Crypto market rallies on US election results

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

According to data provided by CoinGecko, the global crypto market capitalization saw a 5% rise over the past 24 hours, reaching $2.56 trillion. The daily trading volume almost doubled and is currently hovering at $236 billion.

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

At this point, most of the leading 100 cryptocurrencies are witnessing upward momentum as the Trump victory has been acting as a major bullish catalyst for the sector. 

It’s important to note that the sudden price rallies have triggered high volatility in the crypto market. Leading crypto assets, including BTC, are already seeing signs of profit-taking from short-term traders.

Per a crypto.news report, long-term Bitcoin holders have already started making moves, hinting at a potential selloff before another major bull run.

Trump’s victory

Today, Trump became the 47th U.S. President after his victory over the Democratic presidential runner, Kamala Harris with over 270 electoral votes.

Here’s a quick recap 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 promised to fire the Securities and Exchange Commission chair Gary Gensler and appoint crypto-friendly regulators.
• Trump showed support for the Silk Road founder Ross Ulbricht and vowed to release him from prison.
• In June, Trump hinted at strengthening the BTC mining sector in the U.S. and called it the defense against a central bank digital currency.

In addition to the presidential elections, the pro-crypto candidates for the U.S. House of Representatives and the Senate have been dominating the anti-crypto nominees.

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

The majority of these candidates have shown strong support for the industry, including voting for the SAB 121 bill, per the non-profit’s data.