Bitcoin Hits Record High as Trump’s Pro-Crypto Victory Fuels Rally
By Shikha Singh
News from the crypto market: Bitcoin hits a new record high as Trump’s victory in the election fuels a rally
The crypto market has been going up and down all week! Bitcoin hit an all-time high of $76,300, thanks to huge inflows into exchange-traded funds (ETFs) and a sense of hope after Donald Trump won the presidency. There is a lot of energy in the crypto space right now because Trump has promised to end the “war on crypto” and make the U.S. the “crypto capital of the planet.”
The market value has grown to $2.46 trillion, and Bitcoin now controls more than 59% of the market. Ethereum also got a boost, going up 11% to $2,900. As crypto-friendly politicians gain support in Congress, there is a feeling that crypto-friendly policies are on the way, which could lead to even more growth in the crypto space.
Let’s hear from Mr. Dhrupad Das about how Trump’s victory in the election has changed the crypto market.
Bitcoin’s Impressive Growth:
Bitcoin has surged 20% in the past month and 78% year-to-date, largely driven by growing institutional interest in Bitcoin ETFs. BlackRock’s iShares Bitcoin Trust (IBIT) saw a record $4.1 billion in trading volume, while Bitcoin’s market cap surpassed Meta’s, solidifying its position as a global leader. Meanwhile, Ethereum regained momentum, rising 10% in a single day, with analysts predicting it could hit $5,000 soon.
Trump’s Victory Benefits Crypto-Related Assets:
Trump’s win has also benefited companies with strong crypto ties. Tesla’s stock jumped 15%, and Elon Musk’s net worth surged by $20 billion. MicroStrategy, the largest corporate holder of Bitcoin, saw its stock climb 13%, and Coinbase’s (COIN) rally was nearly 16%. Bitcoin mining stocks like CleanSpark (CLSK), Marathon Digital (MARA), and Riot Platforms (RIOT) also posted solid gains.
Institutional interest and the ongoing optimism in crypto drove the excitement to extend to Bitcoin ETFs, with BlackRock’s IBIT up 7%.
Solana Memecoins Surge:
Meanwhile, the Solana-based memecoin market hit a record $12 billion in market cap, spurred by a 30% surge in the past 24 hours. Memecoins like Peanut the Squirrel, GOAT, POPCAT, and Bonk (BONK) have soared, with notable increases in WIF (+13.31%) and BONK (+16.62%).
WazirX Proposes DEX & Recovery Token:
In another big development, Indian crypto exchange WazirX has announced plans to launch a decentralized exchange (DEX) and a new recovery token for users impacted by a cyberattack in July that caused a $230 million loss. The exchange aims to become India’s largest DEX within a year, though KYC protocols may be less strict. Airdropped “Recovery Tokens” will help compensate users, with the process set to be completed by February 2025. However, many WazirX users are still unable to access their Bitcoin holdings, adding to frustrations amidst rising prices.
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