The global crypto markets have toppled $3 trillion in the aftermath of the Trump US Presidential win.
According to data from crypto data aggregator CoinGecko, crypto’s total market cap now rests at $3.076 trillion, down 5% in the last 24 hours from a market cap of $3.184 trillion.
Bitcoin (BTC) has led the way, up 17.3% from a week ago, currently trading for $89,207.
According to a recent Reuters report, Matthew Dibb, chief investment officer at cryptocurrency asset manager Astronaut Capital, said:
“Generally the way this market goes is bitcoin will break out and then the rest of the altcoins will follow.
So there is that gradual rotation of capital… and then we can expect the total market cap to increase.”
According to Citi digital asset strategist David Glass, investors are excited at the possibility of the Trump administration decreasing regulatory pressures on the industry.
“People wanted more exposure to crypto, clearly, from the Trump presidency and they wanted more risky asset exposure in general. From the crypto front, there’s the story of removing regulatory headwinds, and the potential strategic bitcoin reserve.”
According to Carl Szantyr, founder and managing partner at Blockstone Capital, BTC could still explode further, likely raising the total crypto market cap with it.
“Bitcoin enthusiasts are known for bold predictions, but hitting $100,000 by year-end seems feasible.”
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