Bitcoin trades at $89,800 as crypto market retains spotlight

The largest asset in the cryptocurrency market, Bitcoin, climbed to $89,800 while other assets are also gaining attention following the U.S. election victory. According to the most recent view on Friday, the market capitalization of all cryptocurrencies has slowed below $3 trillion. According to trading data from the CoinMarketCap.com, the global crypto market cap inched to $2.98 trillion, representing a 2.13% increase over the last day. The total crypto market volume over the last 24 hours printed at $215.27 billion, according to data from the platform, which makes a 18.44% decrease. The total volume in DeFi settle at $8.74 billion at the same time, accounting for 4.06% of the total crypto market 24-hour volume. Data from the crypto exchange showed that the volume of all stable coins reached $197.84 billion, which is 91.91% of the total crypto market 24-hour volume.
Most of the cryptos prices have dropped below peak this week, though some has remained strongly supported by bullish momentum in the market. The latest rally was not particular to Bitcoin, according to analysts, noting that other cryptoasset also surged, pushing the total crypto market cap past $3.3 trillion. Dogecoin (DOGE) has emerged as one of the biggest gainers, climbing 125% since the election and nearly 250% over the past month. Major digital assets were mixed late Thursday, with Bitcoin (BTC-USD) dropping below $88,000 following its recent rally to a record above $93,000. The CoinDesk Market Index, which tracks 126 digital assets, was down 1.6% in the past 24 hours.
US stock indexes were also in the red, with the Nasdaq 100 down 0.7% in late trade, while the S&P 500 and Dow Jones Industrial Average fell 0.6% and 0.5%, respectively. Bitcoin, which dominates the cryptocurrency market, slumped 2.8% at $87,933, with its 24-hour trading volume down 26.2% to $89.32 billion, according to CoinMarketCap data. Ethereum (ETH-USD), the second-largest digital asset, fell 2.4% to $3,103. Solana (SOL-USD) was 0.3% higher and BNB (BNB-USD) rose 2.6%.
Dogecoin (DOGE-USD) dipped 0.9% and Cardano (ADA-USD) shed 3.1%, while XRP (XRP-USD) jumped 13.9%. The US 10-year Treasury yield closed at 4.426%, easing from Wednesday’s close of 4.449%, while the five-year yield rose to 4.305% from 4.299%.