Donald J. Trump won as the 47th President of the United States of America, and so did crypto. Today, the global crypto market surged past $3 trillion for the first time since Russia invaded Ukraine. The spike follows spurred bets that friendlier U.S. regulation could usher in a new boom for all corners of the asset class.
The Trump effect on the crypto market
According to analytics and data aggregator CoinGecko, the total market value of cryptocurrencies reached a high of roughly $3.2 trillion early on November 14 in Asia. At present, the global crypto market cap stands at $3.12 Trillion. Consequently, Bitcoin’s market cap stands at $1.81 Trillion, representing a 57.86% crypto market dominance.
According to data available on CoinGecko, Ethereum follows at $384 billion, Tether at $126 billion, Solana at $102 billion, BNB at $90 billion, and Dogecoin at $57 billion.
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That puts it above the golden days of 2021, when pandemic-era stimulus boosted speculative investments, and represents a dramatic turnaround from just a few months ago when crypto prices and turnover were stagnant, and the future was gloomy.
Trump’s victory, combined with the election of several pro-crypto lawmakers, appears to have alleviated some of the regulatory uncertainties that had previously weighed on the market, fueling investor confidence.
Dogecoin is particularly doing well following Elon Musk’s appointment to the Department of Government Efficiency (D.O.G.E) alongside Vivek Ramaswamy. DOGE’s performance has been tied to Elon Musk’s comments on performance in the past.
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As of now, Dogecoin (DOGE) is valued at $0.3935, down 0.6% from an hour ago and up 1.5% from yesterday. DOGE’s value today is 105.1% higher than it was seven days ago.
