CoinSpotMarket Update
Bitcoin at All-Time Highs as Market Adjusts to Trump Election Win
3 minutes
2 months ago
3 minutes
2 months ago
After U.S. election voting closed last Tuesday night (EST), Bitcoin’s price broke through to all-time highs above $112,500 ($73,500 USD). In the days thereafter Trump was declared the election winner, BTC consistently grinded higher, making more record highs along the way.
The most recent of these price milestones came on Wednesday morning (AEDT) when BTC briefly crossed $137,000 ($89,500 USD). Of note, BTC dominance has hovered around 60% for most of this week, near three-year highs.
Dogecoin (DOGE) has been one of the top performers in the past week, likely due to the coin’s longstanding association with Elon Musk, who was heavily involved in Donald Trump's presidential campaign. On Wednesday, the Trump campaign confirmed that Musk will co-lead the Department of Government Efficiency (DOGE), an initiative Musk had suggested Trump pursue in the event he wins the election.
Spot Bitcoin ETFs in the U.S. posted their strongest week of net inflows since March, adding $3.39B ($2.2B USD)—and this week’s figure is on track to top it.
Elsewhere, on Tuesday, spot Ethereum ETFs in the U.S. recorded their largest daily net inflows since launching in July. The net inflows of $451M ($295M USD) were nearly triple the previous record from early August.
The combined market cap of all stablecoins continues to climb and is now at $280B ($183B USD). Such a trend indicates that more capital is coming ‘onchain’ and being used across the crypto ecosystem for reasons including payments, lending and saving. including payments, lending and saving.
