Bitcoin, the flagship cryptocurrency, has reached a new all-time high of $75,000, coinciding with Donald Trump leading in exit polls. The dramatic rise in Bitcoin’s price is fueled by a surge in “Yes” shares on Polymarket, betting on a Trump victory, alongside general market sentiment that a Trump win would be beneficial for the crypto industry. Bitcoin’s previous all-time high of $73,737 lasted for several months, dating back to March 2024.
This new record was set on US election day, as it becomes increasingly likely that Donald Trump, a pro-crypto candidate, will emerge as the 47th president of the United States. Various media reports indicate that Trump has won 14 states in the election, while Democrat Kamala Harris has secured four states and Washington, D.C. The critical battleground states of Pennsylvania, Michigan, and Nevada are currently showing Trump ahead of Harris, with over 50% of votes counted.
At the time of this report, Bitcoin was trading at $74,474, marking a 6.4% increase after 24 hours. Other major altcoins are also performing well, bolstered by a bullish market sentiment. Ethereum, the largest altcoin by market cap, is currently priced at $2,594, also up by 6.4% in the last 24 hours, while Solana has experienced an impressive surge of 12.5%, trading at $182.
Crypto analysts are linking the rise in key crypto assets to the election rally surrounding Donald Trump. Ryan Lee, Chief Analyst at Bitget, shared his perspective on the connection between Bitcoin’s price surge and Trump’s lead in the polls. He suggested that the market appears to be responding to Trump’s promise to establish a strategic Bitcoin reserve if he is elected.
“The U.S. presidential election results are still pending, but with Pennsylvania’s vote count exceeding 50%, the state has temporarily shifted to red, giving Trump a slight lead. This development briefly propelled Bitcoin beyond the $75,000 mark, reaching a historic high,” he commented.
“The market seems to have preemptively reacted to Trump’s 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 discrepancies in traditional polling data. This reflects the strong commitment of Bitcoin enthusiasts and the crypto community’s expectation of a favorable approach to digital assets under Trump’s potential administration,” Ryan Lee stated.
Currently, Donald Trump needs only four more electoral votes to become the next President of the United States. He holds 266 votes, while Kamala Harris has 195 votes.
In summary, Bitcoin’s market cap, as the leading cryptocurrency, has surged to $1.445 trillion, reinforcing its dominance over other altcoins. The previous all-time high was not surpassed following the highly anticipated halving event and the launch of Bitcoin Exchange Traded Funds. After several months of fluctuating between $50,000 and $60,000, Bitcoin has finally broken its all-time high on US presidential election day.