Bitcoin, the flagship cryptocurrency, has finally reached its all-time high, touching $75,000, as Donald Trump leads in the exit polls.
The massive rally in Bitcoin’s price is driven by a surge in Polymarket on Yes shares betting on a Trump victory and the general market sentiment that a Trump win is great for the crypto industry.
Bitcoin’s last all-time high of $73,737 lasted for several months dating back to March 2024.
The ATH has now been surpassed on the US election day as it becomes more likely that Donald Trump, a Pro Crypto candidate will emerge as the 47th president of the United States.
- Several media reports suggest Trump won 14 states in the election, while Democrat Kamala Harris captured four states and Washington, D.C.
- The real meat lies in the Battleground states of Pennsylvania, Michigan, and Nevada where Trump is winning Kamala Harris with over 50% of votes counted.
- At the time of the report, Bitcoin is exchanging hands for $74,474 surging by 6.4% in the past 24 hours. Other major Altcoins are also in the green zone as bullish sentiment sweeps through the crypto market.
Ethereum, the biggest altcoin by market cap is currently exchanging hands for $2,594 surging by 6.4% in the last 24 hours while Solana has surged by a whopping 12.5% retailing for $182.
Crypto Analysts are linking the surge in key crypto assets to the Donald Trump rally in the ongoing US elections.
Ryan Lee Chief Analyst at Bitget shared his opinion on the correlation between Bitcoin’s surging in price and Donald Trump’s winning in the polls. He opined that the market must be reacting to Donald Trump’s promise to set up a strategic Bitcoin reserve if elected.
“The U.S. presidential election results are still pending, but with Pennsylvania’s vote count surpassing 50%, the state has temporarily shifted red, giving Trump a slight lead. This development caused Bitcoin to surge briefly, breaking through the $75,000 mark and reaching a historic high,”
“The market seems to have reacted in advance to Trump’s earlier hints about potentially designating BTC as a strategic reserve asset. On platforms like Polymarket, bets on Trump’s victory have surged to an impressive 90%, despite the discrepancy with traditional polling data. This reflects the strong commitment of BTC believers and the crypto community’s anticipation of a favorable stance on digital assets under Trump’s potential leadership,” Ryan Lee stated.
Donald Trump at the moment needs only four electoral votes to be named the next President of the United States. He currently holds 266 votes while Kamala Harris holds 195 votes.
What to Know
- In the last 24 hours, Bitcoin’s market cap, as the world’s largest cryptocurrency, surged to $1.445 trillion stretching its dominance over other Altcoins.
- Bitcoin All time high was not crossed after the much-anticipated Halving event and the launch of the Bitcoin Exchange Traded funds. After several months of hovering around $50,000 to $60,000, the flagship cryptocurrency has finally smashed its all-time high on the US presidential election day.