30s Summary

Bitcoin hit a peak at $75,000 following Trump’s election success, contributing to the cryptocurrency sector reaching an all-time high of $2.45 trillion. Solana emerged as a strong performer despite the ETH/BTC trading pair falling to its lowest since April 2021, a sign of decreasing investor interest in Ether, Bitcoin’s closest competitor.

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Bitcoin reached an all-time high following the victory of Donald Trump in the U.S. presidential election. Solana is outperforming ether, reaching a new cycle high. The total cryptocurrency market hit $2.45 trillion, the highest since June.

Bitcoin’s value shot up to $75,000 during Trump’s election success and was later traded around $74,000 on major crypto exchanges. The news surrounding the election results provided a boost for bitcoin and it’s expected that the U.S market opening could further increase the value of the most significant token by market capitalization. After Trump’s triumph, the cryptocurrency sector emerged as one of the most significant winners, with the total market capitalization reaching a record $2.45 trillion.

Meanwhile, the ratio tracking the price strength of ether against bitcoin, popularly observed, dropped to its lowest level since April 2021, indicating a fall in investor demand for the second-largest token.

The ETH/BTC trading pair dropped under 0.035 early Wednesday, expanding its year-to-date losses to more than 34%. In basic terms, the increase of the ETH/BTC ratio suggests that ether is outperforming bitcoin and vice versa. When the price increases, traders perceive a preference for ETH as beneficial for riskier assets and Ethereum ecosystem bets, while a decline indicates a preference for Bitcoin and blockchains other than Ethereum.

Over the last five years, the ratio went from