Crypto Government in the USA: Cryptocurrency Boom as Bitcoin Surges 35% to $89,750 in a Month
Following Donald Trump’s election as President, a significant surge in cryptocurrency markets has been observed. Bitcoin has risen by 35% over the past month, nearing a record high of $90,000. Trump is expected to remove Gary Gensler, head of the Securities Exchange, and plans to elevate Bitcoin as an official digital asset of the United States.
Additionally, there is consideration for promoting the concept of “Made in America” within Bitcoin mining. Trump’s campaign also received approximately $135 million in donations from the crypto and fintech sectors, which has influenced recent trends. This development suggests that a “crypto-friendly” administration may be forming in the USA.
Cryptocurrency Market Cap Reaches Record High of $2.9 Trillion
The total cryptocurrency market cap has reached a record high of $2.9 trillion, increasing by $6.5 billion (approximately ₹550 billion in Indian currency) within just one week.
On November 5, the market cap stood at $2.19 trillion, but it has now soared to $2.9 trillion. Bitcoin holds a significant share of this, with a market cap of $1.65 trillion, which is equivalent to 34% of India’s total market capitalization.
Surge in Bitcoin and Other Cryptocurrencies Amid Rising Interest in the US Crypto Sector
India’s market cap stands at $5.28 trillion, while cryptocurrency markets continue to experience notable growth. Beyond Bitcoin, other cryptocurrencies have also shown impressive gains.
The US crypto sector’s growth had been somewhat stagnant, but interest is now surging among venture capital firms, hedge funds, ETFs, and other investors in digital assets and fintech. Bitcoin itself is nearing its highest level, close to $90,000.
Bitcoin Sees 25% Growth in a Week, 130% Over the Year
Bitcoin’s price has surged by 25% in just one week and by 130% over the past year. Before the recent election, Bitcoin’s market cap was $1.33 trillion, which has now reached $1.65 trillion—an increase of $32 billion within a week.
On November 7, following the election results, ETFs recorded an inflow of $1.439 billion, with Bitcoin alone attracting $125.9 million and Ethereum $80 million.
Altcoins Like Dogecoin Double in Value Post-Election
After the US election, various cryptocurrencies, including Altair, Ethereum, Solana, and Dogecoin, have surged between 50-125%. Dogecoin, a favorite of Elon Musk, has jumped 90% in just five trading days and has tripled in value over the past year.
