The cryptocurrency market has recently experienced a significant upswing, with its total market capitalization reaching a remarkable $2.707 trillion. This surge, which began around the time of the US presidential election on November 5, represents a substantial increase of at least 22.15%. The question on everyone’s mind now is whether this upward momentum will continue, potentially propelling the prices of leading cryptocurrencies to unprecedented levels.
Post-Election Growth in the Crypto Market
On November 5, the cryptocurrency market opened with a market cap of $2.216 trillion. Throughout that day, it experienced a growth of 2.12%. The following day, November 6, saw a remarkable surge of 8.91%, pushing the market cap to a peak of $2.468 trillion. Since then, the market has shown a steady upward trend, gaining an additional 4.37% just yesterday.
Performance of Bitcoin and Ethereum Post-Election
Both Bitcoin and Ethereum, the top two cryptocurrencies, have enjoyed substantial growth in the post-election period. On election day, Bitcoin opened at approximately $67,884.01. By November 6, it had surged by an impressive 8.95%, breaking past the previous all-time high of $73,000. Yesterday, Bitcoin’s price continued to climb, rising by 4.82% and crossing the significant $80,000 threshold. On-chain data indicates an increase in the total Bitcoin supply held by short-term holders, a trend often observed during bullish market periods.
Similarly, Ethereum has experienced notable gains. On November 5, its market opened at around $2,397.36. By the following day, it had increased by at least 12.35%. Since November 7, Ethereum has reported a growth of 15.37%. However, in the past 14 hours, the ETH market has faced a slight decline of 1.2%, with its current price standing at $3,141.34, just shy of yesterday’s closing price of $3,182.33.
Top Crypto Performers Following the Election
Among various cryptocurrencies, Dogecoin has emerged as the top performer, with an impressive seven-day growth of 88.2%. Cardano is not far behind, boasting a 73.6% increase. Solana has also seen a robust growth of 28.6%, while Lido Staked Ether has recorded a rise of 27.2%.
The market capitalization of all cryptocurrencies, excluding Bitcoin and Ethereum, was approximately $584.705 billion on November 5. By November 6, this figure had increased by at least 7.18% in just one day. Overall, since November 5, the market cap has climbed by nearly 23.34%.
Conclusion: A Bullish Outlook for the Crypto Market
The recent rally in the cryptocurrency market is largely driven by a renewed interest in major digital assets. As altcoins continue to show strong gains, there is a growing sense that the market is gearing up for further growth. Investors and enthusiasts alike are watching closely to see if this post-election momentum can sustain itself and potentially lead to new heights for the crypto market.
