Bitcoin rose 4.3% to $71,450 amid the US presidential election, with its 2024 gains surpassing traditional assets. Traders link Bitcoin's rise to favourable early results for pro-crypto candidate Donald Trump, who has pledged to make the U.S. a crypto hub.

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.

Michael Saylor sees Bitcoin as “digital gold,” stressing its importance during tough economic times. Big companies like BlackRock and Fidelity are pushing Bitcoin, showing it’s a smart way to protect against inflation. MicroStrategy uses bonds to buy Bitcoin, believing it will bring steady profits and keep shareholders happy.

Bitcoin holds strong above key resistance, signaling potential for a new high. U.S. election could trigger significant Bitcoin price swings. Historical election trends support Bitcoin’s long-term growth outlook.

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The landscape is specially bad for altcoins, which need a catalyst to spark interest and propel a potential 'alt season.'

Marathon Digital and Riot Platforms achieve record-breaking BTC production as hashrate expansion counters rising network difficulty.

On-chain data platform Arkham Intelligence highlighted that the selling activity started right after known trader GCR advised caution.