New York, Saturday, November 09, 2024- Solana reached a milestone today, crossing the $200 mark amid a bullish wave in the crypto market spurred by former US President Donald Trump’s election victory.
Bitcoin also set a new all-time high of $76,873 earlier in the day. Solana, which saw a 6.2% gain in the last 24 hours, is currently trading at $200, while Bitcoin trades at approximately $75,984. Ethereum, another major player, rose by 3.4% to hit $2,911, continuing the broader upward trend in the market.
US stock markets reflected similar optimism, with the S&P 500 climbing 0.7% and the Nasdaq Composite increasing by 1.5%, both reaching record highs as investor confidence swelled post-election.
Analysts suggest Trump’s return may signal a more crypto-friendly administration, driving speculative investments in the digital assets market.
Market expert Min Jung from Presto Research highlighted Solana’s impressive performance, crediting the rise to increased memecoin transactions, which have sometimes surpassed Ethereum in transaction fees, further supporting decentralized exchanges like Raydium on the Solana network.
This rally reflects growing optimism about a regulatory environment potentially favorable to crypto, combined with anticipated Federal Open Market Committee (FOMC) announcements expected to further boost investor sentiment in stocks and digital assets.
Donald Trump’s victory as US President has sparked a notable rally in the crypto markets, with investors anticipating a more favorable regulatory environment for digital assets.
Analysts suggest Trump’s administration might adopt a pro-crypto stance, encouraging further investment and innovation within the sector.
