The cryptocurrency market has been experiencing a significant upswing, with the total market capitalization now standing at a staggering $2.707 trillion. This surge began notably since November 5, coinciding with the day of the US presidential election, marking an impressive market growth of at least 22.15%. In particular, Bitcoin has seen a notable increase of 19.54%, while Ethereum has soared by 31.14%. The pertinent question now is whether this post-election momentum will propel the prices of leading cryptocurrencies to unprecedented heights.
Crypto Market’s Post-Election Growth
On the pivotal date of November 5, the crypto market opened with a total market capitalization of $2.216 trillion. By the end of the day, it had already expanded by 2.12%. The following day, November 6, witnessed a remarkable surge of 8.91%, catapulting the market cap to a peak of $2.468 trillion. This upward trajectory has continued, with the market recently registering a gain of 4.37%. This consistent growth underlines the burgeoning interest and investment in the crypto market, reflecting increasing confidence among investors.
Bitcoin and Ethereum: Post-Election Performance
The top two cryptocurrencies, Bitcoin and Ethereum, have both demonstrated substantial growth during this post-election period. On election day, Bitcoin opened at approximately $67,884.01. By November 6, it had experienced an impressive growth of 8.95%, surpassing its previous all-time high of over $73,000. Yesterday, Bitcoin displayed a significant rise of 4.82%, breaking past the crucial $80,000 level. On-chain data reveals an increase in the total Bitcoin supply held by short-term holders, a trend typically observed during bullish phases.
Similarly, Ethereum has shown robust performance. It opened on November 5 at around $2,397.36, and the following day saw an increase of at least 12.35%. Since November 7, Ethereum has reported a growth of 15.37%. However, in the last 14 hours, the ETH market has experienced a slight decline of 1.2%, with the current price standing at $3,141.34, slightly lower than yesterday’s closing price of $3,182.33.
Top Crypto Performers Post-Election
Several cryptocurrencies have emerged as top performers post-election. Dogecoin has led the pack with an impressive seven-day growth of 88.2%. Cardano follows closely, boasting a 73.6% increase. Solana and Lido Staked Ether have also shown strong performances, with growth rates of 28.6% and 27.2% respectively. On November 5, the market cap of all cryptocurrencies, excluding Bitcoin and Ethereum, was approximately $584.705 billion. By November 6, it had grown by at least 7.18% in a single day, and since November 5, it has climbed by nearly 23.34%.
In conclusion, the recent rally in the crypto market is fueled by renewed interest in major assets, with altcoins displaying particularly strong gains. This suggests that the market may be poised for further growth, as investors continue to find value and opportunities within the vast landscape of cryptocurrencies.
