Bitcoin exceeded $93,000 for the first time following the election of US President-elect Donald Trump, with traders evaluating the anticipated pro-crypto stance of the incoming administration.
Bloomberg News reported that Bitcoin, the largest cryptocurrency by market value, surged over 35% since Trump’s election on November 5, reaching $93,462 before seeing minor pullbacks. Trump’s campaign, which endorsed policies supportive of cryptocurrencies, has sparked market optimism, with Trump pledging regulatory changes and a strategic US reserve of Bitcoin. His Republican Party’s control of Congress has also raised expectations of a favourable environment for cryptocurrency mining and investment activities in the US.
Year-to-date, Bitcoin has increased over 110%, with demand bolstered by recent US regulatory approvals allowing crypto-related exchange-traded funds (ETFs) on the stock exchange. Analysts now speculate that continued pro-crypto policies could drive Bitcoin past the $100,000 milestone, a threshold anticipated by year-end.
Crypto stocks rally amid positive sentiment
The broader cryptocurrency market has experienced similar gains. Coinbase, the largest US-based crypto exchange, saw its shares jump 75% since November 5, closing at $324.24 on November 11, a 20% increase from the previous day. US crypto mining firms also benefited, with Marathon Digital Holdings rising nearly 30% and other miners like CleanSpark and Hut 8 seeing significant gains.
S&P 500 and altcoins follow
The S&P 500 has mirrored this upward momentum, rising 4.25% since election day to set a new high above $6,000 on November 11. Major altcoins have also rallied, with Solana (SOL) gaining 35% since November 5 to reach $222, marking its highest level since December 2021.
Bitcoin overtakes Saudi Aramco in asset rankings
Data from BlockBeats and 8 Market indicated that Bitcoin’s price increase has lifted its market capitalisation to $1.84 trillion, overtaking Saudi Aramco’s $1.79 trillion as the seventh-largest asset globally. Bitcoin’s growing market position highlights increased institutional adoption, retail investor interest, and a broader acceptance of digital assets.
