Donald Trump’s victory in the recent US presidential election caused a real frenzy in the cryptocurrency segment. Bitcoin has been breaking all-time highs in recent days, and other cryptocurrencies are gaining even more.

Bitcoin approaches $90,000. After months of relative calm, Bitcoin’s evolution has been wild since Trump’s victory. The cryptocurrency has gained 30.68% in recent days, hitting consecutive all-time highs, according to CoinMarketCap. The March 2024 high of $73,800 is now behind us and Bitcoin is now about to surpass $90,000.

Trump and unbridled optimism. During the election campaign, Donald Trump made a number of promises to the crypto industry. He highlighted his comment about making the US the “crypto capital of the planet,” as noted on CNBC. He even insisted that the country have a strategic national Bitcoin reserve.

The rest of cryptocurrencies are infected with Bitcoin. Increases in recent days are quite common, and Ethereum, for example, the second largest by market cap, has gained slightly more than Bitcoin in the last seven days: 38.69%. The all-time high of $4,635 was reached in November 2021 and is currently around $3,370. Cardano (85.25% growth in the last seven days), Solana (36.34%), and many other companies experienced similar growth.

But dogecoin was specifically released. One of the biggest beneficiaries of Trump’s victory was dogecoin, which grew by 143.59% in the last seven days: from $01.679, where it was positioned a week ago, to $0.41 currently. The immediate all-time high (especially abnormal and very short) in May 2021 was $0.65.

Value of the top 10 cryptocurrencies by market cap right now. The most striking data is its growth over the last seven days (column “7d”). Source: CoinMarketCap

Elon Musk, his hero. This tycoon was Trump’s main supporter in the campaign. At one of the candidate’s events, Musk accompanied him, and there they talked about a new project in the form of the “Department of Government Efficiency”, which they called DOGE, like the dogecoin token symbol. This had already caused an increase in the value of the cryptocurrency weeks ago, but now its value has increased. Tesla, meanwhile, skyrocketed on the stock market, allowing Musk to amass the greatest fortune ever seen.

fire returns. The extreme volatility that cryptocurrencies are experiencing again is reminiscent of past times when Bitcoin did not stop rising in value at crazy rates. Companies like Coinbase, which are closely linked to Bitcoin, are logically rising on the stock market. Others, such as MicroStrategy, which has increasingly focused its operations on purchasing more Bitcoin, have reinforced this claim: The company recently purchased 27,200 Bitcoins, worth about $2 billion.

excellent care. As in previous times when crypto volatility was extreme, these extraordinary growths can be followed by equally steep declines. For example, let’s remember that after the increases in 2021, 2022 was a truly terrible year for cryptocurrencies, and those who joined the fire late lost big money.

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