Trump Nears Victory in US Elections as Bitcoin Hits Record High
The largest asset in the crypto market, Bitcoin, reached an all-time high of over $75,000 as Donald Trump appears to be close to winning the U.S. elections. Prior to surpassing $75,000, the leading cryptocurrency was trading at $74,512, surpassing the previous peak of $73,700.
This rise came after a 5.4% increase in price over the last three hours, with Bitcoin breaking a new record at $75,011 in some cryptocurrency exchanges this morning. This sudden surge in Bitcoin has generated significant interest in the crypto market and excitement among investors. Trump's close lead in the elections has bolstered Bitcoin's momentum. According to recent data, Trump has secured 247 electoral votes, while his opponent Kamala Harris has 210 votes.
Following these developments, a positive outlook emerged across the cryptocurrency market, and Bitcoin reached new record levels. Blockchain analytics platform Santiment noted that there was FOMO (fear of missing out) among market participants in reaction to the election results, which was one of the factors driving Bitcoin's price upwards.
Investors continue to express confidence in Bitcoin across social media platforms such as X, Telegram, and Reddit. According to Santiment, for every negative comment about Bitcoin, there are approximately 5.5 positive comments. Santiment stated that this positive investor sentiment has created high volatility in the market. It is expected that this sentiment will continue to influence Bitcoin's price until the election results are finalized. This favorable atmosphere is drawing increased interest in Bitcoin, and new record levels are anticipated in the coming hours.
Current Status of Bitcoin
Bitcoin is currently trading around the $75,000 mark, having risen by 9.3% in the last 24 hours and 3.2% on a weekly basis. As Bitcoin's market capitalization approaches $1.48 trillion, its dominance in the cryptocurrency market is nearing 60%.
While a positive sentiment prevails in the overall crypto market, the top altcoins that have seen the most increases among the top 100 cryptocurrencies in the last 24 hours are GOAT, UNI, NEIRO, DOGE, and POPCAT, which have gained between 23% to 37% in value since yesterday.