Hi. The leading crypto Bitcoin has reached a new all-time high of $75,000 on the day of US election marking a remarkable surge as traders react to the unfolding results of the presidential election.
This increase comes amid early indications that the former President Donald Trump is gaining an edge over Kamal Harris, the Democratic candidate. This has heightened investor optimism regarding the future of the crypto.
The price of Bitcoin jumped over 8% in a day crossing its previous all-time high of $73,797.68 set in March 2024.
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According to analysts the surge in Bitcoin's price is closely tied to the favorable stance of Donald Trump towards crypto contrasting with Kamala Harris's more regulatory approach. Market sentiment shows that a victory by Trump could lead to less stricter regulations which could benefit the crypto market.
Alongside the leading crypto Bitcoin, other cryptos also saw significant gains. For example, Ethereum rose by about 7.2% and Dogecoin surged by over 21%. The overall market capitalization for Bitcoin has now reached approximately $1.445 trillion maintaining its dominance in the crypto industry.
As the results of the election continue to take place, traders are bracing for potential volatility in the industry, with expectations of significant price movements based on the final result of the of the election.