On Wednesday, Bitcoin prices soared to an all-time high of $76,444 during late trading, building on previous peaks reached earlier in the day.
This surge coincides with the unfolding results of the US presidential election, where Donald Trump emerged as the victor.
Trump secured 295 electoral votes, surpassing the 270 required, while Kamala Harris garnered 226 votes. At the time of this report, 17 electoral votes from Nevada and Arizona were still awaiting finalization.
“America has elected the most pro-crypto Congress in history,” proclaimed Coinbase, the country’s largest cryptocurrency exchange, in a post on X on November 6.
Bitcoin Booms Following Trump’s Victory
Following Trump’s win, Bitcoin experienced a significant upswing, achieving a 20% increase over the past month and bolstering its year-to-date gains to 78%. Despite a slight retreat during Thursday’s early Asian trading hours, it remained active at $74,500 during this report.
The crypto community was abuzz with excitement over Trump’s election, with ‘The Bitcoin Therapist’ sharing with his 140,000 followers on X that “Trump is going to send Bitcoin to $250K.”
Further elevating its status, Bitcoin surpassed Meta, the parent company of Facebook, in market capitalization, standing at approximately $1.48 trillion compared to Meta’s $1.44 trillion, as per CompaniesMarketCap.
Additionally, discussions surrounding the establishment of a Strategic Bitcoin Reserve for the United States have resurfaced, further fueling market enthusiasm.
The United States needs a Strategic #Bitcoin Reserve. https://t.co/ZKy3WMbuaz
— Michael Saylor⚡️ (@saylor) November 6, 2024
Institutional interest has also surged, as spot Bitcoin ETFs experienced significant inflows on Wednesday, reversing a trend of three consecutive days of outflows.
Bloomberg’s ETF analyst Eric Balchunas noted that the BlackRock IBIT ETF recorded its highest trading volume ever, with $4.1 billion changing hands, surpassing volumes of major stocks like Berkshire, Netflix, and Visa on the same day.
Boomers will hear Trump and Larry Fink shilling BTC on the TV & then pull up the IBIT chart to see this pic.twitter.com/6Ry9ZFYl1G
— Will (@WClementeIII) November 6, 2024
Ethereum Rises
Bitcoin isn’t the only cryptocurrency gaining momentum; Ethereum has also shown signs of revival. ETH prices jumped by 10% on Thursday, reaching $2,872, marking the highest level for the asset since early August when it dipped below $3,000.
The Ethereum ecosystem had faced a wave of FUD and misinformation in recent months as ETH struggled to keep pace with the broader market.
However, signs of resurgence are evident, with analysts expressing renewed optimism. In a message to his 320,000 followers on X, ‘ryandcrypto’ asserted that the ETH rally to $5,000 would become “the most hated rally of all time.”
the $ETH rally to $5,000 is going to be the most hated rally of all time pic.twitter.com/fWtFuRbcGo
— ryandcrypto (@ryandcrypto) November 7, 2024
Image Source: spaxiax / Shutterstock
