Bitcoin has been on a remarkable rally, reaching an all-time high of $87,450 in the wake of the US elections. This surge has not only propelled Bitcoin to new heights but has also lifted the entire crypto market, with many altcoins hitting new local highs as well.
Analysts attribute this surge to the “Trump trade” effect, with many investors jumping back into Bitcoin out of fear of missing out (FOMO) after selling at previous highs. Dogecoin, in particular, has seen a significant increase in value, trading at $0.33 and climbing 47% in the past 24 hours.
Ethereum has also experienced a positive trend, rising 6.5% to $3,328.29, reflecting the overall optimism in the market. However, the ETH/BTC pair has decreased by 3.6%, indicating that Bitcoin’s performance is overshadowing Ethereum’s gains.
In addition to the crypto market, US stock market crypto-related stocks have also seen a surge. MicroStrategy and Coinbase have both reached new all-time highs, demonstrating the growing interest in cryptocurrency-related investments.
Furthermore, Solana has hit a new local high at $223.6, showcasing the broader bullish sentiment in the market. The overall crypto market is valued at $2.93 trillion, with Bitcoin dominance standing at 58.80%.
Overall, the current rally in Bitcoin and the wider crypto market is fueled by a combination of factors, including post-election optimism, investor FOMO, and increased interest in cryptocurrency-related stocks. As Bitcoin continues to break new price levels, it remains to be seen how the market will evolve in the coming days and weeks.
