Democratic candidate Kamala Harris has conceded her defeat in the US election, marking the beginning of a new era led by Republican leader Donald Trump, who has secured at least 295 electoral votes as against Harris’ 226. This is the second time that Trump has been chosen by the US electorate to head the White House.
It was in 2016 that he was elected for the first time. Notably, during his first presidency, the Bitcoin market grew by an astounding 2372.05%. This time, throughout the election campaign, Trump positioned himself as a pro-crypto leader. So, the crypto community is eagerly watching to see how far the BTC market will advance in his second term. Let’s examine 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 from the seat when he suffered a defeat on November 3, 2020. By then, the price had reached $14,033.10. During the Biden presidency, the BTC market saw growth of 394.45% – significantly lower than the growth achieved during Trump’s first term.
Anticipation for Growth Under Trump’s Second Term
Trump, during the campaign, pledged that he would introduce pro-crypto policies. Additionally, he vowed to remove US SEC Chairman Gary Gensler, who is unpopular among the crypto community for his aggressive anti-crypto stances. Experts anticipate that the crypto market could witness a massive growth during the upcoming Trump presidency. The entire crypto market has seen a 0.3% growth in the last 24 hours in terms of market cap.
Crypto Market Optimism Following Trump’s Win
Almost all the leading cryptos have experienced growth in the last 24 hours. Last day alone, the Bitcoin market recorded a surge of 8.93%, creating a new all-time-high. The Ethereum market has registered a rise of 8.3% in the last 24 hours. Solana, BNB, XRP, Lido Staked Ether, Cardano and Avalanche are among the cryptos which have experienced growth during the same period.
In conclusion, as Trump’s term unfolds, the crypto market will watch closely to see if Bitcoin’s growth continues as dramatically as it has over the last eight years.
