Crypto Boom: Trump's Victory Spurs $3 Trillion Market Surge

The global cryptocurrency market has surpassed $3 trillion amid optimism for favorable U.S. regulations following Donald Trump's election as president. Bitcoin and related altcoins have seen significant gains, while the market approaches unprecedented highs, driven by increased interest and institutional investment.

The global cryptocurrency market has surged past $3 trillion, spurred by the election of Donald Trump as U.S. president, raising hopes for more favorable U.S. regulations. According to CoinGecko, the market value nearly reached $3.2 trillion on Nov. 14 in Asia before settling slightly below.

Bitcoin, the dominant player in the crypto space, has reached a record $93,480, with its rise marking a revival from the market stagnation observed a few months ago. Pro-crypto sentiment, coupled with institutional interest, has contributed to this sharp increase. Ether and Dogecoin have also seen gains, with Dogecoin rising 140%.

Spot bitcoin ETFs have seen substantial inflows, indicating increased interest from financial institutions. Experts suggest that the market's uptrend could be sustained, with projections of bitcoin reaching $100,000 by year-end. Nevertheless, the crypto market remains smaller than traditional asset classes like gold and the S&P 500.

(With inputs from agencies.)