The global cryptocurrency market’s value has topped $3 trillion as the election of Donald Trump as U.S. president spurred bets that friendlier U.S. regulation could usher in a new boom for all corners of the asset class.
and the market value milestone coincided with the token’s rise to a record $93,480“Generally the way this market goes is bitcoin will break out and then the rest of the altcoins will follow,” said Matthew Dibb, chief investment officer at cryptocurrency asset manager Astronaut Capital. Bitcoin, last trading around $91,500, has doubled this year and is up 30% since the US election on November 5 to $90,000. Smaller cryptocurrency ether, an alternative and volatile token promoted by billionaire Trump-ally Elon Musk, has gained 140%.
“People wanted more exposure to crypto, clearly, from the Trump presidency and they wanted more risky asset exposure in general,” said David Glass digital assets strategist at Citi.
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