• Bitcoin climbed to a record of nearly $85,000 on Monday morning.

• Investors are celebrating Donald Trump's promise to enact crypto-friendly legislation.

• One analyst predicted the price could reach $100,000 by the end of the year.

Donald Trump's election victory has turbocharged bitcoin's price momentum, sending the token to a record of nearly $85,000 on Monday. It reached an intraday high of $84,986.15.

The all-time high highlights broad enthusiasm among crypto traders who are convinced that digital assets are headed for a boost under Trump.

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. The self-branded crypto president's administration 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 US, marking a major turning point for the industry," Matt Mena, a crypto research strategist at 21Shares, previously told Business Insider.

These promises have helped bitcoin surge by more than 10% since Election Day. The token is up by 95% in the year to date.

Geoff Kendrick, Standard Chartered's 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 bitcoin. Altcoins such as dogecoin and cardano have more than doubled since Trump's victory, though they remain well below their records.

"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," Alex Kuptsikevich, FXPro's chief market analyst, said. "Perhaps now is the time to pick up altcoins."

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