Bitcoin All Time High Reached to $75K: Key Factors & Reasons Explained
Bitcoin, the king of cryptocurrency, has hit a remarkable new Bitcoin all-time high (ATH) of $75K BTC on the very first day of the highly anticipated US Election 2024 voting. In a span of 24 hours, BTC price surged from $68,656.38 to $73,976.74, marking an impressive intraday spike of 8.34%.
Source: CoinMarketCap
With Bitcoin’s market cap now at $1.46 trillion and 24-hour trading volume at $79.45 billion, the excitement surrounding the election seems to have fueled this BTC rally.
Why is Bitcoin Going Up?
This unprecedented Bitcoin price surge has coincided with significant movements in the US political landscape. Unlike previous Bitcoin pumping driven largely by crypto whales and institutional investors, the USA 2024 election itself appears to be the main catalyst. Prominent figures such as Donald Trump, Kamala Harris, and Elon Musk have sparked interest in Bitcoin, making it the talk of the day.
Trump, whose campaign is leading in the polls, has instilled confidence among conservative investors with his pro-crypto stance. Investors see his potential win as favorable for the long-term growth of the crypto market and a reduction in regulatory challenges for BTC crypto.
In a tweet, Trump urged his supporters to vote, saying, “Today will be the most important day in American history… Together, we will have a tremendous victory.”
Kamala Harris rallied Democratic Party voters, expressing optimism for the election outcome.
Dogecoin and X Empire Ride the Bullish Wave
The US Election 2024 impact has also spilled over into memecoins like Dogecoin and X Empire ($X), both experiencing significant gains. Known as the leader in the memecoin world, Dogecoin surged 25.40% within 24 hours, now trading at $0.204 with a market cap of $29.92 billion. X Empire, another trending coin, soared an astonishing 108.28%, jumping from $0.00003954 to $0.00007819, with a market cap of $53.95 million.
The involvement of Elon Musk, a strong advocate for both Bitcoin and Dogecoin, has further propelled these gains. His support for Trump’s policies has resonated with the crypto community, prompting them to invest more in BTC and popular memecoins.
Bitcoin’s record-breaking ATH on this historic election day marks a new chapter, driven by both political influence and the ever-growing belief in crypto’s future.
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