Fueled by President-elect Trump’s victory and the stock market’s upward momentum, Bitcoin surpassed $80,000 on Sunday — a new all-time high.

Investors expect the cryptocurrency to reach six-figures sooner rather than later.

VanEck CEO Jan van Eck, in a TV appearance, predicted Bitcoin (BTC) could be valued as half of all the gold outstanding.

“I think Bitcoin will hit all-time highs today, and I think it will go further. Ultimately, I think bitcoin’s value will be half of all the gold outstanding, so you’re talking about around $300,000 for Bitcoin.”

Why only half?

Because it’s a “reasonable base assumption,” Van Eck added. Van Eck made the comment when Bitcoin surpassed $77,700 just days after the U.S. presidential election. See below.

Bitcoin bull run

Investors have been piling into ETFs, sending Bitcoin and Ethereum (ETH) on an upward momentum.

Then there was crypto’s role in the 2024 U.S. presidential election, which went from cameo to scene-stealer.

In the months leading up to Election Day, the mass media published one neck-and-neck poll after another. But Polymarket — a crypto-betting site — proved to be the more accurate gauge for which candidate voters preferred.

For what it’s worth, Vice President Kamala Harris’ pledged to embrace digital assets as an emerging technology. Ultimately, it was Donald Trump’s pandering that ultimately won over a majority of this particular slice of the electorate — a group that had made their frustrations toward the Biden administration and the SEC known.

Recall his previous administration. Trump disavowed Bitcoin at the time. But after losing the 2020 election and being saddled with legal fees, cash was needed for a re-election campaign. The then-Republican candidate saw an opportunity: capitalize on the crypto hype.

Trump sold non-fungible tokens (NFTs); hawked Bitcoin-themed sneakers; made a guest appearance at a Bitcoin conference; and promised to make the U.S. a crypto mining capital (the U.S. already does the most mining).

He and his eldest sons even launched their own coin, World Liberty Fi.

In the weeks leading up to Nov. 5, crypto analysts predicted that a Trump win would yield crypto-friendly policies and send the price of Bitcoin soaring to $80,000, or perhaps $100,000.

As this week tees off, with clarity on who will be sworn into the White House come January, it appears that Bitcoin is indeed on that trajectory.

The U.S. presidential elections finally come to a close, with Republican Donald Trump ‘trumping’ over Democratic Kamala Harris. Recent voting results show that the Republican secured 286 electoral votes, whereas the Democratic presidential candidate secured only 224, pushing chances of the former U.S. president’s victory to take substantial weightage. With a total of only 270 electoral votes needed to bag victory, the Democratic party’s win remains alarmingly slim while Trump emerges as the talk of the town nationwide.

Kamala Harris Fumbles In US Presidential Elections 2024

As per election data from Stand With Crypto, Donald Trump currently stands strong in the presidential elections with a majority of the votes, i.e., 286 electoral votes. Other election data showed Kamala Harris stands right behind with 47.4% of the votes, i.e., 224 electoral votes. Meanwhile, Jill Stein and Robert Kennedy followed with 0.4% of votes each. This data, altogether, underscores that the Republican presidential candidate won the 2024 elections, whereas the Democratic presidential candidate lost.

Simultaneously, it’s noteworthy that this presidential election saw a substantial rise in support for pro-crypto candidates, aligning with the abovementioned results. In an X post by Thinking Crypto podcast founder Tony Edward on November 6, it was pointed out that anti-crypto candidates suffered an alarming loss in this election. Meanwhile, with his pro-crypto stance, the Republican presidential candidate appears to have stolen the spotlight.

However, Democratic Kamala Harris faced a significant setback with her diminished interest and policies surrounding crypto. Aligning with this, a recent CoinGape Media report shows that pro-crypto candidates are readying to dominate the U.S. Congress. A total of 242 pro-crypto candidates have been elected to the House of Representatives against 113 anti-crypto candidates. Also, 14 pro-crypto candidates are in the Senate as of now, while 9 anti-crypto lawmakers are also present in the Senate. Overall, it is clear that the latest U.S. presidential elections saw a substantial influence due to policies and standings on digital assets.

Further, in light of Trump resuming his role as the 47th president of the United States, the crypto horizon remains bullish. The Republican presidential candidate earlier promised to fire SEC Chairman Gary Gensler, given that he won, adding to pro-crypto support nationwide. Also, he gauged in on establishing a national Bitcoin fund and making the United States the “Bitcoin and cryptocurrency capital of the world,” which also aligns with the pro-crypto victory in this election.

What’s Happening In The Crypto Realm?

Meanwhile, with the nationwide masses getting a clear understanding of Kamala Harris’ loss, crypto participants are witnessing a paradigm shift in market sentiment. Notably, Bitcoin (BTC) touched a new ATH amid recent election developments. Further, even altcoins soared remarkably, as seen by the global market cap reaching $2.4 trillion. This bullish momentum primarily falls in line with the pro-crypto candidate’s recent win.

Simultaneously, a meme coin also emerged as a hot trend amid the elections. Notably, Elon Musk’s D.O.G.E. role under the Trump cabinet has garnered substantial optimism toward Dogecoin price. DOGE price surged nearly 13% intraday to reach $0.1902. Notably, the coin even topped the $0.2 level today, aligning with Trump’s win. Nevertheless, the Democratic presidential candidate has faced a severe setback in the U.S. 2024 elections.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.