- Bitcoin climbed to a record high of nearly $85,000 on Monday morning.
- Investors are celebrating Donald Trump's promise to enact crypto-friendly legislation.
- One analyst says the price could reach $100,000 by year-end.
Donald Trump's election victory has turbocharged bitcoin's price momentum, sending the apex token to a fresh record of nearly $85,000 on Monday. It reached an intraday high of $84,986.15.
The all-time high highlights broad-sweeping enthusiasm among crypto traders, who are convinced that digital assets are headed for a boost under Trump policy.
For some, such as Binance CEO Richard Teng, the president-elect's victory marks the start of a "golden era" for cryptocurrency.
After all, Trump's campaign was never short on crypto-friendly proposals. Among several ideas, the self-branded "crypto president" is expected to overturn tight regulation, make the US a crypto hub, pass stablecoin legislation, and maybe even create a national bitcoin reserve.
"Crypto is now essentially legal in the U.S., marking a major turning point for the industry," 21Shares crypto research analyst Matt Mena previously told Business Insider.
These promises have helped bitcoin surge more than 10% since last week's Election Day. The token is up 95% year-to-date.
Geoff Kendrick, Standard Chartered head of FX research, sees more highs coming imminently.
"For me, given current momentum post-election, I think this means 90k becomes the next target, easily achievable ahead of November 29. And then 100k, easily achievable ahead of December 27," he said in written commentary.
The rally hasn't been limited to just bitcoin. Altcoins such as dogecoin and cardano have more than doubled since Trump's victory, though they remain well below their record highs.
FXPro chief market analyst Alex Kuptsikevich separately noted that the rally isn't limited to just bitcoin. Instead,
"Although both coins look overbought on daily timeframes, they are being driven by FOMO and short squeeze, which promises more chaotic moves in the coming days," FXPro chief market analyst Alex Kuptsikevich said. "Perhaps now is the time to pick up altcoins."