Reuters reported that the value of the global cryptocurrency market has exceeded $3 trillion. The election of Donald Trump as US president has stimulated expectations for more friendly market regulation by the US, which could trigger a new boom in all segments of this asset class.
According to CoinGecko, the total market value of cryptocurrencies reached almost $3.2 trillion on the morning of November 14 in Asia.
This surpassed the highs of 2021 when economic stimulus amid the pandemic fueled speculative investment.
Bitcoin dominates the market, and achieving a record market value coincided with an asset price increase to a record $93,480.
Trump’s victory, along with several cryptocurrency-friendly lawmakers in Congress, has sparked a wave of optimism, as it has likely reduced some of the uncertainty about regulation in the United States.
Bitcoin has doubled its value this year and is up 30% since the November 5 US election to $90,000. Ethereum has risen by about 33% since the election to $3,220.
The current rise of cryptocurrencies may continue.