- Cryptocurrency markets soared following Trump’s election victory and a Federal Reserve interest rate cut.
- Bitcoin reached its highest-ever value of $88,747, with potential to break $90,000.
- The global crypto market cap hit a new record of $2.89 trillion, with Bitcoin now worth more than silver.
Following major economic events that heavily favored risky markets – the cryptocurrency market has never been this valuable.
After Donald Trump’s victory on November 5th, Bitcoin and nearly all digital assets started to rapidly climb the charts, indicating massive buying power in the market. Only a couple of days later the Federal Reserve announced yet another interest cut that doubled down on this market optimism and led cryptocurrencies to breaking new records.
Bitcoin is currently trading at its highest level ever at $88,863. In only moments the world’s largest cryptocurrency has the potential to reach the never-before-seen margin of $90,000 per coin.
However, BTC is far from the only crypto with heavy bullish momentum. All top-10 cryptocurrencies average a 30% growth over the past week, with ADA, SHIB, and DOGE growing as much as 107% in value in only seven days – according to CoinMarketCap.
The total cryptocurrency market capitalization is also at a new record. Today, November 11, 2024 – the total value of all cryptocurrencies combined surpassed 2021’s ATH of $2.6 trillion.
At this time of writing, the global crypto market cap is at $2.89 trillion – and if continues moving forward could reach the remarkable zone of $3 trillion dollars.
Bitcoin alone is now worth more than silver in the global asset rankings, sitting at 8th place behind behemoths like Gold, NVIDIA, Apple, and Google.
Over the last couple of years, cryptocurrency investors had it rough. After the boom in 2020 and 2021 that showed the world that cryptocurrencies can also serve as a store of value during harsh economic times like the COVID-19 Pandemic, government regulations, high interest rates, and an overall high cost of living caused digital assets to decline and have one of its worst-performing 2-year period ever.
However, as world economies become more stable, cryptocurrencies are finally enjoying a spot in the sun – with the most value, adoption, and utility that the market has ever seen.
