Bitcoin Hits Record High of $75,000 Amid US Election Uncertainty

On Wednesday, November 6, the price of the leading cryptocurrency briefly reached $75,000, setting a new all-time high.

At the time of writing, Bitcoin is trading at $74,800.

According to CoinGecko, the digital gold has gained 9.2% over the past 24 hours. The asset’s market capitalization stands at $1.48 trillion.

The surge in the leading cryptocurrency was driven by the release of preliminary results from the US presidential election. The New York Times estimates Donald Trump’s chances of victory at over 95%.

According to Associated Press, at the time of writing, the Republican has secured 247 of the 270 electoral votes needed to win. His competitor Kamala Harris has 214. The count continues.

On the prediction platform Polymarket, Trump’s victory is almost certain, with odds at 98.8% against 1.2% for the Democrat.

Following Bitcoin, other digital assets in the top 10 by market capitalization also moved into the “green zone.” Dogecoin rose by 25.2% and Solana by 16.1% over the day.

The total market capitalization of digital assets is $2.6 trillion. Bitcoin’s dominance index is 60.8%.

According to Coinglass, the total volume of liquidated positions over the past day amounted to $490 million, with $363 million in shorts.

On October 29, digital gold surpassed $72,000. The following day, the asset broke through $73,000 and approached its all-time high but failed to surpass it. Bitcoin then entered a correction, only to return to levels above $70,000 amid the US elections.

Analysts at Bernstein believe that if Trump is elected, the leading cryptocurrency could reach $80,000-90,000, while a Harris victory could lead to a drop to $50,000. In a positive outcome for Bitcoin, it could approach this target by the inauguration day on January 20, 2025, experts noted.

Traders have bet on a new ATH for digital gold by the end of November and increased volatility following the US elections.

Earlier, Tyr Capital and Bitget Research warned of heightened price fluctuations for the asset following the announcement of the presidential race results. A similar opinion was expressed by Standard Chartered.