The global cryptocurrency market has surpassed $3 trillion in value following Donald Trump’s election, sparking optimism for more favourable U.S. regulations that could fuel a new surge in digital assets.
According to analytics firm CoinGecko, the total market value of cryptocurrencies hit nearly $3.2 trillion earlier today, surpassing the peak levels seen in 2021 when pandemic-related stimulus boosted speculative investments.
This marks a significant rebound from just a few months ago, when crypto prices and trading volumes were stagnant, and the outlook appeared bleak.
Bitcoin remains the dominant player in the market, reaching a record high of $93,480 as the overall market value hit its new milestone.
Trump’s victory, along with the election of several pro-crypto lawmakers in Congress, has lifted market sentiment by reducing uncertainty around U.S. regulatory policies.
Bitcoin has doubled in value this year and has risen 30% since Election Day. Ethereum, the second-largest cryptocurrency, is up around 33% since the election, trading at $3,220.
Dogecoin, a volatile alternative token frequently endorsed by Trump ally Elon Musk, has surged by 140%.
