WASHINGTON (dpa-AFX) - Cryptocurrencies dazzled and Bitcoin scaled fresh peaks as Donald Trump scored a commanding victory in the U.S. presidential elections, belying projections of a neck and neck race. Markets cheered the results amidst renewed hopes of a pro-crypto political establishment in the U.S.
Overall crypto market capitalization touched a high of $2.48 trillion and Bitcoin jumped to a fresh all-time-high of $75,361 as the counting of votes progressed.
Overall crypto market capitalization is currently at $2.45 trillion. More than 25 percent of the top 100 cryptocurrencies are currently trading with overnight gains of more than 10 percent whereas 5 percent of the top 100 have added more than 20 percent in the past 24 hours.
In the global ranking of all assets published by companiesmarketcap.com, only Gold (market cap: $17.94 trillion), NVIDIA (market cap: $3.43 trillion), Apple (market cap: $3.38 trillion) and Microsoft (market cap: $3.06 trillion) command a market capitalization higher than the overall crypto market capitalization of $2.45 trillion.
Meme category market capitalization has spiked 10.8 percent overnight. Market capitalization of the political memes category has however tumbled 12.1 percent in the past 24 hours.
The AI & Big Data category has recorded a surge of 9.68 percent in market capitalization.
The crypto rally is despite the massive surge in the U.S. Dollar. The six-currency Dollar Index is currently at 105.31 recording an overnight increase of 1.8 percent. DXY had jumped to 105.44 earlier in the trade.
Gold plunged more than 3 percent whereas crude oil prices slipped close to a percent as markets responded to the dollar's strength. Bond yields in the U.S. have also jumped significantly in response to the election verdict whereas stock market indexes have recorded a big jump.
Meanwhile, ahead of the Fed's interest rate decision due on Thursday, markets continue to expect a quarter point rate cut from the Federal Reserve.
Bitcoin is currently trading at $73,796.37, recording overnight gains of 5.5 percent, weekly addition of 1.9 percent and a year-to-date surge of more than 74 percent.
Bitcoin is currently ranked 9th in the global ranking of all assets published by companiesmarketcap.com. In addition to Gold, NVIDIA, Apple, and Microsoft, only Amazon (market cap: $2.10 trillion), Alphabet (market cap: $2.09 trillion), Saudi Aramco (market cap: $1.78 trillion) and Silver (market cap: $1.75 trillion) command a market capitalization higher than Bitcoin's market capitalization of $1.46 trillion.
Ethereum traded between $2,648.80 and $2,402.50 in the past 24 hours. At its current price of $2,620.60, the leading altcoin has added 6.2 percent overnight. Ether is however grappling with losses of 3.3 percent in the past week. Year-to-date gains are a little less than 15 percent.
Solana (SOL) jumped to the 4th rank overall with an emphatic overnight rally of more than 11 percent. SOL which has added more than 82 percent in 2024 is currently trading at $185.23 amidst hopes of regulatory approval for a Solana ETF.
5th ranked BNB (BNB) added 2.4 percent overnight. BNB is currently changing hands at $580.94 implying year-to-date gains of 86 percent.
The overnight surge of 3.2 percent helped 7th ranked XRP (XRP) rise to $0.529 recording weekly gains of 0.69 percent. The cryptocurrency is still grappling with losses of close to 14 percent on a year-to-date basis.
8th ranked Dogecoin (DOGE) leaped 8.7 percent overnight to trade at $0.1923. DOGE has added 13.9 percent in the past week and close to 115 percent in 2024.
9th ranked TRON (TRX) gained 0.65 percent overnight to trade at $ 0.1632.
Cardano (ADA) rallied 5.2 percent overnight to trade at $0.3528 and the 10th rank overall. Toncoin (TON) has been relegated to the 11th rank overall.
19th ranked Uniswap (UNI) and 88th ranked First Neiro on Ethereum (NEIRO) topped overnight gains with a surge of close to 27 percent.
86th ranked ApeCoin (APE) that has declined 1.4 percent is the only cryptocurrency among the top 100 to trade with overnight losses of more than a percent.
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