The Rising Value of Bitcoin
Bitcoin, the biggest cryptocurrency by market capitalisation, had a huge spike when Donald Trump won the US presidential election. By November 12, its price had risen to an astounding $89,719.55, up from $68,874.17 on November 5. This is a big step that highlights the post-election cryptocurrency boom.
Ethereum’s Outstanding Development
The second-largest cryptocurrency, Ethereum, saw significant increases as well. On November 5, its price was $2,459.62; on November 12, it was $3,382.49. The market’s optimism and growing investor interest in alternative cryptocurrencies are reflected in Ethereum’s ascent.
Solana, Avalanche Rally, and BNB
Significant increases were also seen in other well-known cryptocurrencies like BNB, Solana, and Avalanche. Solana went from $166.35 to $223.01, Avalanche went from $24.04 to $37.20, and BNB went from $562.80 to $665.12. These gains demonstrate the general optimism in the cryptocurrency sector.
The Gains of Cardano and XRP
Cardano and XRP did not fall behind in the rally. Cardano witnessed an even greater increase, going from $0.3358 to $0.6076, while XRP went from $0.5132 to $0.6279. Following the election, the market’s general bullish momentum helped these assets.
Stablecoins and Meme Coins Join the Upswing
Even meme coins, such as Shiba Inu and Dogecoin, experienced remarkable development. Shiba Inu increased from $0.00001800 to $0.00002955, while Dogecoin surged from $0.1772 to $0.4160. Stablecoins such as Tether also had modest price rises, rising from $0.9994 to $1.0022.
Why Is the Crypto Rally Happening?
Bitcoin price increases have historically coincided with U.S. presidential elections. The value of Bitcoin has increased dramatically in previous election cycles, rising 87% after Obama, 44% after Trump, and 145% after Biden. Events like the halving of Bitcoin and the expectation of pro-crypto regulatory changes drive these rises. The enthusiasm was further increased by rumours of crypto-friendly regulatory appointments following Trump’s election.
Market sentiment is increased by institutional investors.
Another important factor in this increase has been institutional interest. Institutional investors now have easier access to cryptocurrencies thanks to the U.S. government’s legalisation of Bitcoin exchange-traded funds (ETFs) earlier this year. Additionally, the recent rate cut by the Federal Reserve promoted investment in alternative assets like Bitcoin.
Trump’s Shifting Position Regarding Crypto
The market has been further supported by Donald Trump’s recent endorsement of cryptocurrencies. Trump, who was formerly an outspoken opponent of the cryptocurrency sector, now promises to turn the United States into the “crypto capital of the planet.” Investors have seen his support—which includes the founding of World Liberty Financial—as a powerful endorsement.
