Following the election of Donald Trump as the US’s 47th president, Bitcoin yesterday hit an all-time high above $75 000 – finally breaking through the long-standing peak of $73 700.
The cryptocurrency was trading on Luno at R1,323,115 at 12h48 yesterday afternoon. The rest of the crypto market has also surged.
Says Christo de Wit, Luno country manager: “Trump has repeatedly and publicly vocalised his support for the development of the cryptocurrency industry in the US, whereas Kamala Harris was less clear about plans for the industry’s future. We’ve seen a significant uptick in trading volume on Luno over the past 24 hours in response to the positive market movements.”
Traders obviously favoured Trump’s pro-crypto stance, which some speculate could bring a friendlier regulatory environment to the sector.
Bitcoin and Ethereum both spiked over 8%, while others like Dogecoin and Uniswap are stealing the show with 20% and 30% gains respectively. The market cap for all cryptos jumped 14% overnight and trading volumes across the industry have more than doubled.
Yesterday’s crypto market stats:
Top five movers (24hrs)
UNI (Uniswap): +27,90%
- AAVE (Aave): +19,93%
- DOGE (Dogecoin): +19,07%
- FTM (Fantom): +15,82%
- SOL (Solana): +13,59%
Total crypto market cap: $2.48-trillion (+11%).
What Bitcoin did yesterday: Daily high $70 495 | Daily low $67 473.
Bitcoin market capitalisation: $1,45-trillion (59% of market).
Bitcoin 24-hour trading volume: $93,28-billion (+123%).
SP500: +1,23%
Fear and Greed Index: Greed
(The Fear and Greed Index measures volatility, market momentum/volume, social media, surveys, dominance, and Google search trends to gauge market sentiment).
Bitcoin Relative Strength Index (RSI): 64.7
(Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price, while 30 or below indicates an oversold or undervalued condition).