- Bitcoin has smashed a new all-time high.
- Trump’s election victory is driving crypto market momentum.
- The broader crypto market is experiencing a surge.
Bitcoin (BTC) has experienced a volatile year of dramatic highs and lows, keeping investors and the broader market on their toes. Recently, however, the crypto giant reversed its sluggish trend, when it reclaimed the $70,000 mark and embarked on a powerful rally.
Just as volatility threatened to pull BTC back, an overnight surge in price has propelled it to new highs.
Bitcoin Goes Bulls
Bitcoin has again taken the market by surprise with a sharp upward movement, smashing through a new all-time high. In the early hours of November 5, 2024, an uptick in price drove the crypto king to a new price record, reaching a fresh $75,300 milestone.
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The surge marks a major bounce above BTC’s previous ATH of $73,800 and its week-long hover around $66,000 and $71,000. The price increase also marks a 12.5% increase from the crypto king’s week-low price of $66,964, aligning with a 130% jump in trading volume.
While BTC’s price has since readjusted to trade at its current trading price of $73,959, it remains up approximately 7.5% in the last 24 hours, and excitement surrounding the rally has generated a flurry of speculation and interest across the broader market.
What’s Driving BTC’s Surge?
Bitcoin’s rise to a new all-time high milestone is not isolated. The bullish movement is attributed to whispers of former president Donald Trump’s victory in the ongoing United States elections.
Since being thrust into the center of election chatter , expectations surrounding the outcome have been seen as a make-or-break moment for the crypto market. Many tout a Trump win as a positive force that could drive further growth.
The sentiment has also been largely fueled by the former president’s bold crypto campaign , which includes his grand promises to overturn the unfriendly regulatory environment in the United States and serve as the long-awaited industry ‘messiah.’
Bitcoin is not the only token riding on fresh gains, as the broader market has followed suit with heightened momentum.
Trump Win Drives Market-Wide Rally
The ongoing Trump-led market rally has seen several major crypto assets soar in the last 24 hours. Leading the surge, Solana (SOL) and SUI both recorded impressive double-digit increases of approximately 14%, while Avalanche (AVAX) followed closely with a 12% jump.
The second-largest crypto asset, Ethereum (ETH) , also joined the rally, albeit with more minor gains of around 7%. Performing within this range, other tokens such as Cardano (ADA) and Ripple (XRP) also recorded upticks, ranging from 5% to 8%.
Memecoins including Dogecoin (DOGE) , Pepe (PEPE) , and Dogwifhat (WIF) were not left behind, registering gains up to 18%, 14%, and 13% respectively, among others.
On the Flipside
- The inherent volatile nature of the crypto market remains a significant threat to the current bullish trend.
- Bitcoin’s recent surge is also likely fueled by a rebound in broader risk-driven markets, such as stocks.
Why This Matters
Bitcoin’s surge above $75K represents a significant milestone for the crypto giant, reaffirming its dominance and market potential. Additionally, the ongoing election buzz as the key force underscores the impact global events can have on the broader market.
Find out more about ties between the crypto market and the election buzz:
2024 US Election Finally Here: Here’s What to Expect for Crypto
Several high-stakes crypto bets on the potential election outcome hang in the balance. Read more here:
Polymarket Bettors Go All In Ahead of Trump-Harris Election
