In the aftermath of U.S. citizens electing a pro-crypto President, Vice President, and Congress, several crypto companies and protocols broke a large number of records.
Posted November 12, 2024 at 7:16 pm EST.
The crypto industry is breaking record highs in multiple metrics, such as price, total value locked, and open interest following President-Elect Donald Trump’s win for the White House and the election of 290 pro-crypto members to Congress.
Here are eight examples of new all-time highs:
1. Bitcoin’s Price
Bitcoin, the first cryptocurrency invented by Satoshi Nakamoto, briefly touched $90,000 on crypto exchange Coinbase on Tuesday, rising almost 32% from $68,294 on Election Day. BTC currently has a market cap of roughly $1.8 trillion, giving it a dominance of more than 55%.
The price of BTC climbed on enthusiasm over the election of the pro-crypto Republican nominee Donald Trump, who promised the industry he would establish a strategic BTC reserve and fire Gary Gensler, the chairman of the U.S. Securities and Exchange Commission.
Read More: Bitcoin Just Gained $100 Billion in Market Cap Overnight. Is it Time to Take Profits?
2. MicroStrategy’s MSTR Share Price
MicroStrategy’s stock has increased nearly 60% from $225.43 on Election Day to $356.59 at presstime, an all-time high in the 26 years of the firm’s history, per Yahoo Finance.
Led by Executive Chairman Michael Saylor, MicroStrategy is the largest corporate holder of BTC as the company holds a total of about 279,420 bitcoins, which were acquired at an aggregate purchase price of about $11.9 billion or roughly $42,692 per BTC, according to a Monday announcement.
3. Jito’s Total Value Locked
The dominant liquid staking protocol on Solana, Jito, currently contains more than 14 million SOL tokens worth nearly $3 billion at current prices, a record level in USD terms for the two-year-old protocol known for combining liquid staking rewards with maximal extractable value practices, data from DefiLlama shows.
Of all SOL tokens staked and securing the Solana blockchain, nearly 90% of the SOL staked is held in validators running the Jito client, highlighting Jito’s large role in the Solana ecosystem.
4. HyperLiquid’s Open Interest
The open interest on Hyperliquid, a layer 1 blockchain focused on perpetual trading, reached the $2 billion mark on Tuesday, according to the protocol’s X account, which also stated that open interest hit a new all-time high five days in a row.
Open interest refers to the total amount of outstanding contracts that have not been settled.
Hyperliquid is less than two years old and has become the leader in perpetual trading platforms by total volume, generating about $36 billion in October, more than the next three venues combined: Jupiter, dYdX, and Holdstation, blockchain data from analytics firm Artemis shows. The rise in open interest and trading volume comes ahead of Hyperliquid’s much-anticipated token generation event of HYPE.
5. Aerodrome’s Trading Volume
Aerodrome, a decentralized exchange on L2 network Base, has generated the most amount of trading volume in an epoch, a seven-day period that starts every Thursday and ends every Wednesday.
The protocol has increased its trading volume by about 26% from $4.9 billion in the previous epoch to $6.1 billion, the highest ever in the protocol’s lifespan, according to a Dune Analytics dashboard created by data enthusiast who goes by @0xkhmer.
6. Base’s Total Value Locked
Base, an L2 blockchain incubated by Coinbase, reached a record high in TVL of more than $3 billion, making the network the sixth largest behind Bitcoin, Tron, Binance Smart Chain, Solana, and Ethereum, per DefiLlama.
Almost 65% of Base’s entire TVL comes from five applications built on the network, which are Aerodrome, Uniswap, Morpho Blue, Aave, and Moonwell. The record in Base’s total value locked comes less than a week after the network logged 7.4 million transactions, an all-time high. Base’s first mainnet transaction occurred in June 2023, per blockchain explorer Basescan.
Read More: What Base’s Rapidly Growing Revenue and Usage Means for Coinbase Stock
7. Aptos’ Total Value Locked
Aptos, a layer one blockchain that is roughly two years old, reached a record level in TVL at $1 billion as of Tuesday, per DefiLlama, which shows that the network now has five protocols with TVLs surpassing $100 million: Amnis Finance, Aries Markets, Thala, Echo Lending, and Trustake.
The all-time high in TVL comes on the same day crypto asset manager Bitwise announced plans to roll out an Aptos staking exchange-traded product on SIX Swiss Exchange.
8. Stablecoin Supply
The amount of stablecoins circulating in the crypto ecosystem stands at $169.7 billion as of Monday, a new historic level for the cryptocurrencies aimed at staying pegged to a single U.S. dollar, data from Artemis shows. The previous record was set in March 2022 when the total supply was just under $167 billion.
Tether controls over 73% of the stablecoin market as USDT has a supply of $124.7 billion, followed by Circle’s USDC in second place at $36 billion.
9. Solana’s Real Economic Value
On Monday, Solana, the third largest blockchain by market cap, generated a record of $12.1 million in real economic value, which includes transaction fees as well as tips from maximal extractable value techniques, according to data from Blockworks Research and Helius CEO Mert Mumtaz.
