Donald Trump’s early lead in the U.S. election drives Bitcoin (BTC), the world’s largest cryptocurrency by market cap, to a new all-time high (ATH) above $75,000.
Prior to Bitcoin’s surge above the $75,000 mark, the Crypto Basic confirmed earlier that the pioneering crypto asset had hit a record high of $74,512, surpassing the previous March peak around $73,700.
Breaking: Bitcoin made new ALL time High, Now Above 74,000$$$ pic.twitter.com/2V1iS0cARI
— TheCryptoBasic (@thecryptobasic) November 6, 2024
Interestingly, following this disclosure, Bitcoin surged further, setting a new all-time high (ATH) of $75,011 earlier this morning. This comes after its price soared by 5.4% in the past three hours.
Donald Trump’s Early Lead Drives Bitcoin Price Upward
Bitcoin’s recent surge is fueled by the election result in the United States, with pro-crypto presidential candidate Donald Trump securing an early lead. Data from Associated Press shows that Trump has secured 230 electoral votes while his opponent Kamala Harris boasts 210 votes.
Consequently, the broader crypto market has been reacting positively to the election result, with Bitcoin eventually setting a new all-time high. Santiment, a social and market intelligence platform, pointed out that investors’ reactions to the election result created a high level of FOMO (Fear of Missing Out) in the market.
Investors Remain Bullish
Currently, investors are bullish on the firstborn crypto asset, as reflected in the comments across social media platforms like X, Telegram, and Reddit. According to Santiment, approximately 5.5 positive comments counter every negative remark against Bitcoin.
Santiment suggested that the bullish attitude toward Bitcoin could lead to high volatility in the market. It added that this sentiment would continue influencing Bitcoin’s price until the election is fully decided.
🥳 Bitcoin's market value has jumped approximately +5.4% in the past 3 hours alone on US election night, and has officially hit an all-time high of $75K. Comments suggest this pump is very much related to more perceived pro-crypto candidate, Donald Trump, seeing an early lead as… pic.twitter.com/HBEGHjv0OT
— Santiment (@santimentfeed) November 6, 2024
At press time, Bitcoin is trading at $74,492, reflecting a 24-hour gain of 9.3% and a 7-day increase of 2.21%. Bitcoin’s market cap has surged to $1.46 trillion, with the premier asset boasting a dominance of 60.3%.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
