As Donald Trump emerged to become the 47th U.S. president after a closely contested election against Kamala Harris on Wednesday, it also sparked off the much awaited bull season with Bitcoin reaching an all time high of $75,359.
The U.S. elections not only brought great bull run for Bitcoin but also Solana which surpassed BNB in market cap, becoming the fourth Largest Cryptocurrency. Dogecoin is also up by almost 24%, and the global crypto market is up 6.93%. The overall crypto market volume is up by 73.76% and currently stands at a market cap of $2.44 Trillion.
The reason behind the crypto market spike is that a fiercely pro-crypto candidate Donald Trump has won United States presidential election race. Ever since the onset of 2024, Trump has vouched for liberal crypto regulations, creating a strategic Bitcoin reserve and turning America into the Bitcoin Mining Capital of the world.
The biggest jump has been seen in Politfi meme coins. According to Coinmarketcap data, the Political memes token market cap is up by almost 9.07% and stands at $598,204,457 and the 24-hour trading volume was $447,381,606 up by 103.66%.
Source: Coinmarketcap
Among all the coins that are related to Trump are surging at a massive rate. Tokens like Trump47 have surged 503%, TRUMPMAGA is up by 506%, DJT is up by 153.72%, TRUMP surged by 127%, and TADDY by 88% showcasing the election craze in the political meme community.
With the victory of Trump, analysts are now predicting that BTC might touch $100K by the end of 2024 as the bullrun is expected to gather momentum. All we can say for now is that there are interesting times for the crypto community.
Also Read: Trump Declares Victory: Could BTC Hit $100K Soon?
