As a seasoned researcher with a decade of experience in the ever-evolving world of cryptocurrencies, I must admit that the current bullish sentiment sweeping across the market is nothing short of exhilarating. The recent electoral victory of Donald Trump, a man who has shown a curious interest in digital assets, seems to have ignited a spark under this dynamic sector.
The cryptocurrency market is experiencing robust optimism, with many investors hopeful that Donald Trump’s potential presidency may lead to favorable economic policies for digital currencies.
Based on information from CoinGecko, it’s been reported that the total crypto market capitalization experienced a 5% increase within the last day, amounting to approximately $2.56 trillion. Furthermore, the daily trading volume has nearly doubled and is now around $236 billion.
This morning, Bitcoin (BTC) reached a new peak price of $75,011. Similarly, Ethereum (ETH) increased by 6.3%, currently trading at $2,590 as we speak. Nevertheless, it’s important to note that Ethereum is still 47% below its all-time high of $4,878, which was set in November 2021.
Currently, the majority of top 100 digital currencies are displaying positive trends, with many gaining value. This surge seems to be primarily driven by the election of Donald Trump, serving as a significant bullish force within the crypto market.
Keep in mind that rapid increases in prices within the cryptocurrency market have caused a significant increase in its volatility. Major cryptocurrencies like Bitcoin are already showing indications of short-term traders cashing out their profits.
According to an article on Crypto News, it appears that some long-term Bitcoin owners are taking action, which could indicate a possible sell-off ahead of another significant rally in the market.
Trump’s victory
Today marked the inauguration of Donald Trump as the 47th President of the United States, following his triumph against Democratic nominee Kamala Harris in the presidential election, securing more than 270 electoral votes.
Alongside the presidential race, pro-cryptocurrency contenders for the U.S. House and Senate have been outperforming their anti-cryptocurrency counterparts.
Based on information from Stand With Crypto, it appears that 247 pro-cryptocurrency candidates have been successful in securing positions within the U.S. House of Representatives, while 15 such candidates have been elected to serve in the Senate.
Most of these candidates have demonstrated a firm commitment to this sector by backing the SAB 121 legislation, as indicated in the organization’s statistics.
Read More
- 15 Charged for converting Drug Cartels’ Cash into Cryptocurrency in U.S.
- OREO Unveils Six New Products for 2025
- XRP Price Eyes $2 Support Level Amidst Market Correction
- ‘Brides’ Finds a Distributor in Neon for Latest New Vampire Horror Movie
- PYTH PREDICTION. PYTH cryptocurrency
- Google’s Willow Quantum Chip Sparks Bitcoin Security Debate
- Apple Lands Anya Taylor-Joy Led Drama ‘Lucky,’ Based on Bestseller
- ‘Fast and Furious’ Star Paul Walker Remembered 11 Years After His Death
- Ben Affleck And Matt Damon Are Back To Work Together, And An Insider Weighed In On Their Longtime Connection
- BlackRock’s IBIT ETF Surpasses 300K BTC Milestone
2024-11-06 13:33