Crypto-Related Investments Rise Due to Trump Victory and MicroStrategy Buy

The cryptocurrency euphoria that followed Donald Trump’s victory in the US presidential election continued on Monday, with everything related to the digital currency industry continuing to move forward.

Bitcoin was once again trading at an all-time high and has already surpassed $88,000. Shares of companies in the sector, including Robinhood Markets (HOOD), Coinbase Global (COIN), Riot Platforms (RIOT) and Marathon Digital parent MARA Holdings (MARA), all rose, with Marathon up about 30%.

Cryptocurrency exchange-traded funds (ETFs) such as iShares Bitcoin Trust (IBIT) and Grayscale Bitcoin Trust (GBTC) also gained, rising by double-digit percentages.

Trump has said he wants to make the US the “crypto capital of the planet.”

The enthusiasm was fueled by Trump’s previous statements about his support for cryptocurrencies, in which he once said he wanted the US to be “the crypto capital of the planet.”

Additionally, MicroStrategy (MSTR), the largest corporate holder of Bitcoin, announced that it purchased an additional 27,200 Bitcoin for $2.03 billion. Shares of MicroStrategy ended the day up 25%.

According to CoinMarketCap, the estimated total market cap of the cryptocurrency was recently close to $3 trillion.