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Sujit Kumar
Nov 7, 2024
by Sujit Kumar

Bitcoin Hits Record High After Pro-Crypto Congress and Trump Win

bitcoin surges to record high

Table of contents

  1. Election Fuels Bitcoin’s Gains
    1. Bitcoin Surpasses Meta, Institutional Demand Soars
  2. Ethereum Joins the Rally
Bitcoin hit a new record high of $76,444 during late trading on Wednesday, riding a wave of pro-crypto sentiment following the U.S. presidential election. With Donald Trump securing the presidency with 295 electoral votes, crypto advocates see his win and a favorable Congress as a turning point for the industry.

Election Fuels Bitcoin’s Gains

Over the past month, Bitcoin has gained nearly 20%, pushing its year-to-date gains to 78%. Following its peak, the price pulled back slightly to trade at $74,500 on Thursday morning. "America has elected the most pro-crypto Congress in history," noted Coinbase, underscoring a surge in optimism from the crypto community. Many, including prominent influencer ‘The Bitcoin Therapist,’ are anticipating further gains, with some predictions setting sights on Bitcoin reaching $250,000.

Bitcoin Surpasses Meta, Institutional Demand Soars

Bitcoin’s rise has also seen it surpass Meta (formerly Facebook) in market capitalization, hitting $1.48 trillion compared to Meta’s $1.44 trillion. Institutional interest has amplified this momentum, with significant inflows into Bitcoin ETFs. The BlackRock IBIT ETF experienced a record trading day, with $4.1 billion in volume—a figure surpassing major stocks like Berkshire Hathaway and Netflix.

Ethereum Joins the Rally

Ethereum also made a notable move, rising by 10% to $2,872, its highest level since early August. Amid months of market skepticism, Ethereum’s price action signals renewed confidence in the asset. Crypto influencer ‘ryandcrypto’ teased that Ethereum’s climb to $5,000 “will be the most hated rally of all time,” reflecting a reversal in sentiment for the second-largest cryptocurrency.

With both Bitcoin and Ethereum on the rise, analysts and traders are closely watching how the pro-crypto climate will shape the market in the coming months.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Bitcoin Hits Record High
Bitcoin Hits Record High After Pro-Crypto Congress and Trump Win
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.