Since the US presidential election on November 5, the cryptocurrency market has experienced a significant surge. The total market cap is now at $2.707 trillion, up by 22.15%. Bitcoin has risen by 19.54%, while Ethereum has surged by 31.14%. The big question is whether this momentum will continue and take the prices of top cryptos to new heights.
Join us as we dive deeper into this story.
On November 5, the crypto market opened with a market cap of $2.216 trillion. By the end of the day, it had grown by 2.12%. The following day, November 6, saw a notable surge of 8.91%, pushing the market cap to $2.468 trillion. Since then, the market has continued its upward movement, gaining 4.37% yesterday.
Bitcoin has been a strong performer since the election. On November 5, Bitcoin opened at around $67,884.01. By November 6, the price had surged by 8.95%, breaking through the previous all-time high of $73,000+. Yesterday, Bitcoin continued its impressive rise, increasing by 4.82% and surpassing the crucial $80,000 mark.
On-chain data shows a rise in total BTC supply held by short-term holders – a trend historically seen during bullish periods.
Ethereum has also been on the rise. On November 5, it opened at around $2,397.36. The following day, Ethereum saw a significant gain of 12.35%. Since November 7, it has increased by 15.37%. However, in the last 14 hours, Ethereum has dropped by 1.2%, bringing the price to $3,141.34, slightly below the previous day’s closing price of $3,182.33.
Among altcoins, Dogecoin has posted the highest growth with an 88.2% rise over the past seven days. Cardano follows closely with a 73.6% increase, while Solana has grown by 28.6%. Lido Staked Ether has also shown strong performance with a 27.2% rise.
On November 5, the combined market cap of all cryptocurrencies, excluding Bitcoin and Ethereum, stood at about $584.705 billion. By November 6, this segment grew by 7.18% in a single day. Since November 5, the altcoin market cap has climbed by an impressive 23.34%.
The latest rally in the crypto market seems to be driven by renewed interest in both major assets and altcoins. With altcoins posting strong gains, the market could be set for further growth. The post-election surge has created a positive atmosphere, but whether this momentum continues remains to be seen.
Market participants will be keeping a close watch on future developments to see if this trend can be sustained.
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