Bitcoin’s price soared to the $76 level after Donald Trump was re-elected as the United States President. The milestone has raised the spirits in the cryptocurrency community, with many investors expecting the trend to change towards adopting favourable laws for cryptocurrencies.
Investors were cautious due to regulatory uncertainties, but Trump’s victory has renewed confidence in the market. Analysts remain optimistic that Trump’s pro-business stance will lead to policies encouraging growth in the crypto sector, driving Bitcoin past $76,500 for the first time.
Crypto Market Overview
In an X post on Thursday, the analytical platform CryptoRank shared the market overview, stating that Bitcoin’s market dominance is 55.77%, a slight decrease as other cryptocurrencies also see gains. Besides Bitcoin, Ethereum increased by 8.62%, Ripple by 4.46%, and Solana by 3.55%.
The total market capitalization of cryptocurrencies has now reached $2.66 trillion, a 3.88% increase from prior levels. This growth shows that the rally is broad-based, with altcoins and Bitcoin seeing strong gains after Trump’s victory.
Market sentiment is now firmly in the “Extreme Greed” zone, as indicated by a Fear & Greed Index reading of 77. This marks a sharp contrast to the previous day, where cautious sentiment prevailed. The optimism is clear as investors prepare for a regulatory overhaul that could bring more stability and openness to the crypto market.
Lesser-Known Coins Surge
Several lesser-known coins have also posted impressive gains. Cronos ID (CROID) leads the pack with a 153% increase. Aiwithdaddyissues (SHEGEN) rose by 79.3%, EARL by 72.6%, Stader (SD) by 70.8%, and CATANA by 65.3%.
Trump Win Forecasts Crypto Regulatory Clarity: Ripple CEOAs reported earlier, Ripple CEO Brad Garlinghouse stated that Trump’s return is a chance for long-awaited reforms. He believes Trump’s administration might create a clearer path for digital assets. Currently locked in a legal battle with the SEC, Ripple could benefit from a friendlier regulatory stance. Many in the crypto space hope Trump’s administration will bring new leadership to the SEC, potentially replacing Gary Gensler, who has taken a hard stance against crypto companies.
The market’s rally, which started after Trump’s re-election, is a change from the cautious approach of previous months. The rise in Bitcoin and other cryptocurrencies indicates new life as investors actively seek the potential for better regulation. The crypto community still has high expectations that Trump’s administration can change the US position on digital assets to allow for their growth and advancement.
