Bitcoin reached an all-time high of $75,060 on Wednesday morning, surpassing its previous peak as early US Presidential Election results indicated that Republican candidate and former President Donald Trump held a narrow lead over Democrat candidate and incumbent Vice President Kamala Harris. This surge marked an 8.4 per cent increase in Bitcoin’s price. These are early signals, but a Republican win is being viewed as a significant positive for the crypto industry.
At present, Bitcoin is trading at $74,770, maintaining strong momentum. Ethereum and Altcoins also show growth. Ethereum (ETH) was up by 7.2 per cent, reaching $2,576. Other cryptocurrencies also followed Bitcoin’s lead, with Solana (SOL) increasing by 15.33 per cent to $184.47, Avalanche (AVAX) rising 13.56 per cent to $26.04, and Cardano (ADA) up by 8.70 per cent to $0.3587.
Among memecoins, Dogecoin (DOGE) saw a significant 21.6 per cent increase to $0.204, while Shiba Inu (SHIB) rose by 10.12 per cent to $0.00001906. These developments demonstrate a broader market rally as cryptocurrencies continue to gain attention amid the election results, as reported by coinmarketcap.
Cryptocurrency trading volumes increased by 90.54 per cent to $149.22 billion, while the total market capitalisation increased by 9.99 per cent to $2.48 trillion. Ethereum controlled 13.3 per cent of the market, while Bitcoin continued to dominate at 57.5 per cent.
According to Edison Research, Harris won 7 states and Washington, D.C., whereas Trump won over 15 states. Even though the race was too early to predict, financial markets began to move throughout the Asia session in anticipation of Trump’s potential win.
Experts attribute Bitcoin’s surge to a combination of institutional investment, such as from Metaplanet, and growing retail interest, as seen in increased Google searches and a shift to “extreme greed” on the Fear and Greed Index.
Analysts also draw attention to the expanding “Trump trade” narrative, which views a possible Trump win favourably for cryptocurrency. Given that Bitcoin’s momentum frequently affects the larger cryptocurrency market, this surge is anticipated to drive altcoin prices higher when combined with favourable market conditions in the fourth quarter.
