Bitcoin Surges Post-Trump Victory, Ethereum Faces Challenges as Crypto Market Evolves
The cryptocurrency market is experiencing notable shifts as Bitcoin (BTC) and Ethereum (ETH) navigate through a dynamic landscape. Currently, Bitcoin is priced at $74,927, down from $75,632 yesterday, yet it recently hit a new all-time high of $75,358. This surge follows Donald Trump’s election win, which has sparked optimism across the digital asset space.
Trump's victory has been significant for the crypto industry, with 247 pro-crypto candidates elected to the House and 15 to the Senate. This political shift is expected to enhance the regulatory environment, which has rallied investor confidence. Analysts believe that the regulatory clouds hanging over the crypto market may soon dissipate, further fueling Bitcoin’s upward momentum.
As Bitcoin thrives, Ethereum is facing challenges. The current price of ETH stands at $2,801, up from $2,716 yesterday. However, market analysts suggest that ETH is hitting new multi-year lows against BTC, indicating potential downside pressure for Ethereum traders.
In the realm of Layer 2 (L2) solutions, total value locked (TVL) has increased to $8.60 billion, up from $8.20 billion yesterday. The top five L2 networks are leading this growth:
- Base: $2.70 billion (+5.56%)
- Arbitrum: $2.54 billion (+4.65%)
- Optimism: $671.90 million (+2.11%)
- Blast: $622.73 million (+5.50%)
- Mantle: $538.62 million (+5.23%)
Today, fundraising in the crypto sector totaled $6.50 million, with the largest round coming from A-WORLD at $5.00 million and Usual raising $1.50 million. Over the current week, cumulative fundraising has reached $25.14 million, indicating robust interest in crypto projects despite market volatility.
As the market evolves, traders and investors remain vigilant, watching for regulatory changes and market trends that could shape the future of cryptocurrencies.
