Trump’s election and several pro-cryptocurrency lawmakers in Congress have sparked a wave of optimism, removing some uncertainty over regulatory issues in the United States.
The value of the global cryptocurrency market exceeded $3 trillion with the election of Donald Trump as the 47th President of the United States raising the stakes during a new boom in all segments. Reuters wrote this on Thursday, November 14.
According to data from CoinGecko, as of November 14, the total market value of cryptocurrencies reached nearly $3.2 trillion.
The market outperformed in 2021, when pandemic stimulus boosted speculative investment. This happened despite the fact that just a few months ago, cryptocurrency prices and trading volumes remained low for a long time and the outlook was uncertain.
Bitcoin dominates the market, and the market value milestone coincides with the token’s rise to a record $93,480.
“Bitcoin usually comes out first, followed by other altcoins,” said Matthew Dibb, chief investment officer at Astronaut Capital.
So, according to him, there is a gradual capitalization and we can expect an increase in the total capitalization of the market.
Trump’s election and several pro-cryptocurrency lawmakers in Congress have sparked a wave of optimism, removing some uncertainty over regulatory issues in the United States.
Bitcoin has doubled its value since the beginning of the year and is up 30% since the US election on November 5th.
“Bitcoin enthusiasts are known for making bold predictions, but reaching $100,000 by the end of the year seems very realistic,” said Carl Santir, founder and managing partner of Blockstone Capital.
As you know, the growth of Bitcoin and other cryptocurrencies was stimulated by the victory of Donald Trump in the US presidential election. The Republican candidate has publicly expressed support for digital assets.
Against this background, market participants are increasing their bets that Bitcoin will reach the height of $100 thousand this year.
It was also found that the meme cryptocurrency Dogecoin rose almost 20%. This was after Trump announced the creation of the Department of Government Effectiveness, which he called DOGE. It will be led by Tesla CEO Elon Musk and Strive Asset Management co-founder Vivek Ramaswamy.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.