The global cryptocurrency market has hit a record valuation of over $3 trillion, driven by optimism surrounding the election of Donald Trump as U.S. president and the potential for more favorable regulations. Early on November 14, the total market value of cryptocurrencies surged to $3.2 trillion, surpassing the heights of 2021 when speculative investments were boosted by pandemic-era stimulus measures.
Bitcoin, the leading cryptocurrency, reached an all-time high of $93,480, doubling its value this year and surging 30% since Election Day. The rally in Bitcoin coincided with increasing confidence among investors, who anticipate clearer regulatory guidelines from the U.S. under Trump’s leadership.
Other major cryptocurrencies also saw substantial gains. Ethereum, the second-largest token by market cap, increased by 33% since the election, hitting $3,220. Meanwhile, Dogecoin, a meme-based cryptocurrency heavily promoted by Trump ally Elon Musk, skyrocketed 140%, benefiting from Musk’s endorsement and market enthusiasm.
This unexpected revival in the cryptocurrency market comes after a period of stagnation, where prices had been flat and investor sentiment was low. The recent election outcome has seemingly boosted confidence, with the market now surpassing its previous peak and entering uncharted territory. The rally indicates renewed interest from both retail and institutional investors, betting on a more supportive regulatory environment in the U.S.
