The value of the global cryptocurrency market has topped $3 trillion and is in uncharted territory as the election of Donald Trump as U.S. president spurred bets that friendlier U.S. regulation could usher in a new boom for all corners of the asset class.

The sum market value of cryptocurrencies touched a high of nearly $3.2 trillion early on Nov. 14 in Asia, according to analytics and data aggregator CoinGecko.

That puts it above even the heady days of 2021, when pandemic-era stimulus pumped up speculative investments, and marks a stunning revival from just a few months ago when crypto prices and turnover had been flatlining and the outlook was humdrum.

Bitcoin dominates the market and the market value milestone coincided with the token’s rise to a record $93,480.

Trump’s election, and that of several pro-crypto lawmakers to Congress, has driven the wave of euphoria by apparently clearing some of the uncertainty around U.S. regulations.

Bitcoin has doubled this year and is up 30% since Election Day to $90,000. Smaller cryptocurrency ether is up about 33% since the election to $3,220.

Dogecoin, an alternative and volatile token promoted by billionaire Trump-ally Elon Musk, has gained 140%.

(Reuters)