Bitcoin’s price has surged above $90,000 on Thursday, driven by post-U.S. election trading trends and optimism surrounding a pro-cryptocurrency stance in the new administration. Since the election, Bitcoin has climbed by 30%, with investors responding to Donald Trump’s support for increased cryptocurrency regulation.
Crypto analysts attribute this rally to a positive market outlook, with Bitcoin reaching an all-time high of $93,477 on Wednesday, November 13, according to CoinGecko.
Projections suggest that the new administration’s friendlier stance on cryptocurrency could drive a sustained increase in digital asset prices. Other major cryptocurrencies have also surged, contributing to a stablecoin demand and a 3.31% rise in the global crypto market cap, which reached $2.98 trillion, while the overall market value hit nearly $3.2 trillion in early trading on November 14 in Asia.
Over the last 24 hours, the total crypto market volume reached $299.37 billion, marking a 3.36% decrease. Of this, $12.08 billion, or 4.04%, accounted for decentralized finance (DeFi) trades. Stablecoin trading volume reached $275.14 billion, making up 91.91% of the total 24-hour crypto market volume. Bitcoin’s market dominance currently stands at 59.65%, slightly down by 0.21%.
Bitcoin’s price has more than doubled this year, climbing by 30% since Election Day. Ether, another major cryptocurrency, is up 33% to $3,220. Bitcoin ETFs have also spurred demand, with $510 million flowing into U.S.-based Bitcoin funds on Wednesday alone, adding to a total of $4.7 billion over the past six trading days.
With several pro-crypto lawmakers elected alongside Trump, there’s renewed optimism around regulatory clarity for cryptocurrencies in the U.S., fueling this market upswing.
