Crypto market rallies on US election results

The cryptocurrency market is seeing a strong bullish sentiment as Donald Trump looks set to become the 47th President of the United States.

According to data provided by CoinGecko, global crypto market capitalization increased by 5% in the last 24 hours, reaching $2.56 trillion. Daily trading volume has nearly doubled and now stands at $236 billion.

Bitcoin (BTC) rose to an all-time high of $75,011 this morning. Ethereum (ETH) has also gained 6.3% and is trading at $2,590 at the time of writing. However, ETH is still down 47% from its November 2021 ATH of $4,878.

At this point, most of the 100 leading cryptocurrencies are witnessing bullish momentum as Trump’s victory acts as a major bullish catalyst for the sector.

It is important to remember that sudden price increases trigger high volatility in the crypto market. Leading crypto assets, including BTC, are showing signs of profit-taking from short-term investors.

According to a Crypto.news report, long-term Bitcoin holders have already started making moves, signaling a potential sell-off ahead of another major bull run.

Trump’s victory

Today, Trump became the 47th President of the United States after his victory against Democratic presidential candidate Kamala Harris with over 270 delegate votes.

Here’s a brief summary of Trump’s pro-crypto promises:

At the Bitcoin 2024 conference in July, Trump shared his plans to create a national Bitcoin reserve. He also vowed to fire Securities and Exchange Commission chairman Gary Gensler and appoint crypto-friendly regulators. Trump showed support for Silk Road founder Ross Ulbricht and promised to get him out of prison. In June, Trump hinted at strengthening the BTC mining industry in the US, describing it as a defense against the central bank digital currency.

In addition to the presidential elections, pro-crypto candidates in the US House of Representatives and Senate are outperforming anti-crypto candidates.

According to data provided by Stand With Crypto, 247 pro-crypto candidates have secured their seats in the US House of Representatives and 15 have been elected to the Senate.

The majority of these candidates showed strong support for the industry, including voting for the SAB 121 bill, according to the nonprofit’s data.