[NEWS] Bitcoin surpasses $80,000; Dogecoin up 30% from the previous day

Positive movements have been seen every day in the cryptocurrency market. On the 10th, Bitcoin (BTC) exceeded $80,000 (approximately 12.24 million yen) for the first time, setting a new record high. At the time of writing, it is fluctuating around $80,500 (approximately 12.31 million yen), and momentum is still not waning.

In addition, along with Bitcoin, major altcoins such as Ethereum (ETH) have seen a significant price increase. At the time of writing, Ethereum is fluctuating around $3,200 (approximately 490,000 yen). This is the level in August of this year.

While many stocks across the board have seen a significant increase in price, the movement of Dogecoin (DOGE) is eye-catching. Dogecoin has risen by about 30% from the previous day, and is within reach of the $0.3 (approximately 46 yen) range for the first time since November 2021. Shibainu (SHIB), which is based on Dogecoin, also rose and returned to the level it has been since June of this year.

The background to the rise in the cryptocurrency market is the expectation following the victory of former President Donald Trump in the recent US presidential election. Trump has shown a positive attitude towards cryptocurrencies and has stated that he will begin to develop unclear regulations. In particular, he has been mentioning the immediate dismissal of SEC (Securities and Exchange Commission) Chairman Gary Gensler, who has taken a hardline stance against the cryptocurrency industry, and the price is reflecting the expectations for the industry's progress more than ever before.

Major cryptocurrencies such as Bitcoin and Ethereum seem to reflect expectations for Trump, but Dogecoin is being influenced by the actions of Elon Musk of Tesla, a major American electric car maker.

Musk supported the Trump campaign in the US presidential election. Trump has also asked him to establish and lead the Department of Government Efficiency, an organization aimed at improving the federal government's finances.

Musk has indicated his intention to accept this request, and in September he wrote the initials of the Department of Government Efficiency as "D.O.G.E." This has caused excitement in the Dogecoin community, which has also had an impact on the price. Dogecoin has seen its price fluctuate wildly due to Musk's comments for some time, but there is a possibility that his every move will lead to increased volatility in the future.

At the time of writing, Dogecoin has risen to sixth place in market capitalization, surpassing XRP and USD Coin (USDC).

Image: Shutterstock

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