Due to fluctuating trading patterns following the U.S. election outcome, the price of bitcoin is trading above $90,000 early on Thursday across cryptocurrency platforms. Since the US election, the biggest cryptocurrency has increased by 30% as individual investors continue to buy into Donald Trump’s promise to increase regulation.
It all comes down to optimism, which Trump’s pro-crypto position has provided, according to analysts. In fact, the USD/BTC exchange rate declined. According to CoinGecko, the price of bitcoin reached $93,477 in late trade on Wednesday, November 13, marking yet another all-time high.
Some crypto analysts are projecting that prices of digital assets would surge due to friendlier cryptocurrency regulation in the United States under Trump administration. Other top crypto assets have also add weight in the new rally and the market has surge in stablecoin demand.
On the back of the positive sentiment-propelled rally, the global crypto market cap has increased by 3.31% to $2.98 trillion over the last day, according to data from the CoinMarketCap.com. But the sum market value of cryptocurrencies touched a high of nearly $3.2 trillion early on Nov. 14 in Asia, according to analytics and data aggregator CoinGecko.
The total crypto market volume over the last 24 hours reached $299.37 billion, which makes a 3.36% decrease. Trading record also showed that the total volume in DeFi printing at $12.08 billion, accounting for 4.04% of the total crypto market 24-hour volume.
According to CoinMarketCap.com, the volume of all stable coins is now $275.14 billion, which is 91.91% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 59.65%, a decrease of 0.21% over the day.
Bitcoin has doubled this year and is up 30% since Election Day to $90,000. Smaller cryptocurrency ether is up about 33% since the election to $3,220. Bitcoin ETFs are noted to be the driving force of demand right now. Analysts said trading data for Wednesday showed that there was another bumper moment for spot ETF inflows, with $510 million entering the eleven Bitcoin funds in the US.
According to Farside Investors, during the last six trading days, an incredible $4.7 billion has entered these spot Bitcoin ETFs. The euphoria has been fuelled by the victory of Trump and a number of senators who support cryptocurrency, who seem to have removed some of the ambiguity surrounding U.S. rules.
