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In the last 24 hours, the cryptocurrency market has seen a growth of 1.9%. At the time of writing, the crypto market cap stands at $3,763,980,625,636 and its 24-hour trading volume at $227,680,784,362. Almost all the top ten cryptos have experienced growth today.
Bitcoin has grown by 2.7%, Ethereum by 1%, XRP by 2.8%, Solana by 8.2%, BNB by 2.1%, Dogecoin by 6.2% and Cardano by 1.7%. Why is the crypto market up today? Let’s do a quick analysis! Ready?
Crypto Market Overview
At the start of November 5, 2024, the total market capitalisation of the cryptocurrency market was $2.22T. Between November 5 and 20 alone, the market recorded an increase of 37.38%. On November 21, the market entered a range of $3.11T and $3.64T.
As of now, the crypto market cap stands at around $3.54T – at least 2.82% below the high of the aforementioned range.
This implies that the market has not yet broken above the range. Since January 10, 2025, the crypto market has surged by nearly 12.38%. In the last 24 hours alone, the market has reported a rise of 1.9%, as mentioned earlier.
Key Reasons Why the Crypto Market Is Up Today
Here are the top reasons why the cryptocurrency market is up today.
SEC Plans Crypto-Friendly Regulations
Pro-crypto executive Mark Uyeda, who was recently appointed by US President Donald Trump as the interim chairman of the Securities and Exchange Commission, has announced the creation of a task force to draft a new regulatory framework for the cryptocurrency sector.
Trump’s pro-AI stance
Trump withdrew a 2023 executive order released by Joe Biden to reduce the risks that AI poses to consumers, workers and national security. The AI community has welcomed the move. SoftBank and OpenAI have jointly announced an AI infrastructure project, named Stargate. The total market cap of the AI token segment alone has surged by 7.6% in the last 24 hours.
Lawsuits Against Major Crypto Firms Could Be Dropped
Trump has pardoned Ross Ulbricht, the founder of the Silk Road marketplace. There are rumours that the Trump administration would drop lawsuits against major crypto firms, including Ripple. In the last seven days, XRP has climbed by around 10.3%.
$TRUMP and $MELANIA Trigger Excitement
At least two meme coins, $TRUMP and $MELANIA, from the Trump family had hit the meme coin market hours before Trump’s inauguration. Both of them have created excitement in the market. Though $MELANIA has dropped by 23% in the last 24 hours, $TRUMP has grown by 3.2%. During the period, the meme coin market cap has climbed by over 3.6%.
In conclusion, the crypto market’s rise today reflects growing confidence in the Trump administration’s pro-crypto agenda, coupled with expectations of clearer regulations and reduced legal hurdles. While speculative trading, like the $TRUMP memecoin, has added volatility, the overall sentiment remains positive, suggesting a bullish outlook for the near term.
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