The global cryptocurrency market has surpassed $3 trillion, entering new territory. The election of Donald Trump as U.S. president has encouraged speculation that more favorable U.S. regulations could lead to a new boom for various assets in this class.
On November 14, early in the Asian market, the total market value of cryptocurrencies reached almost $3.2 trillion, according to CoinGecko, an analytics and data aggregator.
This development surpasses even the vibrant period of 2021, when pandemic-related stimulus fueled speculative investments. It also marks an impressive comeback from just a few months ago, when crypto prices and trading volumes stagnated and the outlook was bleak.
Bitcoin remains the dominant force in the market, and its market capitalization milestone aligns with the token’s surge to a record high of $93,480.
The excitement stems from Trump’s election and the victory of several pro-crypto lawmakers in Congress. This shift has apparently alleviated some uncertainty regarding U.S. regulations.
Bitcoin has increased 100% this year and has risen 30% since Election Day, reaching $90,000. Ether, a smaller cryptocurrency, has experienced a 33% gain since the election, now priced at $3,220.
Dogecoin, a volatile alternative coin backed by billionaire Trump ally Elon Musk, has surged by 140%.
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