Cryptocurrency market reaches new heights after Trump win
Bitcoin soars as crypto market sets new record.
The global cryptocurrency market has surged past $3 trillion, fueled by a resurgence in interest following Donald Trump’s recent presidential election win, which many investors believe could usher in favourable US regulations. This milestone marks a new peak, eclipsing even the 2021 boom fueled by pandemic-era investments, as the total market value reached nearly $3.2 trillion in early November, according to CoinGecko. Bitcoin, the market’s leader, hit a record high of $93,480, with other cryptocurrencies like Ether and Dogecoin also seeing significant gains.
Trump’s election and pro-crypto lawmakers in Congress appear to have injected optimism by easing concerns over regulatory uncertainty. Bitcoin has doubled in value this year and jumped 30% since Election Day to $90,000, while Ether rose to $3,220, and Dogecoin gained 140%, supported by endorsements from Trump ally Elon Musk. Institutional interest has also grown, with increased buying in crypto exchange-traded funds hinting at broader adoption from financial entities.
Yet, the overall value of cryptocurrencies remains modest compared to traditional assets like gold or the US stock market. Some segments of the crypto market, such as NFTs, remain subdued. However, industry insiders suggest that sustained high market values could lead to further exploration of blockchain applications, including decentralised finance and real-world asset tokenisation, signalling that crypto’s current momentum might spark broader financial innovations.
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