Bitcoin’s (COIN:BTCUSD) price has risen above $80,000 for the first time, buoyed by the result of last week’s U.S. election which saw a decisive victory for Donald Trump.

Other cryptocurrencies have also risen, including dogecoin (COIN:DOGEUSD) which Trump supporter Elon Musk has promoted.

Trump is pro-cryptocurrency, and while on the campaign trail he promised to make the U.S. “the crypto capital of the planet.” He said he could create a strategic bitcoin stockpile and appoint regulators who were friendly to digital assets. He also plans to sack Gary Gensler, the current chair of the Securities and Exchange Commission, who has led the crackdown on the crypto industry.

The president-elect’s victory has propelled bitcoin to new heights, and the cryptocurrency has now risen by more than 80% this year.