As Bitcoin hits $80,000, Standard Chartered calls new Solana peak ‘inevitable’ by year’s end
2024-11-11

Bitcoin reached a new inflation-adjusted high on Sunday morning, briefly surpassing $80,000, as digital assets have continued to rally in the wake of Donald Trump's re-election to a second Presidential term on Tuesday. 
One analyst who predicted Bitcoin's price hitting $80,000 before the election, Standard Chartered's Geoff Kendrick, predicts that the price of the world's largest cryptocurrency will continue to rise through the end of the year, hitting an "easily achieveable" $100,000 ahead of the Dec. 27 expiry date for certain Bitcoin options. 
"$125,000, which I forecast for the end of the year, is the next level, although I note following the 2016 election a lot of Trump trades peaked around the time of the Jan. 20 inauguration...So if BTC can’t reach $125,000 by Dec. 31 I think it will by Jan. 20," the bank's head of forex and digital assets research said in an email on Sunday. 
Kendrick further predicted that the given the recent gains logged by Ethereum and Solana, the rising price of Bitcoin might "lift all boats," with some tokens potentially outperforming the world's largest cryptocurrency. 
"A fresh all-time high for SOL (the all-time high is $260 from Nov. 2021) before the end of the year seems inevitable. For a fresh all-time high in ETH (which is $4,866 from Nov. 2021) we will likely have to wait until, roughly, the inauguration," Kendrick wrote. "More broadly we think all boats will keep rising but that of the three SOL is likely to perform best."

The rising price of Bitcoin, alongside bullish activity in the stock market, has buoyed the price of several other cryptocurrencies. Cardano has seen a notable rally of over 35% in the past twenty-four hours, according to The Block's Cardano Price Page, after founder Charles Hoskinson declared his intention to lobby the Trump administration for favorable crypto policy in a podcast posted to X on Friday. 
"I have personal friendships with certain lawmakers and certain people who are now members of the Trump administration," Hoskinson said. "We hopefully will be able to have great dialogues with them in the coming months to put together some of this policy and I hope to be part of that but that has yet to be decided based upon the fact that they're not even in office yet." 
Cardano's rise has helped buoy the overall value of the crypto market, which Kendrick predicts will continue to rise with crypto's adoption. "With all boats rising and fresh real world use cases coming through I see the entire asset class getting to $10 trillion by the end of 2026," Kendrick wrote. 
The top 30 crypto tokens are up about 8.5% over the past twenty-four hours, according to The Block's GMCI30 Index. 
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