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Bitcoin Crosses $75,000 Mark: The cryptocurrency’s market cap has surged to about $1.5 trillion. Its volume stood at nearly $77 billion in the past 24 hours till 10:33 am.
Apart from bitcoin, other popular tokens like DOGE, SOL, and SHIB have also experienced significant volume spikes.
Bitcoin Cross $75,000 for First Time: Bitcoin on Wednesday crossed the $75,000-mark to hit its all-time high of $75,011.06, supported by significant inflows into exchange-traded funds (ETFs) amid reports of Donald Trump’s gains in the US presidential elections.
The cryptocurrency’s market cap has surged to about $1.5 trillion. Its volume stood at nearly $77 billion in the past 24 hours till 10:33 am.
Balaji Srihari, business head of CoinSwitch, said, “Bitcoin has reached a new all-time high, now exceeding $75,000. This surge is fueled by significant inflows into exchange-traded funds (ETFs) and heightened speculation around the US presidential election results.”
At CoinSwitch, we’ve observed a 15x spike in hourly trading volume compared to last week’s average, showcasing an intense wave of interest among our users this morning. Not just BTC, other popular tokens like DOGE, SOL, and SHIB have also experienced significant volume spikes, he added.
“As the US presidential results will come in today, we expect high market volatility. Early indications suggest a potential Trump victory, and as a vocal advocate for crypto, his win could signal a promising future for the industry. However, looking at the industry’s growing influence and adoption; regardless of who wins- crypto’s momentum is undeniable,” Srihari added.
Sumit Gupta, co-founder of CoinDCX said the crypto market is entering historic territory as U.S. election results unfold, with both presidential candidates expressing support for crypto. Historically, US elections have often served as catalysts for significant price movement. Since its inception in 2009, Bitcoin has navigated three election cycles, each followed by a rally to new heights, with prices never returning to pre-election levels.
“While these gains have moderated over time, Bitcoin’s consistent upward trajectory underscores its resilience and enduring appeal as a long-term asset. This momentum has also sparked double-digit gains across altcoins, highlighting the broader market’s strength,” Gupta added.
Will Bitcoin Rally Continue?
“A Trump victory could add fuel to this outlook, with potential regulatory appointments inclined towards crypto-friendly policies. Reduced regulatory ambiguity could encourage even greater institutional participation, likely elevating Bitcoin’s value and sparking broader altcoin interest,” Gupta said.
Through all market shifts, Bitcoin has maintained its resilience and status as a store of value, appealing to those seeking a hedge against traditional market volatility. Its long-term fundamentals—scarcity, decentralization, and growing institutional adoption—have reinforced its role as a critical asset in diversified portfolios. Increasing regulatory clarity and acceptance only strengthen Bitcoin’s proposition as a long-term asset, affirming its place as ‘digital gold’ in today’s economy.
While U.S. elections may influence sentiment in the short term, investors are focused on the fundamentals driving digital assets. The traction around Bitcoin ETFs, for instance, signals strong institutional interest, with over $50 billion in inflows that bring not only capital but a long-term perspective to the market. This momentum sets a solid foundation for the sustained adoption of crypto assets worldwide.
