Bitcoin (BTC) Surges Past $77,000, Setting a New All-Time High

Bitcoin (BTC) reached a new all time high of $77,020 roughly 48 hours after Donald Trump won the U.S. presidential election

Bitcoin price hit a new all-time high of $77,020 on Friday, November 8, setting a record for the second day in a row.

The BTC price reached a new all time high of $77,020 nearly 48 hours after Donald Trump won the U.S. presidential election, along with the election of several pro-crypto policymakers to Congress. With a market cap of $1.5 trillion, Bitcoin now ranks as the world’s ninth most valuable asset, surpassing Meta, formerly known as Facebook.

BTC price is up over 118% year-to-date with this recent surge. Over the past 30 days, BTC price increased by nearly 25% as seasonal trends and halving-year data pointed to bullish prospects. During the last two election cycles, BTC price has hit new highs and did not return to pre-election levels.

Policy plansCrypto money played a significant role in funding political action committees for the first time, leading experts and opinion leaders to anticipate progressive digital asset regulations from Washington. A BTC bill from Wyoming Senator Cynthia Lummis appears to be a frontrunner in what could become a new crypto policy landscape.

ICYMI: I just announced I will introduce legislation to establish a strategic Bitcoin reserve! #Bitcoin2024 pic.twitter.com/P36AcdmPFF

Like President-elect Donald Trump, Sen. Lummis pushed for a strategic national Bitcoin reserve and more. The proposal from Lummis would implement a BTC buying plan, piling on America’s existing 203,000 Bitcoin stockpile.

Lummis suggested acquiring 1,000,000 BTC over five years, which would cost the U.S. an estimated $77 billion if Bitcoin’s price remained constant over that period.

Bitcoin price targetsBTC proponents like Michael Saylor and the broader crypto community are predicting higher price targets. Price targets of $100,000 by year’s end, and $200,000 by 2025 were mentioned by investors and experts.

Investors already poured $72 billion into Bitcoin via Wall Street exchange-traded funds (ETFs). States like Detroit and Wyoming announced some form of Bitcoin adoption.

The common interest among crypto titans did not disband following victory in the 2024 U.S. elections. Crypto-focused super PAC Fairshake raised over $78 million for the 2026 mid-terms. The organization disclosed donations from A16z crypto and Coinbase even before the Associated Press declared voting results.

I think @standwithcrypto did amazing work this election cycle to rate political candidates on crypto issues and apply pressure.

There's still more work to do.

The largest cohort of U.S. politicians is still ranked undecided. pic.twitter.com/EuARsSAZs3