30s Summary

Cryptocurrency prices have risen since Donald Trump’s election victory, with Bitcoin breaking records at $77,000. Laggard altcoins such as Cardano and Polygon also surged 15% after the Federal Reserve rate cut. Ethereum’s Ether increased by 3%, nearing its 3-month high. The rise in cryptocurrency coincides with traditional markets like the S&P 500 also hitting record levels. This surge is partly due to institutional investors betting on a rally to last 6 to 12 months, potentially leading Bitcoin to reach $125,000 according to Ari Paul from BlockTower.

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After Donald Trump’s election victory, cryptocurrency prices have been skyrocketing. On Friday, Bitcoin broke its all-time record by crossing $77,000. Other cryptocurrencies, previously underperforming aka ‘laggard altcoins’, also saw a surge after the Federal Reserve decided to cut rates.

Bitcoin, the oldest and biggest cryptocurrency, set a new price record of $77,105 during U.S. trading hours. Even though it only made a slight 0.2% gain, it outperformed the broader market CoinDesk 20 Index. Cryptocurrencies like Cardano and Polygon experienced a 15% surge.

Other cryptocurrencies like Ethereum’s Ether also saw a 3% increase, nearing its 3-month high of $3,000. This rise came as the decentralized finance (DeFi) sector gears up for potential regulation changes in the U.S. under the new Trump administration, which could be more accepting of digital assets. Solana, often considered Ethereum’s main competitor in the DeFi sector, surpassed $200 for the first time since April.

Meanwhile, traditional markets like the S&P 500 are also hitting record heights, crossing the 6,000 mark following Trump’s election win. The surge in cryptocurrency prices is in part due to institutional investors who are speculating on a rally to last the next six to 12 months. Ari Paul, from digital asset investment firm BlockTower, suggested that this rally could eventually take Bitcoin as high as $125,000.