Bitcoin has reached a new all-time high as former U.S. President Donald Trump’s odds of winning the election reportedly climb to 94%. Trading at $74,525.96 with a 9.12% increase over the past 24 hours, Bitcoin’s momentum coincides with growing investor interest amid the ongoing election.
This price milestone marks Bitcoin’s highest level to date, supported by a massive 24-hour trading volume of $90.5 billion, up by 3.23% in the last week.
Bitcoin’s Historic Breakout Fuels Market Optimism
The latest Bitcoin price surge reflects heightened confidence in digital assets as Trump leads in key U.S. states. Crypto analyst Gert van Lagen commented on this development, sharing that Bitcoin has finally broken free from a 7-month sideways trend, completing its wave 4 correction.
ATH $BTC breaks out of 7-month sideways Base 4, validating the wave 4 correction is final.Now blow-off wave 5 within (5) within ⑤ is ready to take off in clear skies pic.twitter.com/NGSZnfS4EG
— Gert van Lagen (@GertvanLagen) November 6, 2024
According to van Lagen, Bitcoin’s current momentum suggests it is entering a “blow-off wave 5,” pointing to continued upside potential as it pushes through open market conditions.
Lark Davis, another influential figure in the crypto space, highlighted Trump’s odds on Polymarket rising to 94%, which is seen by some as a factor driving increased Bitcoin purchases. This correlation between election momentum and Bitcoin’s price uptick indicates how political events are influencing market behavior.
Broader Crypto Market in the Green as Interest Rises
The impact of Bitcoin’s ATH extends across the crypto market, where most tokens are showing gains. According to CoinMarketCap, the global crypto market cap stands at $2.47 trillion, an 8.50% increase over the past day.
Market enthusiasm has led to a sharp uptick in overall trading volume, reaching $145.62 billion—a 74.04% surge in 24 hours.
A snapshot from Crypto Bubbles further highlights the breadth of the market’s gains, with the majority of tokens flashing green. This widespread rally aligns with increased market optimism as investors watch both the election and Bitcoin’s upward trajectory.
Source: Crypto Bubbles
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Investors Eye Election Outcome and Crypto’s Path Forward
The unfolding election has spurred substantial interest in both Bitcoin and broader crypto assets. With Trump’s odds climbing on popular prediction markets, the parallel rise in Bitcoin suggests that geopolitical factors are now significant in digital asset markets.
As the election outcome looms, Bitcoin’s new highs are viewed by many as a potential gateway for further price gains. This historic surge marks a crucial point for Bitcoin, establishing its place at the forefront of market sentiment.
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