The largest cryptocurrency by market cap has gained nearly 70% year-to-date and reached a new all-time high today, as the market processes Republican candidate Donald Trump’s early lead in the 2024 presidential race.
Bitcoin (BTC) has reached a new all-time high, crossing $73,737.94, as markets react to Republican candidate Donald Trump's early lead in the 2024 U.S. presidential election.
Bitcoin surged 9.5% over the past 24 hours, trading around $74,700, according to The Block. This follows its March rally past the previous record of $69,000 set in November 2021, then surpassing $73,000 on March 13. Since then, Bitcoin has fluctuated between $50,000 and $70,000 for most of the past seven months.
Ethereum (ETH) also rose, climbing 6.72% to $2,562, while Solana (SOL) jumped 13.29% to $179. These gains contributed to an overall 6.77% increase across the major altcoin market, as per data from The Block.
The new peak for Bitcoin aligns with heightened interest in the U.S. election. Trump has adopted a pro-crypto stance in his campaign, accepting crypto donations since May and signaling intentions to make the U.S. a global leader in cryptocurrency. In contrast, Vice President Kamala Harris, the Democratic candidate, has been quieter on crypto policy.
According to AP News, Trump has garnered 52.5% of the vote and 198 electoral college votes, with Harris holding 99 electoral votes.
On the decentralized prediction market Polymarket, a $3 billion wager on election outcomes shows Trump’s odds of victory climbing to 84.3% over the past day.
“Historically, October and November have delivered some of the year’s strongest returns, and today’s breakout meets industry expectations,” noted Ben El-Baz, managing director at HashKey Global. “The U.S. election, Fed rate decision on Nov. 6, and Nov. 8 jobs report make this a particularly active period.”
Nick Ruck, director at LVRG Research, added, “Volatility is expected as key swing states count votes, but prediction markets overwhelmingly suggest a Trump win, likely fueling price gains. Bitcoin could reach fresh all-time highs once election results are confirmed, ending a major period of uncertainty for crypto markets.”