The crypto rally continues to gain momentum a week after the U.S. elections, with no signs of slowing down.
On Monday, Bitcoin (BTC) surged to new all-time highs, breaking past $88,000 during U.S. trading hours and adding another 11.3% to its gains in the past 24 hours. Bitcoin’s most recent peak was $88,448, according to CoinDesk Bitcoin Index (XBX) data. The cryptocurrency’s market cap has reached approximately $1.73 trillion, surpassing silver’s, as shown by Infinite Market Cap data. This shift occurred earlier in the year, driven by optimism surrounding spot exchange-traded funds (ETFs) since March.
Bitcoin led the market rally, while the CoinDesk 20 Index (CD20), a broad-market benchmark, saw a solid 7.9% increase over the same period. Ethereum’s ether (ETH) rose 6.4% to exceed $3,300, and solana (SOL) gained 6.7%, reaching over $220.
Among the CD20 index’s top performers were Aptos (APT), Near (NEAR), and Render (RNDR), each surging between 18% and 25%.
The weekend’s crypto rally also fueled significant gains in crypto-related stocks. Shares of Coinbase (COIN) opened with double-digit increases and closed nearly 20% higher at over $320, a level not seen since November 2021. Bitcoin mining companies, including MARA Holdings (MARA), CleanSpark (CLSK), and Hut 8 (HUT), saw gains of 25%-30%.
MicroStrategy (MSTR), the Nasdaq-listed software firm with the largest corporate bitcoin holdings, jumped 25% to hit a new all-time high of $340, surpassing its dot-com era record from 24 years ago. The company announced on Monday that it acquired an additional 27,200 BTC, bringing its total holdings to 279,420 BTC—valued at approximately $24.5 billion at current prices.
Cryptocurrency prices have skyrocketed since Donald Trump’s U.S. election victory on Tuesday, with investors anticipating a more supportive stance on digital assets during his presidency, especially as Republicans look poised to gain control of Congress. Over the past week, Bitcoin has gained 27%, while many altcoins have seen even larger gains, doubling or tripling in value.
“While some may view the market as frothy, keep in mind that we’ve shifted from an oppressive regulatory environment to a friendly one overnight,” Sean Farrell, Fundstrat’s head of digital asset strategy, posted on X on Monday. “This shift justifies the sharp upward moves we’re seeing in the charts.”
