Just a few days after Donald Trump’s victory was enough for the market to explode. There are several winners, but traders point out to the crypto market, including BTC ATH.
BTC ATH: Spectacular run
Traders correctly started trading BTCUSD last week. Before the U.S. elections, the biggest cryptocurrency value was around $69,000. On Tuesday, November 12th, it reached $89,000. It is one of the most sensational rises in crypto history. Investors positively react to the results of the race for the White House.
After this year’s darkest day for traders at the beginning of August, Bitcoin had to restore its value from the $50,000 level. As you can see, the current BTC ATH wasn’t so obvious just a few months ago.
Is BTC ATH caused only by elections?
Before the U.S. elections, analysts suggested that a potential victory for Republicans would probably affect cryptocurrencies positively. So, the current situation shouldn’t be a surprise. However, traders are also tempted by two major events that happened earlier this year.
The introduction of ETFs on cryptos and Bitcoin Halving has accumulated interest in BTC, which exploded after the elections. Thanks to the one-of-a-kind supply reduction, Bitcoin behaves in a predictable way every four years. We could have seen this kind of value increase in 2016 and 2020.
Not only Bitcoin – altcoins emerge as well!
Multiple other assets hugely benefit from the recent market events, especially those related to the crypto market.
Traders revived their interest in Solana. SOLUSD has surpassed the magical $200 barrier for the first time since March, reaching the highest value in 2024. Several cryptocurrencies, such as Ethereum, Cardano, or Polygon, recorded remarkable gains. Yet, Solana presented the blend of long-term stability and the potential for significant rises during the crypto boom.
You can also find some equities closely tied to the crypto market. As a crypto exchange, Coinbase obviously increased sensationally. Microstrategy, the business intelligence titan known for its substantial investments in Bitcoin, also skyrocketed during the last couple of days thanks to BTC ATH.
You can trade both COIN.US and MSTR.US on the SimpleFX platform!
More post-election movements in the market
Crypto and crypto-related assets were not the only trading instruments gaining attention. We’ve repeatedly mentioned how engaged in Trump’s campaign Elon Musk is. And now, these efforts are being paid back – literally. Tesla has recorded constant growth, over 40% for the last week. Multiple stocks have risen, which led to another major increase – the S&P 500 index reached its ATH and broke the $6,000 barrier.
After Tesla has skyrocketed, traders should be careful in investing in its competition. LCID stock price has plummeted due to the result of the U.S. elections. However, investors aim to benefit from Lucid’s lower value and started buying the company’s stocks yet again.
The increased curiosity at more volatile markets caused slight decreases in the value of assets considered more stable. XAUUSD was close to the $2,800 barrier at the end of October. Instead, after the elections, it fell below the $2,600 level.
