Cryptocurrency Market Value Tops $3 Trillion as Trump Election Spurs Bets on Friendlier U.S. Regulation

The sum market value of cryptocurrencies touched a high of nearly $3.2 trillion early on Nov. 14 in Asia, according to analytics and data aggregator CoinGecko.

The global cryptocurrency market hit a record high of over $3 trillion on Monday, spurred by optimism over the election of Donald Trump as U.S. president and bets that friendlier regulation will fuel further gains.

The total market capitalisation of cryptocurrencies reached a high of about $3.2 trillion on Nov. 14 morning in Asia, according to data analytics and aggregation platform CoinGecko.

That puts it above even the heady days of 2021, when pandemic-era stimulus pumped up speculative investments, and marks a stunning revival from just a few months ago when crypto prices and turnover had been flatlining and the outlook was humdrum.

Bitcoin dominates the market, and the market capitalisation milestone coincided with the token’s rise to a record $93,480.

Trump’s election, and that of several pro-crypto lawmakers to Congress, has driven the wave of euphoria by apparently clearing some of the uncertainty around U.S. regulations.

Bitcoin has doubled this year and is up 30% since Election Day to $90,000. Smaller cryptocurrency ether is up about 33% since the election to $3,220.

Dogecoin, an alternative and volatile token promoted by billionaire Trump-ally Elon Musk, has gained 140%.

(Reporting by Tom Westbrook in Singapore; Editing by Muralikumar Anantharaman)