ALBAWABA – Cryptocurrencies, the decentralized digital money based on blockchain technology, experienced a significant surge following Donald Trump’s win in the US presidential election. According to CoinMarketCap, Bitcoin rose from $68,874.17 on November 5 to $89,719.55 this week.
Cryptocurrencies see a boost following Trump’s win
Ten major cryptocurrencies saw a significant boost following Donald Trump’s win in the US presidential election last week.
Bitcoin, the first and largest decentralized cryptocurrency, was valued at nearly $68,874.17 on November 5 and reached $89,719.55 yesterday. Meanwhile, Ethereum, the decentralized blockchain with smart contract functionality, was priced at $2,459. 62 last week and surged to $3,382.49 this week.
Additionally, Binance Coin (BNB), the cryptocurrency of Binance and one of the largest cryptocurrency exchanges in the world, reached $665.12 this week, up from $562.80 last week. Meanwhile, Solana (SOL), a blockchain platform designed to host decentralized applications, urged to $223.01 this week, up from $166.35 last week.
Historically, Bitcoin always experienced a significant boost following the US presidential election. (Shutterstock)
Avalanche (AVAX), a decentralized, open-source proof-of-stake blockchain with smart contract functionality, rose from $24.04 to $37.20, while the price of XRP, a cryptocurrency and the native token of the open-source XRP Ledger, increased from $0.5132 to $0.6279 this week.
Furthermore, Cardano, one of the biggest cryptocurrencies by market cap, recorded a boost of $0.6076 compared to $0.3358 last week. Similarly, the famous Dogecoin (DOGE), the peer-to-peer, open-source cryptocurrency, saw an increase of about $0.4160 this week compared to $0.1772 last week.
Finally, Tether (USDT), a cryptocurrency stablecoin launched by Tether Limited, reached $1.0022 this week, up from $0.9994 last week. Meanwhile, the price Shiba Inu (SHIB), an Ethereum-based altcoin, rose from $0.00001800 to $0.0000295 this week.
Bitcoin historical surges following US presidential election
Historically, Bitcoin always experienced a significant boost following the US presidential election. When Barack Obama won in 2012 and Donald Trump in 2016, the famous cryptocurrency rose by 87% after Obama's win and about 44% after Trump’s. When Joe Biden won in 2020, Bitcoin surged by 145%.
It is worth noting that analysts expect Bitcoin to exceed $100,000 by the end of 2024, driven by increased demand for ETFs and potential interest rate cuts by the US Federal Reserve.
Trump supports Bitcoin
Upon winning the recent US presidential election, Donald Trump promised to establish a Bitcoin reserve and support the growth of the US Bitcoin mining sector.
“If I am elected, it will be the policy of my administration, United States of America, to keep 100% of all the bitcoin the US government currently holds or acquires into the future,” Trump stated previously.
