Bitcoin and Ethereum rally as Trump election victory fuels largest monthly gains since February

Insights Bitcoin

Trump's election bolsters market confidence in cryptocurrencies.

Bitcoin and Ethereum are on track to post their most significant monthly gains since February, fueled by market optimism following Donald Trump’s election win.

Data from CoinGlass highlights November as one of Bitcoin’s strongest months this year. The flagship crypto has surged over 38%, marking its second-best monthly performance in 2024 after February’s 44% rise. This rally has pushed Bitcoin near the $100,000 landmark and cemented its status in the broader financial industry.

Bitcoin Monthly Returns (Source: CoinGlass)

Ethereum has also mirrored Bitcoin’s upward momentum. The second-largest crypto has jumped by 42% this month, pushing its price above $3,500.

Ethereum Monthly Returns (Source: CoinGlass)

Meanwhile, Bitcoin and Ethereum could still exceed their February milestones as two days remain in November.

Market analysts have attributed these gains to Trump’s election victory on Nov. 5. His pro-crypto policies and appointments have bolstered investor confidence, driving expectations of continued growth for cryptocurrencies and related markets in the US.