Bitcoin prices reached a record high of $76,444 during late trading on Wednesday, building on previous price peaks earlier in the day.
The move comes as the US presidential election results filtered in throughout the day and Donald Trump was declared the winner.
Trump crossed the 270 electoral vote threshold with 295 to Kamala Harris’ 226, with just 17 more electoral votes to be counted in Nevada and Arizona at the time of writing.
“America has elected the most pro-crypto Congress in history,” stated the country’s largest exchange, Coinbase, in a post on X on Nov. 6.
Bitcoin Booms on Trump Win
The big Bitcoin boom has resulted in the asset gaining a solid 20% over the past month and pushing its year-to-date gains to 78%. The asset had retreated slightly during the Thursday morning Asian trading session, pulling back to trade at $74,500 at the time of writing.
Crypto industry analysts and commenters were rejoicing at the Trump victory, with ‘The Bitcoin Therapist’ telling his 140,000 X followers that “Trump is going to send Bitcoin to $250K.”
Additionally, Bitcoin has surpassed Facebook’s parent Meta in terms of market capitalization, which is currently $1.48 trillion compared to Meta’s $1.44 trillion, according to CompaniesMarketCap.
Moreover, talk of a strategic Bitcoin reserve for the United States has been revived again, adding to the momentum.
The United States needs a Strategic #Bitcoin Reserve. https://t.co/ZKy3WMbuaz
— Michael Saylor⚡️ (@saylor) November 6, 2024
There has also been a boom in institutional interest, as spot Bitcoin ETFs saw huge inflows on Wednesday, reversing a three-trading-day trend of outflows.
Bloomberg ETF analyst Eric Balchunas commented that the BlackRock IBIT ETF just had its biggest volume day ever, with $4.1 billion traded. “For context, that’s more volume than stocks like Berkshire, Netflix, or Visa saw today,” he added.
Boomers will hear Trump and Larry Fink shilling BTC on the TV & then pull up the IBIT chart to see this pic.twitter.com/6Ry9ZFYl1G
— Will (@WClementeIII) November 6, 2024
Ethereum Awakes
Bitcoin is not the only crypto asset moving at the moment, as Ethereum has finally awoken from its long slumber. ETH prices have surged 10% on the day hitting $2,872 during the Thursday morning Asian trading session. It is the highest Ethereum has traded since early August when the asset fell below $3,000.
The Ethereum ecosystem and underlying asset have been plagued with FUD and misinformation over the past few months as ETH prices failed to move with the rest of the market.
However, it appears to have finally awoken, with analysts now changing their tunes. In a post on X to his 320,000 followers, ‘ryandcrypto’ said that the ETH rally to $5,000 will be “the most hated rally of all time.”
the $ETH rally to $5,000 is going to be the most hated rally of all time pic.twitter.com/fWtFuRbcGo
— ryandcrypto (@ryandcrypto) November 7, 2024
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