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Crypto market capitalisation hits record $4.3 trillion on Trump win
The Straits Times
|November 15, 2024
The value of the global cryptocurrency market has topped US$3 trillion as the election of Donald Trump as US president spurred bets that friendlier US regulation could usher in a new boom for all corners of the asset class.
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The sum market value of cryptocurrencies touched a high of nearly US$3.2 trillion (S$4.3 trillion) early on Nov 14 in Asia, according to analytics and data aggregator CoinGecko.
That puts it above 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 value milestone coincided with the token's rise to a record US$93,480.
"Generally, the way this market goes is Bitcoin will break out and then the rest of the altcoins will follow," said Mr Matthew Dibb, chief investment officer at cryptocurrency asset manager Astronaut Capital.
"So there is that gradual rotation of capital... and then we can expect the total market cap to increase."
The election wins of Trump and several pro-crypto lawmakers heading to the US Congress have driven the wave of euphoria by apparently clearing some of the uncertainty around US regulations.
This story is from the November 15, 2024 edition of The Straits Times.
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