Crypto market Cap rises by $1trn since Trump’s election triumph
Agency Report
Since the U.S. presidential election, the crypto market capitalisation has increased by more than $1 trillion, a review of trading data showed. The market cap of all cryptos was hovering around $2.3 trillion before the election and now settles near $3.4 trillion in days.
The cryptocurrency market is trading positively on Monday despite the inability of Bitcoin to hit the $100,000 jackpot. The Orange coin is still doing well at $98,500 as struggle to breach its resistance level increased.
According to information from CoinMarketCap.com, the global crypto market cap rose to $3.38 trillion, a 2.02 per cent increase over the last day. The total crypto market volume over the last 24 hours has also reached $205.5 billion, which makes a 3.24 per cent increase.
The total volume in DeFi traded on the exchange settled at $15.35 billion, accounting for 7.47 per cent of the total crypto market 24-hour volume. In addition, the volume of all stable coins placed was $184.38 billion, which is 89.72 per cent of the total crypto market 24-hour volume.
Most cryptocurrency are trading in the green during early trading hours on Monday. Ethereum has jumped 2.3 per cent to $3,426, and Dogecoin—a so-called meme token that Trump ally Elon Musk has touted in the past—was up 1.8 per cent to just over 43 cents.
Since Trump’s victory over Kamala Harris on November 5, the digital asset space has added a whopping $1 trillion to its valuation. Most of that has trickled into Bitcoin, which has gained 42 per cent for the time span.
Trading data showed that the second largest crypto asset, Ethereum, has been trading at its highest levels since late July, hovering around $3,470.
However, Cardano (ADA) is showing weakness today, trading at $1.051, down 1.2% over the last 24 hours. Reduced trading volume and several onchain signals suggest that ADA could slip lower soon, some crypto analysts said.
Cardano-ADA price has been up more than 225% since November 5, when Americans went to the polls in an election that saw Republican Donald Trump emerge victorious.
