The largest cryptocurrencies have reached new all-time highs, fueled by expectations that the elected administration of President Donald Trump will be more favorable towards bitcoin. Bitcoin (BTC) has risen by 3% in the last 24 hours, trading at $82,123 early Monday, while Ethereum (ETH) experienced a slight dip but has surged by 29% over the past week based on data from CoinMarketCap.
The global cryptocurrency market capitalization increased by 2.9% to hit $2.8 trillion, with the CoinDesk Market Index also rising approximately 2.7% in the same timeframe. The cryptocurrency sector invested around $135 million supporting candidates during the 2024 election cycle, with contributions directed toward both Democratic and Republican parties, including Trump himself.
Throughout his presidential campaign, Trump made various promises perceived as beneficial for the cryptocurrency sphere, particularly bitcoin. One of his proposals included establishing a national bitcoin reserve. The incoming administration has begun making key appointments, with a campaign co-chair named as chief of staff last week. On the economic calendar this week, several Federal Reserve officials are scheduled to speak on Tuesday and Wednesday, following Monday's Veterans Day holiday, which saw federal offices and U.S.
bond markets closed. Data releases on Wednesday include the consumer price index at 8:30 AM ET, as investors are keenly observing potential shifts from the 0.2% increase reported in September, alongside a 0.3% rise in the core measure. Producer prices are expected on Thursday, with retail sales data set to be released on Friday..