It’s been a long and hard road, but it’s finally happened. Bitcoin price has hit an all-time high. According to CoinGecko, the most popular cryptocurrency traded at $75,358 early Wednesday morning, surpassing the previous all-time high of $73,580 Bitcoin recorded in March.
In retrospect, it may not sound like much of a wait for crypto enthusiasts, but Bitcoin has been on a zig-zagging downward curve since its peak in March before finally picking up ahead of the US elections. At these prices, Bitcoin’s market cap (the value of all coins on the market) is around $1.5 trillion.
Bitcoin price fell slightly after Donald Trump claimed victory in the third battleground state of Pennsylvania in a speech to his supporters. The cryptocurrency is currently trading at $73,923.
At 5:37 a.m. ET, the Associated Press announced that Trump was elected the 47th President of the United States. He received 277 electoral votes, beating his Democratic opponent Kamala Harris’ 224 (at the time of writing). Republicans also seem poised to control both Congress and the Senate, eliminating major policy uncertainty that typically makes markets nervous. US stocks were also rising pre-market on Wednesday, with TSLA up more than 12% before the market opened.
The Trump campaign has been particularly vocal about cryptocurrencies and Bitcoin in recent months. President Trump has claimed he will make it easier for crypto mining companies to operate in the United States and has promised that the United States will be the country that “leads the way” for cryptocurrencies to fly “to the moon”.
Another big winner in this election is the cryptocurrency DOGE. It started as a joke but gained momentum when it was adopted by Elon Musk, an ardent supporter of President Trump. The billionaire and X holder has donated millions of dollars to Trump’s interests, campaigned at rallies for his possible reelection, and offered to pay millions of dollars to Trump supporters in battleground states. DOGE is currently trading at $0.198, up 17.7% from yesterday’s price.
