- Crypto marketcap rises over Rs 550 billion in week, dollar index also gains
After the election of Donald Trump as the President of the United States, there has been a boom in crypto currencies. Bitcoin has surged 35 percent in the past one month to approach a record high of $90,000. Trump will remove the head of the security exchange, Gary Gensler, and Bitcoin will have a place in America's digital asset, and to some extent will keep the concept of Made in America in Bitcoin mining. In addition, the Trump campaign received approximately 135 million dollars in donations from the crypto and fintech sector, the impact of which has been seen for some time. Considering that, it can be said that a crypto government has been formed in America.
The total market cap of crypto-currencies hit a record $2.9 trillion, an increase of $6.5 billion (550 billion in Indian rupees) in just one week. On November 5, the market cap of crypto reached a record high of $2.19 trillion and now $2.9 trillion. Bitcoin accounted for $1.65 trillion of this, which is 34 percent of India's total market cap. India's market cap has been 5.28 trillion dollars.
In addition to Bitcoin, other currencies have also seen impressive growth in crypto currencies. For a long time, the development of the crypto sector in America was stunted. Now the interest of venture capital and hedge funds, ETFs etc. in digital asset and fintech is increasing. Bitcoin has reached an all-time high of $90,000.
A 25 percent gain in just one week Bitcoin price has jumped 25 percent in just one week and 130 percent in a year. Bitcoin's market cap rose from $1.33 trillion before the election to $1.65 trillion now. Thus, there has been a jump of 32 billion dollars in just one week. ETFs had a record post-election inflow of $143.91 million on November 7, with Bitcoin alone recording $12.59 million and Ethereum $80 million.
Other cryptocurrencies like Dogecoin doubled after the election Other cryptos that have seen big jumps include Altair, Ethereum, Solana, Dogecoin, etc., which have gained 50-125 percent since the US election. Dogecoin, Elon Musk's favorite currency, has jumped 90 percent in just 5 days of trading. The price has increased 3 times in one year.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
