Ethereum Surpasses Bank of America in Market Cap Amid Post-Election Crypto Surge

In the wake of Donald Trump's triumph in the US presidential election, Bitcoin soared beyond $79,000, and Ethereum, the second-largest cryptocurrency

Bitcoin Surges Past $79K, Ethereum Surges to $3.2K as Crypto Market Booms Post-Election

Bitcoin price soared past $79,000 on Wednesday, continuing its驚人的 rally to new all-time highs after the U.S. presidential election, while Ethereum price surged to $3,200—its highest since August.

Bitcoin price reached a high of $79,143 on the Bitstamp exchange at 11:08 EST, according to data from Cointelegraph Markets Pro and TradingView. BTC price surged by over 5% in the past 24 hours and 22% over the week.

After a strong performance in the first half of 2021, Bitcoin price began a new leg of its bull market rally after the U.S. Federal Reserve announced plans to taper its bond-buying program in early November.

Cryptocurrency markets have also reacted positively to news of Bitcoin options being linked to the first spot ETF approval by the U.S. Securities and Exchange Commission.

The world’s largest cryptocurrency began the year 2022 at around $46,000 after surging past $40,000 for the first time in January. BTC price then went on to hit new all-time highs at $69,000 in October.

As Bitcoin price surged to new highs on Wednesday, the second-largest cryptocurrency also posted strong gains.

Ethereum price surged by over 5% in the past 24 hours to reach a high of $3,223 on the Binance exchange. ETH price also rose by 21% over the past week.

At the time of writing, the total cryptocurrency market capitalization stands at $2.8 trillion, marking an increase of 5.2% over the past 24 hours.

Among the top performers from the past 24 hours are Axie Infinity (AXS), Theta Network (THETA) and Decentraland (MANA), which have seen their prices rally by double digits.

Related: Bitcoin price hits new all-time high above $78K as crypto markets rally post-CPI report

Cryptocurrency markets shift from deflation to moderate inflation

According to data from Ultrasound.money, the annual supply of Ethereum has been expanding rapidly, reaching a rate of 0.424% per year. This marks a significant shift from the deflationary rates observed in early to mid-October.

The fully diluted supply of ETH now stands at 122,040,000, while the net issuance rate is at 957,000 ETH per year. However, the current burn rate is at 452,000 ETH, highlighting the impact of the Ethereum Improvement Proposal (EIP)-1559 burn mechanism.

Despite the varying opinions expressed by crypto analysts on X, they all seem to agree that the price will continue to rise and that a new all-time high will be reached shortly.

One pseudonymous X user predicted that ETH "will most likely breeze through $4k," suggesting that the cryptocurrency will soon surpass the $4,000 mark.

While X analyst Poseidon predicted a similar course for ETH, he included a caveat, stating that there will be a "pullback before the new ATH," suggesting that ETH is likely to rise above $4,300.

Vitalik Buterin introduces ‘info finance’ as the next evolution in blockchain

On Nov. 9, Ethereum co-founder Vitalik Buterin introduced a new concept known as "info finance" in a series of tweets on Wednesday.

According to Buterin, info finance is "a discipline that starts with a fact that you want to know and ends with a market that optimally extracts that information from market players."

The Ethereum creator suggested that prediction markets may help gather community wisdom about what's to come in a way that would excite the public without resorting to media manipulation or sensationalism.

"Prediction markets are one way to do this, but they're limited to simple questions and suffer from liquidity problems. We need something more expressive and efficient," Buterin wrote.