Bitcoin soared over 10% within the last 24 hours, marking a new all-time high at $75,011.06 early on November 6, UTC. Bitcoin reached a new all-time high of $75,000 as the US presidential election heats up. This surge came as the US presidential election gained intensity, showing once again how US events can significantly influence the crypto market.
Bitcoin rose from a low of $68,147.62 to break past the $75K mark, maintaining strong momentum above $74K by 4:00 AM UTC. The spike reflects the potential for further gains if election outcomes align favorably for cryptocurrency advocates. This rally also saw Bitcoin’s trading volume jump by over 75%, with approximately $71.84 billion exchanged, underscoring growing investor interest.
Bitcoin’s market cap surged to $1.471 trillion, elevating it to ninth place among the top global assets by market cap, surpassing Meta’s valuation of $1.415 trillion.
Other major cryptocurrencies rallied alongside Bitcoin. Ethereum gained 7.52% to $2,623, Solana rose 14.61% to $187, while meme coin Dogecoin, supported by Elon Musk, spiked 17% to $0.1986. Other notable gainers included Ripple, Cardano, and Shiba Inu.
US Election Drives Crypto Momentum
As the 2024 election unfolds, Bitcoin reached a new all-time high. When votes poured in for the US presidential race, early results indicated former President Donald Trump leading in key metrics. Trump garnered 52% of the popular vote, notably winning Florida, while Kamala Harris followed with 46.5%. The ongoing election is seen as pivotal for crypto regulation, and Trump’s strong support for the sector could attract votes from the growing “crypto bloc.”
Analysts note that the increasing adoption of Bitcoin and other cryptocurrencies in the US has turned crypto supporters into a significant voter demographic, especially in swing states. Former President Trump, who has voiced support for the sector, could benefit from this unique voter segment.
Indian Crypto Industry Responds to Bitcoin’s Rise
India’s crypto community reacted positively to Bitcoin’s new all-time high. ZebPay COO Raj Karkara highlighted the milestone as evidence of crypto’s strength and mainstream acceptance, viewing Bitcoin as a secure store of value and a tool for financial autonomy. At Giottus, CEO Vikram Subburaj shared a bullish outlook, suggesting the potential for Bitcoin to reach $100K, with altcoins likely to follow suit.
Analysts forecast continued volatility in Bitcoin prices due to election-related events. As Bitcoin ETFs saw substantial outflows, the options market displayed a mix of optimism and caution among traders.
Potential Impact on the Cryptocurrency Market
As Bitcoin reached a new all-time high, it reclaimed its place among the top global assets. Bitcoin’s latest rally to an all-time high, spurred by the 2024 US election, highlights the cryptocurrency’s growing integration into global financial trends. While the record-setting $75,000 peak underscores Bitcoin’s mainstream appeal, particularly in uncertain economic or political climates, it also reflects significant market dependency on external events, like the election outcome, which raises concerns. Bitcoin’s price trajectory suggests a potential shift in crypto’s role as a financial asset.
The US election, with early results favoring Donald Trump’s pro-crypto stance, appears to have spurred optimism in the crypto sector. With increased adoption in the US, particularly among retail investors, Bitcoin is seen less as a speculative asset and more as a “safe haven,” similar to gold. This rally also signals institutional confidence in crypto’s future; many large investors view Bitcoin as a hedge against inflation and economic volatility. For many, Bitcoin’s rise reflects a maturation of the market, as it now competes with traditional assets in market cap. As crypto becomes an issue for policymakers, regulatory developments, tax policies, or restrictions could sway the market.
Also Read: Bitcoin Price Hit a Record High as Trump Gained Victory in US Elections 2024
