As a seasoned researcher with a knack for deciphering market trends and a deep-rooted interest in cryptocurrencies, I must admit, these recent price surges have left me both intrigued and a bit overwhelmed. The Trump trade, as it seems, has managed to cast its spell not just on Bitcoin, but on the entire crypto market, with altcoins like Ethereum, Solana, and Dogecoin joining the fray.
On November 6, crypto stocks experienced a significant increase due to optimism about Donald Trump’s re-election as the U.S. President, which strengthened the market’s positive expectations.
During the time leading up to the election, as betting predictions pointed towards Trump’s win, cryptocurrencies surged. However, the real action occurred on Election Day. The price of Bitcoin (BTC) soared past $75,000 before momentarily pausing.
The belief that markets would surge if Donald Trump won the election, often referred to as the “Trump trade,” extended beyond Bitcoin alone, influencing altcoins as well. For instance, Ethereum (ETH) surpassed $2,700, Solana (SOL) is poised to reach $190, and Dogecoin (DOGE) managed to break through the $0.20 mark.
During the early market hours, crypto company stocks like Coinbase, MicroStrategy, and Riot experienced a surge in value, climbing even higher during regular U.S. trading. This surge occurred at the same time that Vice President Kamala Harris phoned Donald Trump to offer her congratulations. It was anticipated that Harris would deliver a concession speech later on the same day.
Currently, as I’m typing this, each share of Coinbase is valued at $253.58 – an increase of 30%. Over the past month, this represents a 50% total gain, while over the last year, it signifies a significant jump of 193%.
In simple terms, MicroStrategy, which holds the most Bitcoin among corporations, experienced a significant surge in its stock price by approximately 13% on that particular day and an impressive 40% increase over the past month. Over the past year, MSTR has outshone many other stocks, generating returns exceeding 460%.
Additionally, Bitcoin mining companies like Marathon Digital, Riot Platforms, CleanSpark, and Hut 8 experienced significant growth. Specifically, Marathon Digital (MARA) rose by 19%, Riot Platforms (RIOT) increased by 21%, CleanSpark (CLSK) went up by 20%, and Hut 8 (HUT) gained 9% after reporting positive quarterly earnings.
In simpler terms, Robinhood, a platform that facilitates cryptocurrency trading, experienced substantial growth, with its stock price increasing by 20%. Similarly, Block Inc.’s (SQ) shares also saw an uptick, rising over 7% during the same period.
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2024-11-06 22:52