Bitcoin has reached a new all-time high, with the cryptocurrency market rising by $900 billion since the US election. Bitcoin’s dominance now exceeds 60%, and the rising price of bitcoin is attributed to political optimism and the performance of spot Bitcoin ETFs. Although altcoins are down 5-10% in terms of performance, Bitcoin Cash (BCH) rose 17% and Bitcoin SV (BSV) rose 10%.
Instant Bitcoin ETFs have contributed to the upswing since the US election, with record inflows of $1.37 billion on November 7. The market experienced considerable volatility, and leveraged positions were liquidated. Donald Trump’s support for Bitcoin and cryptocurrencies has had a positive impact on the market, with plans to make the US the world’s cryptocurrency hub.