Collins J. Okoth
Cryptocurrency investors have poured more than $200 billion into different digital assets in the last 24 hours after Trump’s victory in the just-concluded U.S. elections. Major digital currencies have surged impressively since the elections, with Bitcoin recording a new all-time high of $76,400.
The cumulative market capitalization of all crypto assets rose to $2.652 trillion, according to live data from CoinGecko. Bitcoin, the largest crypto asset by market cap, tapped an all-time high price of $76,400 and is currently up by 3.42% in the last seven days. The asset boasts a market cap of $1.4 trillion, and its market dominance has remained consistent at 57%.
U.S. elections push Bitcoin to new highs and cause a surge in investor interest in altcoins
Bitcoin’s recent volatility is credited to the just-concluded U.S. elections that saw Republican candidate Donald Trump secure victory against Democratic candidate Kamala Harris. During the tallying process, data from the Polymarket betting website showed that Donald Trump’s chance of winning the election was 99%.
Altcoins also showcased impressive returns following the flow of new capital in the industry. Solana’s SOL overtook Binance’s BNB to claim the fourth position among the largest cryptocurrency projects by market capitalization. According to CoinMarketCap, Solana now trails behind Bitcoin, Ethereum, and stablecoin Tether with a market capitalization of $88.7 billion.
Memecoins have also soared significantly, leading the broader crypto market with impressive gains. Perhaps Dogecoin has the most notable performance in the memecoin frenzy following its close ties with Elon Musk, one of Donald Trump’s main supporters.
Trump said he would establish the Department of Government Efficiency and make Elon Musk its head. Many crypto enthusiasts have abbreviated the department as D.O.G.E. Dogecoin is up 12% in the last seven days but has declined by 7% in the last 24 hours. AI crypto projects have also witnessed significant gains from retail investors.
Trump promises the crypto community full support from his administration
Donald Trump says he will:
– support crypto businesses
– support the right to self custody
– keep Elizabeth Warren away from bitcoin
– ban central bank digital currencies pic.twitter.com/Cz1zwuonWi— Crypto Tea (@CryptoTea_) May 26, 2024
The overall crypto sentiment is largely bullish, with the new Trump administration expected to deliver on promises made during the campaigns. Trump publicly promised to create a more crypto-friendly environment during his second term in office while speaking at different events, including the Bitcoin Conference 2024.
Trump promised not to sell Bitcoin held by the U.S. government during his administration. He also emphasized that it will not support the creation and development of a central bank digital currency.
Trump also promised crypto enthusiasts that the future of crypto will be made in the U.S. and not driven overseas. He also pledged to fire SEC chair Gary Gensler and free Ross Ulbricht, who was convicted of running an illegal marketplace. Ulbricht is currently serving two life sentences and an additional 40 years. Trump also promised to support the right to self-custody for the 50 million crypto investors in the U.S.
