Cryptocurrency: Bitcoin Reaches All Time High
New Delhi| Bitcoin hit a new all-time high on Wednesday. Bitcoin surged past its previous high of $73,750 to cross $75,000 as Republican candidate Donald Trump overtook the US presidential election results.
According to media reports, Trump has secured 267 of the 270 electoral seats required for a majority. Trump won eight states, while Harris has been successful in three states and Washington, D.C. The election is still tight, with the end result likely to depend on seven swing states.
Bitcoin appeared to trade at $75,060, up 8.4% on Wednesday. Ether also showed an increase, rising 7.2% to $2,576. Trump’s stance towards cryptocurrencies compared to Harris has created a bullish environment in the market. After Trump’s initial lead in exit polls, the dollar index – which measures the U.S. dollar against six key peers, including the euro and yen – rose 1.25% to 104.72.
Analysts generally believe that Trump’s plans for restricted immigration, tax cuts and broader tariffs, if implemented, would put more pressure on inflation and the bond market than Harris’s policies.
U.S. Treasury yields also rose, with the yield of a 10-year Treasury note rising from 4.279% to 4.351%, close to a recent four-month high of 4.388%. The two-year yield increased from 4.189% to 4.241%. Meanwhile, other major cryptocurrencies also saw significant growth, including BNB (+5%), Solana (+13.5%), XRP (+5%), Dogecoin (+21.6%), Cardano (+6.6%), Shiba Inu (+10%), Avalanche (+12.3%), and Chainlink (+11.4%).
According to available data from Coinmarket, the volume of all stable coins is now $100.92 billion, which is 92.46% of the total 24-hour crypto market volume. Over the past 24 hours, Bitcoin’s market cap as the world’s largest cryptocurrency rose to $1.445 trillion. Bitcoin’s dominance currently stands at 59.86%. Its volume increased by 40.89% to $59.26 billion in the last 24 hours.
