Exclusive Report
ISLAMABAD: Cryptocurrencies have recorded an immense increase in value after Donald Trump’s triumph in the recent US Presidential elections.
On November 4, a day before the US Presidential polls, the market capitalization of cryptocurrencies closed at $2.5 trillion. However, after Donald Trump’s landslide victory, Bitcoin and altcoins have witnessed a massive boost in their value and worth.
On Nov 19, the market capitalization of Bitcoin and altcoins surged to $3.07 trillion, according to the Coin Market Cap website.
The value of Bitcoin surpassed $92,000 on Tuesday morning (12 Noon PST/Nov 19) while Ethereum has increased to $3,130. Bitcoin’s market capitalization has expanded to $1.811 trillion, over 60 percent of the total market capitalization of cryptocurrencies globally.
Ethereum is the second altcoin with the highest market capitalization, $377.20 billion on November 19.
Earlier, Bitcoin approached the $90,000 mark last Tuesday, fueled by optimism following Donald Trump’s election as U.S. president, with expectations that his administration may adopt crypto-friendly policies.
The world’s largest cryptocurrency became one of the most watched assets in the week since the election, hitting $89,637 in Asian trading—a rise of over 25% since November 5.
Bitcoin’s rally is paralleled by Tesla’s surge, as Elon Musk’s automaker gained nearly 40% since the election results, with investors betting that Trump’s allies and business interests could benefit under his administration.
“This is clearly a Trump-driven trade, given his supportive stance on the industry, which could boost demand for both crypto stocks and digital currencies themselves,” said Nick Twidale, chief market analyst at ATFX Global in Sydney.
Bitcoin was already trading near all-time highs when the election outcome was announced, creating what Twidale described as “clear skies” for further growth.
During his campaign, Trump voiced strong support for digital assets, pledging to make the U.S. the “crypto capital of the world” and even accumulate a national Bitcoin reserve.
While the timeline and mechanics of such plans remain uncertain, the mere prospect has sparked speculative interest in crypto mining and trading stocks.
“This could prompt other nations to preempt the U.S. by acquiring Bitcoin themselves,” said Matthew Dibb, chief investment officer at crypto asset manager Astronaut Capital. “It could also be a major catalyst for U.S.-listed Bitcoin mining companies, with potential for them to even be nationalized.”
Crypto miner Riot Platforms saw a nearly 17% jump on Wall Street, with further gains after hours, while fellow miners MARA Holdings and CleanSpark surged close to 30%.
Meanwhile, software firm and Bitcoin investor MicroStrategy announced it had spent around $2 billion on Bitcoin between October 31 and November 10, pushing its stock up 26% with additional gains in after-hours trading.
The rally extended across the crypto market, with smaller tokens like ether (ETH) and meme coin dogecoin (DOGE) also climbing.
