Bitcoin, fueled by what some are calling the Trump Trade, continues to break records, with its price nearing $90,000. The global cryptocurrency market capitalization is also on track to exceed $3 trillion.
According to CoinMarketCap, Bitcoin was trading at $88,900 as of 9 AM, up 10.53% in the past 24 hours. Over the past week, the cryptocurrency has surged more than 30%. On Korean exchanges, Bitcoin is priced at 124.5 million won (approximately $88,343), with a 0.26% premium on Upbit.
Meanwhile, Ethereum has climbed 5.87%, reaching $3,370. The cryptocurrency has gained more than 40% in just one week. On the Korean market, Ethereum is priced at 4.73 million KRW (roughly $3,356), with a slight negative premium of -0.04% on Upbit.
Other major cryptocurrencies are also experiencing significant gains, including Solana (up 5.02%), BNB (up 4.90%), Dogecoin (up 23.37%), and Ripple (up 5.39%). This widespread rally has contributed to a global crypto market cap reaching $2.99 trillion. Analysts point to the prospect of Trump’s potential return to the White House as a key factor driving the buying frenzy in the market.
Trump has made it clear that, if re-elected, he intends to stockpile Bitcoin as a strategic asset for the United States. Additionally, he is actively pursuing the launch of his own non-fungible token (NFT) collection and pushing forward with decentralized finance (DeFi) projects.
An Upbit’s Investor Protection Center official commented, “Senator Cynthia Lummis of Wyoming has introduced a bill to include Bitcoin as a reserve asset for the U.S. Federal Reserve. If passed, the bill proposes holding at least 1 million Bitcoins as a reserve for at least 20 years.” They further explained, “While it’s uncertain when or if this plan will be implemented, holding a large Bitcoin reserve could improve the nation’s resilience to external financial shocks and enhance overall economic stability. It could also bolster Bitcoin’s credibility as a mainstream asset globally.”
