The global cryptocurrency market value has surpassed $3 trillion, while Bitcoin reached a record high of $93,000. This surge follows the election of Donald Trump as U.S. President, which fueled optimism for a more crypto-friendly regulatory environment in the U.S., potentially driving a new wave of demand across asset classes.

Early on Thursday, November 14, during Asian market hours, the total cryptocurrency market capitalization reached nearly $3.2 trillion, according to data from analytics firm CoinGecko.

This figure surpasses the peaks of 2021, when pandemic-era economic stimulus packages spurred speculative investments, and marks a rebound from a few months ago when cryptocurrency prices and trading volumes had plummeted. Bitcoin, the dominant cryptocurrency, drove the market rally, climbing to a record $93,480.

“Broadly speaking, the way this market operates is that Bitcoin leads the rally, and then the rest of the cryptocurrencies follow,” said Matthew Dibb, Chief Investment Officer at crypto asset management firm Astronaut Capital. “There’s a gradual rotation of capital… and we can expect the overall market capitalization to grow further,” he added.

Trump’s election, along with the success of several pro-crypto lawmakers in the U.S. Congress, has spurred this wave of euphoria, easing some uncertainty surrounding U.S. regulations on the crypto market.

Bitcoin, which traded at around $91,500 early Thursday afternoon, has doubled in value this year and risen 30% since the U.S. elections on November 5, hitting $90,000. The smaller cryptocurrency Ether has gained roughly 33% since the elections, trading at $3,220.

Dogecoin, a volatile alternative cryptocurrency heavily endorsed by billionaire and Trump ally Elon Musk, has surged by 140%.

Crypto exchange-traded funds (ETFs) have also seen significant inflows, indicating possible purchases by financial institutions typically reluctant to hold cryptocurrencies directly. Bitcoin ETFs alone have attracted about $4.05 billion in investments since November 6, according to Refinitiv Lipper, amounting to roughly 15% of total inflows since their launch in January 2024.