« Never sell your bitcoin » (« never sell your bitcoins”). This advice given by Donald Trump to a jubilant audience on July 27 at the Bitcoin conference in Nashville (Tennessee) not only illustrates the turnaround of the Republican candidate for the White House – and now US president-elect – in favor of cryptoassets. , which he had long criticized: in retrospect, it was sound investment advice.
Because, on Thursday, November 21, bitcoin approached the symbolic mark of 100,000 dollars (94,820 euros), after having set records since the American presidential election on November 5. Its increase exceeds 39% since the election and 100% since the start of the year.
And the movement does not benefit bitcoin alone: among the other major “cryptos”, ether has jumped by 30% since November 5, solana by 60%; as for dogecoin, created to parody cryptoassets before rising among the most important of them, it appreciated by 130% in less than three weeks, benefiting among other things from the appointment, on November 12, of Elon Musk, the boss of Tesla and SpaceX, at the head of a “ministry of government efficiency”, a name whose English acronym is DOGE.
This surge is taking place in volumes that are also growing strongly. A few days after the election, “we have exceeded 400 billion dollars processed per day, which is enormous, and the overall capitalization of the crypto market has exceeded 3,000 billion”specifies Marion Labouré, economist specializing in the sector at Deutsche Bank.
The market remains on the lookout for the slightest information likely to justify the continuation of the increase – as in the article in Financial TimesMonday, November 18, according to which Trump Media & Technology Group, a company belonging to the president-elect's family, would negotiate the purchase of Bakkt, a cryptoasset trading platform.
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The same day, software publisher MicroStrategy, the largest holder of bitcoins listed on Wall Street, announced that it had spent $4.6 billion in one week to strengthen its portfolio, which represents more than $32 billion. Enough to increase its own stock price a little more, multiplied by seven since the start of the year.
Impact du « halving »
American investors are obviously not the only ones trying to take advantage of this crypto momentum. At Coinhouse, the main French transaction platform specializing in cryptoassets, “November has already passed October”welcomes Nicolas Louvet, its general director, recalling that the movement began in October, after a third quarter “rather low”. In his eyes, if the American presidential election constituted “the flame that made everything explode in the right direction”it has above all crystallized other fundamental factors favorable to cryptoassets.
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