In the past 24 hours, the cryptocurrency market has seen a growth of 1.9%. At the time of writing, the cryptocurrency market cap is $3,763,980,625,636 and the 24-hour trading volume is $227,680,784,362. Almost all top ten cryptos have experienced growth today.
Bitcoin grew by 2.7%, Ethereum by 1%, XRP by 2.8%, Solana by 8.2%, BNB by 2.1%, Dogecoin by 6.2% and Cardano by 1.7%. Why did the crypto market rise today? Let’s do a quick analysis! Finished?
Crypto Market Overview
As of November 5, 2024, the total market capitalization of the cryptocurrency market was $2.22 trillion. Between November 5 and November 20 alone, the market recorded an increase of 37.38%. On November 21, the market came within a range of $3.11 trillion and $3.64 trillion.
As of now, the cryptocurrency market cap is approximately $3.54 trillion – at least 2.82% below the high end of the aforementioned range.
This implies that the market has not yet exceeded the bandwidth. Since January 10, 2025, the crypto market has increased by almost 12.38%. In the last 24 hours alone, as previously mentioned, the market has reported a gain of 1.9%.
Top reasons why the crypto market is booming today
Here are the top reasons why the cryptocurrency market is booming today.
SEC plans crypto-friendly regulations
Pro-crypto executive Mark Uyeda, who was recently appointed interim chairman of the Securities and Exchange Commission by US President Donald Trump, has announced the creation of a task force to craft a new regulatory framework for the cryptocurrency sector .
Trump’s pro-AI stance
Trump revoked a 2023 executive order issued by Joe Biden to reduce the risks AI poses to consumers, workers and national security. The AI community has welcomed the move. SoftBank and OpenAI jointly announced an AI infrastructure project called Stargate. The total market capitalization of the AI token segment alone has increased by 7.6% in the last 24 hours.
Lawsuits against major crypto companies could be dropped
Trump has pardoned Ross Ulbricht, the founder of the Silk Road marketplace. There are rumors that the Trump administration may drop lawsuits against major crypto companies, including Ripple. Over the past seven days, XRP is up about 10.3%.
$TRUMP and $MELANIA create excitement
At least two meme coins, $TRUMP and $MELANIA, belonging to the Trump family had appeared on the meme coin market hours before Trump’s inauguration. Both have created excitement in the market. While $MELANIA is down 23% in the last 24 hours, $TRUMP has grown 3.2%. During the period, the market capitalization of meme coins increased by more than 3.6%.
In conclusion, the rise of the crypto market today reflects growing confidence in the Trump administration’s pro-crypto agenda, coupled with expectations of clearer regulations and fewer legal hurdles. While speculative trading, such as the $TRUMP memecoin, has added volatility, overall sentiment remains positive, pointing to a bullish near-term outlook.
Credit : coinpedia.org
