Bitcoin Surges Past $88,000 After Trump's Victory, Market Cap Exceeds Silver, Crypto Market Soars!
Bitcoin Surges Past $88,000 After Trump's Victory
Bitcoin Surges Past $88,000 After Trump's Victory, Market Cap Exceeds Silver, Crypto Market Soars!
In the early hours of November 12th, Bitcoin surged, approaching $90,000 and reaching a high of $89,800, representing a daily gain of over 10%. At the time of writing, Bitcoin has retreated to $88,380, up 9.72% in the past 24 hours. Data from Coinglass shows that over the past 24 hours, both longs and shorts have experienced liquidations, with 166,000 users liquidated for a total amount close to $600 million. Of this, $230 million was from long positions, while $370 million was from short positions.
As Bitcoin soared beyond $88,000, its market cap surpassed that of silver, making it the eighth-largest asset in the world. Bitcoin's market cap currently sits at $1.741 trillion, while silver's market cap stands at $1.735 trillion.
Meanwhile, BlackRock's spot Bitcoin ETF set a new daily trading volume record. Data shows that BlackRock's spot Bitcoin ETF reached a daily trading volume of $4.5 billion.
The overall cryptocurrency market saw a widespread surge. Ethereum gained 6.4%, exceeding $3,300, Solana (SOL) climbed 6.7%, breaking through $220, and the total cryptocurrency market capitalization surpassed $3.1 trillion for the first time.
On the US stock market, cryptocurrency-related stocks rallied on Monday. Canaan Inc. (CAN.O) surged 41%, MicroStrategy (MSTR.O) jumped 25%, Coinbase (COIN.O) rose 19%, Robinhood (HOOD) stock climbed over 7%, and Trump Media & Technology Group (DJT.O) gained 4.7%.
Industry experts widely believe that this recent surge in cryptocurrencies is fueled by Trump's victory, as he has pledged to fully invest in the cryptocurrency space. Citigroup strategists recently pointed out in a report that cryptocurrencies are among the few "Trump trades" that have yet to pull back. This is partly due to the Trump administration's pro-crypto stance, with investors hoping for clarity in US regulatory policies. Standard Chartered Bank believes that the Trump administration will deliver on its promises, and any changes in crypto policy are likely to be expedited in the early stages. The bank anticipates that Bitcoin will continue its ascent and reach $100,000 by year-end, with the total market capitalization of cryptocurrencies expected to grow from the current $2.5 trillion to $10 trillion by the end of 2026.
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