Posted by The spectacular rise of cryptocurrencies in recent years is a testament to the fact that common people are indeed optimistic about cryptocurrencies. The recent victory of Donald Trump in the Presidential Elections is also viewed positively by many. Bitcoin surged above $80,000 a few days back and continues to hover around that figure. The positivity is largely attributed to the favorable statements of Donald Trump in his election campaigns. It is natural that amidst these growing positive vibes, new ICOs such as Grey HAT ICO will invariably benefit and will gain a tremendous number of investors.
Latest Trends on Crypto Market Capitalization
What is happening currently is unprecedented in the history of cryptocurrencies. The global cryptocurrency market has surged above the $3 trillion mark. At one point, Bitcoin even crossed the threshold of $90,000 by touching $93,477. Ethereum and Elon Musk’s Dogecoin also witnessed an unprecedented rise in their values.
The market capitalization surged 2.2% in the last 24 hours. On Thursday, it reached a whopping $3.11 trillion mark. Out of all the cryptocurrencies, Bitcoin currently leads the market as its capitalization stands at $1.775 trillion. Tether has shot up to $126 billion, Ethereum at $384 billion, Dogecoin at $57 billion and BNB at $90 billion. The combined value of the cryptocurrency market capitalization is now more than the Gross Domestic Product (GDP) of Italy (which is $2.38 trillion), Brazil ($2.19 trillion) and Canada ($2.21 trillion). What is even more surprising is that the total crypto market capitalization is marginally less than the French GDP!
Donald Trump’s Pro-Crypto Stance
During his election campaign, Donald Trump consistently favored cryptocurrencies. He also took a part of his campaign donations in cryptos. Publicly, he favored setting up a cryptocurrency reserve and Bitcoin stockpile. It is also true that he has earned a positive image on cryptos. He is also widely perceived as someone who wants to take strict actions against the SEC Chairman for harshly punishing crypto firms.
The foremost reason why crypto market capitalization is soaring is that many enthusiasts believe that the second Trump Presidency will be a game changer for the sector. This essentially implies that firms indulging in ICO will also benefit. If the government under his administration indeed fulfills the promise, then people may steadily start perceiving cryptocurrencies as the most viable alternative to fiat currencies.
Conclusion
The prospects of top ICOs in the world are bound to improve remarkably because of the recent developments in the crypto sector. The unprecedented rise in crypto valuations will boost investor confidence and will lead to more widespread acceptance. The best part of this rising wave is that it will invariably improve blockchain technology’s potential elsewhere. It will also help in more financial innovations and help address global financial problems better. In a nutshell, a few favorable policies may change the crypto sector once and for all.