The cryptocurrency market has surpassed the total value of the FTSE 100 following a surge in Bitcoin’s price after Donald Trump’s election victory.
Today, the total market capitalization of all cryptocurrencies has reached $2.77 trillion and is rising, driven by expectations of a more favourable regulatory climate in Washington.
This exceeds the combined market value of FTSE 100 companies, which stands at approximately $2.69 trillion. Bitcoin alone has risen by over 20% over the past week, reaching $84,000 this afternoon.
Bitcoin’s value has surged since Donald Trump’s re-election as US president. He has pledged to introduce pro-crypto policies, including removing a prominent crypto sceptic and SEC chair Gary Gensler.
Wall Street’s major indexes reached record highs this afternoon, ahead of key economic data that may determine whether the stock market rally has staying power.
Several stocks that surged following Donald Trump’s re-election continued their upward climb, with Tesla rising 7.5% after surpassing $1 trillion (£777bn) in market value on Friday for the first time since 2022.
The Dow Jones Industrial Average increased by 0.9%, the S&P 500 gained 0.3%, and the Nasdaq Composite edged up 0.1%.
Financial stocks rallied, with Goldman Sachs up 2.5% and JPMorgan Chase rising 1.9%, making financial companies the biggest contributors to the Dow’s gains.
Last week, all three major Wall Street indexes soared as Trump reclaimed the White House.
Art Hogan, chief market strategist at B. Riley Wealth, commented: “This is very much a continuation of a post-election relief rally. The second piece of the puzzle is the Fed cutting rates again.”
