The cryptocurrency market is experiencing a new stage of growth as the total market capitalisation exceeded $3 trillion for the first time, hitting a record of $3.2 trillion after Donald Trump was elected US president. Trump’s victory, as well as the support of cryptocurrencies by some lawmakers in Congress, has sparked a wave of optimism, removing uncertainty about the future regulation of cryptocurrencies in the United States, Reuters writes.
According to CoinGecko, as of 14 November, the cryptocurrency market hit its highest levels, surpassing previous records set during the 2021 cryptocurrency boom. This happened despite the fact that just a few months ago, cryptocurrency prices and trading volumes remained low, and the market’s prospects looked unclear.
Bitcoin, which holds a leading position in the market, continues to dominate. The value of the most popular cryptocurrency rose to a record high of $93,480, which coincided with the market capitalisation of $3.2 trillion. According to Astronaut Capital’s Chief Investment Officer Matthew Dibb, bitcoin usually leads altcoins, and this trend continues, with further growth in market capitalisation expected.
The US election, in which Trump received support, also had a positive impact on investment sentiment, boosting confidence in the future of the cryptocurrency market. The value of bitcoin has doubled since the beginning of the year and is up 30% since the 5 November election.
Experts note that reaching $100,000 per bitcoin by the end of the year looks quite realistic, and many crypto enthusiasts believe that this is only the beginning of a new wave of growth.
