The price of Bitcoin rose above $75,000 on November 6 2024, an all-time high for the leading cryptocurrency.
The new record comes amid the U.S. election results between former President, Donald Trump, and Vice President, Kamala Harris, with the former gaining an early lead in electoral college votes and eventually clinching the presidency.
Bitcoin rallied more than 7 percent as Trump’s odds of winning improved, according to prediction markets.
The cryptocurrency has surged in the lead-up to the United States Election Day and topped $73,000 last week – a 7-month high for the cryptocurrency.
Bitcoin spiked on election dayMeanwhile, the global cryptocurrency market capitalization rose by 7.1% in the last 24 hours, according to CoinGecko.
Several other cryptocurrencies saw gains as election results emerged:
- Ethereum, the second-largest cryptocurrency, rose by about 7% and is currently trading at above $2,600, while
- Solana, ranked third, climbed approximately 15%.
- Dogecoin, a popular meme cryptocurrency related to Trump supporter, Elon Musk, recorded the highest increase, surging nearly 20%.
Trump has said that crypto is essential to his vision of America in the future.
🇺🇸 POLITICS | Trump to Unveil Plan to Make U.S. Crypto Capital of the Planet
_”I’m laying out my plan to ensure that the United States will be the crypto capital of the planet. Donald Trump#Crypto #IndependenceDay2024 #BTChttps://t.co/5kJdwHaRI5
— Salaxzy (@Salaxzy) August 31, 2024
In addition to cryptocurrencies, U.S. stocks rallied in after-hours trading on election night as Wall Street digested early presidential election results.
According to CNN, a Trump lead was expected to favor energy, finance, and industrial sectors, with investors anticipating continued tax cuts and a lenient regulatory stance.
On the other hand, a Harris lead could drive gains in green energy and manufacturing stocks, given expected pushes for infrastructure spending, clean energy, and social programs with tech and finance expected to face greater regulatory scrutiny.
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