Former President Donald Trump’s victory in the 2020 US presidential election has resulted in a surge of the global crypto market, which has reached a value of over $3 trillion for the first time since Russia invaded Ukraine. This increase is attributed to bets that a more supportive US regulatory environment will lead to a new boom in the asset class.
According to CoinGecko, the total market value of cryptocurrencies reached a high of approximately $3.2 trillion on November 14, 2021, in Asia. Currently, the global crypto market cap stands at $3.12 trillion. Bitcoin’s market cap is at $1.81 trillion, representing 57.86% crypto market dominance. Ethereum follows with $384 billion, Tether with $126 billion, Solana with $102 billion, BNB with $90 billion, and Dogecoin with $57 billion.
This is a significant improvement from the stagnant market conditions just a few months ago, when the future of the crypto market appeared bleak. Trump’s victory, combined with the election of several pro-crypto lawmakers, has alleviated some of the regulatory uncertainties that had weighed on the market and boosted investor confidence.
Dogecoin has been performing particularly well following Elon Musk’s appointment to the Department of Government Efficiency (D.O.G.E) alongside Vivek Ramaswamy. Dogecoin’s value is 105.1% higher than it was seven days ago.
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