The price of Ethereum (ETH) surged today, reaching its highest point in three months following Donald Trump’s election as the next U.S. president. This significant political development has injected optimism into the market, leading to a substantial rise in ETH’s valuation.
How Did ETH Perform Recently?
Over the past day, ETH experienced an impressive 8% increase, climbing to $2,867, a level not observed since early August. In comparison, Bitcoin saw a lesser rise of 2.7%, while Solana and Binance Coin gained 5.3% and 3.3%, respectively, according to CoinGecko data.
What Impact Does Trump’s Victory Have?
The positive expectations for Ethereum are bolstered by Trump’s victory alongside a Republican majority in the Senate, along with the election of numerous crypto-friendly representatives in Congress. Data scientist Carlos Mercados believes this victory heralds a period of rapid growth, driven by favorable regulatory changes.
Key insights from the recent developments include:
- Ethereum’s price surge is attributed to political shifts after Trump’s win.
- Spot ETH ETF net inflows reached approximately $52.3 million on November 6, the fifth highest since launch.
- Expectations of a revival in decentralized finance (DeFi) are rising among market participants.
The upward trend of Ethereum is influenced by the anticipated political changes following Trump’s election, which could lead to notable shifts in the cryptocurrency landscape and the rise of new opportunities.
