The cryptocurrency market has experienced a notable surge in the past two weeks.
The post-election surge has plunged the crypto market into an Extreme Greed situation.
Analysts predict a potential price correction following the crypto market’s situation.
The cryptocurrency market surged over the past two weeks, led by Bitcoin’s climb to $90,000, marking a record-breaking performance. Speculation suggests the rally was triggered by Donald Trump’s victory in the recent U.S. presidential election. Within a week, Bitcoin, which had been trading below $68,000 till the eve of the elections, soared to a new all-time high of $93,483.
Following Trump’s election win, several cryptocurrencies experienced significant price gains. Ethereum, the second-largest cryptocurrency by market capitalization, gained over 45% during this period, while Solana added 56% to its value during the same period.
The rapid price increases propelled the total cryptocurrency market cap past $3 trillion, approaching the record high of $3.09 trillion achieved during the 2021 bull run.
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