Cryptocurrency stocks experienced a sharp rally on November 6, 2024, following Donald Trump’s victory for a second term as U.S. president. The win sparked a bullish sentiment across the crypto market, with Bitcoin reaching over $75,000 before briefly pulling back.
The surge in the crypto market, often referred to as the “Trump trade,” was driven by optimism that the market would perform well under Trump’s presidency, especially as betting odds favored his victory in the lead-up to Election Day. Bitcoin, Ethereum, Solana, and Dogecoin all saw notable gains, with Ethereum climbing above $2,700, Solana approaching $190, and Dogecoin breaking the $0.20 mark.
Meanwhile, stocks of crypto-related companies surged. Coinbase’s shares jumped 30%, reaching $253.58, marking a 50% increase in just a month and a 193% rise over the past year. MicroStrategy, the largest corporate holder of Bitcoin, saw its stock rise nearly 13%, with a 40% gain over the last 30 days and a 460% return in the past year.
Other notable gains included Bitcoin mining companies like Marathon Digital (+19%), Riot Platforms (+21%), CleanSpark (+20%), and Hut 8 (+9%), following positive quarterly results. Robinhood, a platform offering crypto trading, also saw a significant rise, up 20%, while Block Inc. gained over 7%.
The market momentum intensified after Vice President Kamala Harris called Trump to congratulate him, signaling a shift in political leadership. This announcement further boosted market sentiment, as investors anticipate pro-crypto policies under Trump’s administration.
The overall crypto market and related stocks appear to be capitalizing on this renewed optimism, with analysts speculating that Trump’s victory could drive further growth in the digital assets sector.
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