For the first time, Bitcoin reaches $80,000 following the Trump election victory, eliciting joy among crypto traders.

• As investors pondered the implications of a second term for President-elect Donald Trump, Bitcoin reached a new high of $80,000.
• Bitcoin has been deemed a safe asset regardless of the outcome of the election
• Smaller coins, including payments coin XRP, saw bigger moves.

On Sunday, the price of cryptocurrencies reached a new high of $80,000.

The price of the flagship cryptocurrency rose 3% after passing the $3,000 level on Saturday, reaching a high of $3,203.10, according to Coin Metrics.

As investors digested the implications of a second term for President-elect Donald Trump, smaller coins saw bigger moves. The payments coin surged 11%, the decentralized finance token tied to rocketed 40%, memecoins soared 17%, and Shiba Inu coin jumped 31%.

"According to Alex Thorn, head of research at Galaxy Digital, the crypto industry is set to experience a golden age. Trump's campaign promise to make America the "crypto capital of the world" and his team's strong crypto advocacy increase the likelihood that he will fulfill this promise."

Despite the election results, Bitcoin is considered a safe asset and not a security, as declared by the Securities and Exchange Commission. Trump has also expressed support for Bitcoin, suggesting the need to keep all mined Bitcoin in America and considering the idea of a strategic national Bitcoin reserve.

While ether and other cryptocurrencies may not have benefited as much from the regulatory environment under Trump, they stand to gain more from the crypto-friendly environment that his administration has promised and appears to be a priority for many in his inner circle. For instance, one reason spot bitcoin ETFs didn't see as much success as bitcoin ETFs is because they don't distribute staking rewards. Many in the industry are hopeful that this will change next year.

"In the current environment, we anticipate that bitcoin and other digital assets will experience significant growth over the next two years, surpassing their current all-time highs," Thorn stated. "The shift from headwind to tailwind in the world's largest capital market will bring about a bullish outlook, but no one is optimistic enough."