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The total market cap of the crypto market now stands at $2.707T. Since November 5, the day of the US presidential election, the market has surged by at least 22.15%. Notably, the Bitcoin market has seen a growth of 19.54%, and the Ethereum market a rise of 31.14%. The big question now is whether this post-election momentum can take the prices of top cryptos to new heights.
Crypto Market’s Post-Election Growth
On November 5, the crypto market opened with a total market cap of $2.216T. By the close of the day, it grew by 2.12%. On November 6, it surged by 8.91%, pushing the price to a peak of $2.468T. Since then, it has climbed steadily. Yesterday, the market registered a gain of 4.37%.
Bitcoin and Ethereum: Post-Election Performance
Both of the top two cryptos have experienced growth during the post-election period. On the day of election, the BTC market opened at around $67,884.01. On November 6, the market witnessed an impressive growth of 8.95%, breaking past the previous all-time high level of $73,000+. Yesterday, it displayed a notable rise of 4.82%, crossing above the crucial level of $80,000.
On-chain data shows a rise in total BTC supply held by short-term holders – a trend historically seen during bullish periods.
On November 5, the Ethereum market opened at around $2,397.36. The next day, it increased by at least 12.35%. Since November 7, the market has reported a growth of 15.37%. However, in the last 14 hours, the ETH market has suffered a decline of 1.2%. Right now, the ETH price stands at $3,141.34 – slightly lower than yesterday’s closing price of $3,182.33.
Top Crypto Performers Post-Election
Among the top cryptos, Dogecoin has posted the highest seven-day growth of 88.2%. Cardano follows closely with a 73.6% increase. Solana has seen a growth of 28.6%. Lido Staked Ether has displayed a rise of 27.2%.
The market cap of all the cryptocurrencies, excluding Bitcoin and Ethereum, was around $584.705B on November 5. On November 6, the market cap grew at least 7.18% in a single day. Since November 5, the market cap has climbed by nearly 23.34%.
In conclusion, the crypto market’s latest rally is driven by renewed interest in major assets. As altcoins show strong gains, the market may be gearing up for further growth.
