Over the past 24 hours, the cryptocurrency market has seen an impressive 1.9% rise. With a market capitalization of $3.76 trillion and trading volumes reaching $227.7 billion, the momentum is undeniable. Almost all of the top ten cryptocurrencies saw gains.
Bitcoin is up 2.7%, Ethereum 1%, XRP 2.8%, Solana 8.2%, BNB 2.1%, Dogecoin 6.2% and Cardano 1.7%.
What is the cause of this sudden rise in the market? Let’s break it down!
Crypto Market Overview
On November 5, 2024, the cryptocurrency market was valued at $2.22 trillion. As of November 20, it had increased by 37.38%. On November 21, the market entered a range between $3.11 trillion and $3.64 trillion. Currently, the market cap is around $3.54 trillion, just 2.82% below the top of this range.
Since January 10, 2025, the market has increased by 12.38%, with a last 24-hour increase of 1.9%.
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Top Reasons Why the Crypto Market is Rising Today
Several factors contribute to the current market growth. Here are the main reasons:
Pro-crypto leadership in Washington
Mark Uyeda, pro-crypto executive, recently appointed by US President Donald Trump 
Donald Trump Donald Trump is a former American president, politician, businessman, and media personality, who served as the 45th President of the United States between 2017 and 2021. Trump received a Bachelor of Science degree in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens of several majority-Muslim countries, diverted military funds to the construction of a wall on the United States-Mexico border, and implemented a policy of separation of families. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election. President as acting chairman of the Securities and Exchange Commission, announced the creation of a task force to draft a new regulatory framework for the cryptocurrency industry.
Trump’s pro-AI stance
Trump withdrew a 2023 executive order issued by Joe Biden 
Joe Biden Joe Biden President 
reduce the risks that AI poses to consumers, workers and national security. The AI community welcomed the move. SoftBank and OpenAI jointly announced an AI infrastructure project, named Stargate. The total market capitalization of the AI token segment alone jumped 7.6% in the last 24 hours.
Will cryptographic lawsuits be buried?
Trump’s pardon of Ross Ulbricht, the founder of the Silk Road, attracted market attention. There is also growing speculation that the Trump administration may drop lawsuits against big crypto companies like Ripple, which gained 10.3% last week.
$TRUMP and $MELANIA spark enthusiasm
At least two meme coins, $TRUMP and $MELANIA, from the Trump family, had hit the meme coin market hours before Trump’s inauguration. Both have created excitement in the market. Although $MELANIA fell 23% in the last 24 hours, $TRUMP rose 3.2%. During the period, the market capitalization of meme coins increased by more than 3.6%.
The rise of the crypto market today reflects growing confidence in the Trump administration’s pro-crypto approach and expectations for clearer regulation. Although speculative trading, like the $TRUMP meme, adds some volatility, overall market sentiment remains optimistic, suggesting an uptrend ahead.
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FAQs
Trump’s pro-AI stance and the SoftBank-OpenAI Stargate project boosted AI tokens, sending their market capitalization up 7.6% in 24 hours.
Yes, a crypto-friendly framework under the pro-crypto leadership of the SEC should create clearer, pro-growth regulations.
