New Delhi: In a historic leap, Bitcoin surpassed the $75,000 mark on Wednesday, reaching an unprecedented high of $75,011.06. This remarkable surge was buoyed by strong investor inflows into exchange-traded funds (ETFs) and growing market speculation surrounding the U.S. presidential election, where initial results show former President Donald Trump gaining ground.
With Bitcoin’s market cap now at a staggering $1.5 trillion, the cryptocurrency sector has witnessed an explosive increase in trading volume, reaching nearly $77 billion in the past 24 hours alone, as reported at 10:33 a.m.
As of the latest trends, Republican candidate Donald Trump is leading with 246 electoral votes, while Democratic candidate Kamala Harris is closely following with 182 votes. Trump’s potential victory is seen as a promising prospect for the crypto world, given his past statements in support of decentralized digital assets.
The excitement in the crypto market extends beyond Bitcoin. Experts emphasized how the ongoing U.S. election has historically been a catalyst for Bitcoin’s growth. “Since its inception in 2009, Bitcoin has experienced three major election cycles in the U.S., each followed by rallies to new highs. This current cycle seems to echo that trend, with Bitcoin’s steady trajectory and resilience underscoring its value as a long-term asset.”
The altcoin market also experienced substantial gains, with double-digit increases seen across various digital assets. According to Gupta, “The broader market’s strength shows how crypto’s momentum is undeniable, even as gains have moderated over time.”
Cryptocurrency Prices (as of 10:53 am):
- Bitcoin: $74,011
- Ethereum: $2,572
- Dogecoin: $0.20
- Solana (SOL): $183.91
- SUI: $2.29
- Shiba Inu (SHIB): $0.00001893
- XRP: $0.5319
Will the Bitcoin Rally Continue?
With results expected to finalize soon, the crypto industry is closely watching the election outcome. Srihari added, “A Trump victory could further bolster crypto sentiment, especially if regulatory appointments favor crypto-friendly policies. This shift may encourage even greater institutional participation and propel Bitcoin to new heights.”
Analysts suggest that reduced regulatory ambiguity could not only elevate Bitcoin’s value but also spark heightened interest across the altcoin landscape. As global adoption of cryptocurrency accelerates, the future of Bitcoin and the wider crypto market appears promising regardless of the election’s outcome.
