency market ushered in a new wave of rising prices. As the leader of cryptocurrencies, Bitcoin's price broke through the $80,000 mark for the first time on November 10, which not only broke the historical record, but also once again attracted the attention of global investors and market observers. This article will explore in depth the reasons for the surge in Bitcoin prices and the driving factors behind it.

Market reaction after the US election

With the announcement of the results of the US election on November 5, the volatility of the investment market has also intensified. Trump's victory has become one of the key factors in this round of cryptocurrency rise. Since the election results were settled on November 5, the price of Bitcoin has been rising all the way, and the new high of $80,000 on November 10 has brought unprecedented attention to the cryptocurrency market.

According to data from market data platform Coinglass, on November 10 alone, the price of Bitcoin rose by more than 5% to more than $80,000. This price not only broke the record of $75,000 on US election night, but also added a new milestone to the historical price peak of Bitcoin.

Bitcoin price history: from trough to new high

The price of Bitcoin has not been rising all the way, it has experienced many violent fluctuations. In November 2021, Bitcoin once climbed to a high of $67,000, but then entered a downturn for more than a year. In November 2022, the price of Bitcoin fell to a bottom of nearly $16,000. However, as Trump announced his participation in the 2024 presidential election, the price of Bitcoin gradually came out of the trough and showed a gradual upward trend.

In March this year, the price of Bitcoin exceeded $70,000 for the first time, setting a new high again. Market analysis believes that this round of rise has benefited from the overall recovery of the cryptocurrency market, as well as the favorable expectations of changes in the new US political situation.

Dual drive of policy expectations and market confidence

Trump said at a cryptocurrency conference in July this year that he would work to make the United States the world's "cryptocurrency capital" and "Bitcoin superpower." He promised to take a more open attitude in regulation and planned to include Bitcoin in the United States' national strategic reserve. This series of policy commitments in support of cryptocurrencies has injected strong confidence into the market, making cryptocurrency investors full of expectations for future development.

In addition, Trump also stated that he would appoint regulatory officials who support cryptocurrencies to further promote the United States' leading position in the global cryptocurrency field. This policy shift has led the market to generally expect that more cryptocurrency-friendly policies will be introduced in the future, accelerating the development of the cryptocurrency market.

Chain reaction of cryptocurrency

Not only Bitcoin, but also other mainstream cryptocurrencies such as Ethereum and Dogecoin have begun to rise sharply under the influence of Trump's victory. After the results of the election were announced on November 6, digital currencies such as Ethereum and Dogecoin immediately entered the rising channel. At the same time, the stocks of cryptocurrency-related companies also ushered in a strong rise in the same period, further reflecting the market's optimistic expectations for the future development of cryptocurrencies.

Market expectations for the future

Trump's victory not only rekindled the Bitcoin craze, but also brought new opportunities to the entire cryptocurrency industry. With the Republicans successfully controlling the Senate and maintaining a majority in the House of Representatives, Trump's policies will be easier to advance. Analysts generally believe that Bitcoin may continue to set new highs in the coming period, and the cryptocurrency market will usher in further development.

After Trump's victory, the market expects the United States to gradually release more policies that are favorable to cryptocurrencies, which will not only help enhance investor confidence, but also inject new vitality into the cryptocurrency industry. In the long run, favorable policies will drive Bitcoin and other cryptocurrencies to continue to expand their influence globally, attracting more attention and investment from traditional financial institutions and investors.

Bitcoin's record of breaking through $80,000 is an important milestone in the history of cryptocurrency development. Whether it is policy support, market confidence or investor enthusiasm, it shows the huge potential of the cryptocurrency market. In the future global economic landscape, the status of crypto assets such as Bitcoin may be more stable, and this round of gains may just be the beginning. With Trump's blessing, the cryptocurrency industry is expected to usher in a new peak of development in the next few years.