The global market capitalization of cryptocurrencies has reached a record $3.2 trillion U.S. in the week after Donald Trump reclaimed the U.S. presidency.
The record market cap comes as investors pile into cryptocurrencies on expectations that a new Trump administration will lead to less regulation and wider adoption of digital coins and tokens.
Bitcoin (BTC), the largest crypto, has risen more than 20% in the past week and is currently trading at an all-time high of $91,350 U.S. A month ago, Bitcoin was trading at $60,000 U.S.
Other cryptocurrencies are also rallying in the week since the U.S. election, with Ethereum’s (ETH) price gaining 26% in the last month to trade at $3,200 U.S.
Solana (SOL), Cardano (ADA) and Bitcoin Cash (BCH) are also trending higher as investor euphoria for digital assets returns.
Even meme coins such as Dogecoin (DOGE) have skyrocketed in recent days. Dogecoin is now up 250% in the past month.
While some analysts see more gains ahead and predict that Bitcoin’s price will rise above $100,000 U.S. by year’s end, others are urging caution.
Some analysts are sounding the alarm on the current crypto rally, noting that Bitcoin and other digital assets have a history of volatile boom-and-bust cycles.
Charts are also showing that Bitcoin’s price could meet resistance at $95,000 U.S.
So far in 2024, Bitcoin’s price has doubled and is now up 106% on the year.
