Democratic candidate Kamala Harris has conceded defeat in the US elections, marking the start of a new era under Republican leader Donald Trump, who has won at least 295 electoral votes to Harris’ 226. This is the second time Trump has been elected. chosen by the American electorate to lead the White House.
He was first elected in 2016. Notably, during his first presidency, the Bitcoin market grew by an astonishing 2372.05%. This time, Trump positioned himself as a pro-crypto leader during the election campaign. So, the crypto community is eagerly awaiting to see how far the BTC market will evolve in its second term. Let’s explore the scenario in depth.
Bitcoin’s journey since Trump’s first election victory
It was on November 8, 2016 that Trump was first elected to the highest seat of power. On that day, the price of BTC was around $600. He was ousted when he suffered a defeat on November 3, 2020. By then, the price had reached $14,033.10. During Biden’s presidency, the BTC market saw a growth of 394.45% – significantly lower than the growth achieved during Trump’s first term.
Anticipation of growth during Trump’s second term
Trump promised during the campaign that he would implement a pro-crypto policy. Moreover, he promised to fire US SEC Chairman Gary Gensler, who is unpopular among the crypto community due to his aggressive anti-crypto stances. Experts expect that the crypto market could experience enormous growth during the coming Trump presidency. The entire crypto market has seen a growth of 0.3% in terms of market capitalization over the past 24 hours.
Crypto market optimism after Trump’s victory
Almost all leading cryptos have seen growth in the past 24 hours. In the past day alone, the Bitcoin market rose 8.93%, creating a new all-time high. The Ethereum market has registered an increase of 8.3% in the last 24 hours. Solana, BNB, XRP, Lido Staked Ether, Cardano and Avalanche are among the cryptos that have seen growth during the same period.
In conclusion, as Trump’s term unfolds, the crypto market will be keeping a close eye on whether Bitcoin’s growth continues as dramatically as it has over the past eight years.
