A day after President-elect Donald Trump's resounding victory on Wednesday, the bitcoin market displayed erratic movements on Thursday.
Significant tokens saw drops of up to 9%, including Dogecoin, Bitcoin, Tron, Shiba Inu, and Near Protocol. Ethereum, BNB, Cardano, Avalanche, Chainlink, and Polkadot, on the other hand, had increases of up to 8%.
At 11:59 a.m. IST, Ethereum was up 8.3% to $2,819, while Bitcoin (BTC) was down 0.7% at $74,770. However, Bitcoin had already reached its highest point ever, $76,460, during the early session.
Over the course of the last day, the worldwide cryptocurrency market capitalization increased by 0.9% to reach almost $2.52 trillion.
Bitcoin jumped around 8% on Wednesday, exceeding its previous record from March and breaking beyond $75,000 to reach a new all-time high. Because it is the preferred cryptocurrency of billionaire Elon Musk, a well-known Trump supporter, Dogecoin also saw a 25% increase in value.
"Trump's victory has sparked optimism in the crypto market, reflecting hopes for a more favorable regulatory environment," said Shivam Thakral, CEO of BuyUcoin. As the market processes the election results, investors are keeping an eye out for prolonged momentum that could signal future expansion in the industry.
"The market's reaction to Trump's victory has been mixed, especially for XRP, which has shown only a modest rise amid broader gains," said Avinash Shekhar, co-founder and CEO of Pi42.
The volume of all stablecoins is currently $165.58 billion, or 93.34% of the 24-hour total volume of the cryptocurrency market, according to data from CoinMarketCap.
The largest cryptocurrency in the world, Bitcoin, saw its market value drop to $1.479 trillion in the last day. According to CoinMarketCap, Bitcoin now holds a 58.95% market share. The volume of Bitcoin dropped 3.04% to $85.14 billion in the last day.
"Bitcoin burst over key resistance levels, including 67,241 and 70,000, indicating strong upward momentum. A further increase to 8,4547 or higher is now expected. Despite low volume at price tops and large volume at bottoms, which may weaken the breakout, the technical prognosis for Bitcoin and cryptocurrencies in general remains optimistic in the medium to long term," stated Unocoin's Co-Founder and CEO, Sathvik Vishwanath.
The market is now focused on Thursday's Federal Reserve announcement, with traders expecting a 0.25% rate drop. Historically, lower interest rates help risk assets such as Bitcoin by weakening the dollar and promoting investment in alternative assets. The CoinSwitch Markets Desk said Fed Chair Powell's remarks would be closely watched for any hawkish undertones that might dampen market euphoria.
