The post-presidential election period in the US has ignited a cryptocurrency fervor. Everything associated with the digital currency sector, following Donald Trump's victory, was seen ramping up. Bitcoin, the leading crypto, broke its previous record, trading above $88,000. Concurrently, allied stocks from such companies as Robinhood Markets, Coinbase Global, Riot Platforms, and Marathon Digital parent MARA Holdings saw notable rises, with Marathon seeing a growth rate of around 30%.
Crypto-focused exchange-traded funds (ETFs) such as the iShares Bitcoin Trust and the Grayscale Bitcoin Trust also experienced a surge, posting increases in the double-digit percentage range. The feverish enthusiasm can be largely attributed to Trump's earlier endorsements of cryptocurrencies, and his ambition for the U.S. to establish itself as the global crypto hub.
MicroStrategy, which claims the title of the largest corporate bitcoin holder, reported its acquisition of a further 27,200 bitcoin, costing around $2.03 billion. This sent its stocks soaring by 25% by the day's close.
The total estimated market capitalization of cryptocurrency is approaching the $3 trillion landmark, according to data from CoinMarketCap.