Bitcoin price hits a new record high, breaks $75,000 barrier amid US presidential election developments. Notably, exit polls for the 2024 US presidential election indicate a slight advantage for Donald Trump, the Republican candidate. The previous high of this leading cryptocurrency was $73,750.
Bitcoin’s price surged 8.4% to reach $75,060 as of early morning trade IST, while Ether also experienced significant gains, jumping 7.2% to $2,576. It is worth noting that Donald Trump’s relatively positive stance on cryptocurrencies may have boosted market confidence.
Meanwhile, other top cryptocurrencies saw significant gains, with BNB up 5%, Solana up 13.5%, XRP gaining 5%, Dogecoin up 21.6%, Cardano up 6.6%, Shiba Inu up 10%, Avalanche up 12.3%, and Chainlink rising 11.4%. As per the latest data by CoinMarketCap, the volume of all stablecoins now reached $100.92 billion mark, which accounts for 92.46% of the total 24-hour crypto market volume
Meanwhile, the US dollar index has also surged 1.25% to 104.72, following Donald Trump’s strong position in early exit polls.
Bitcoin Price – What Else?
Bitcoin, the world’s largest cryptocurrency, saw its market capitalization skyrocket to $1.445 trillion over in the last 24 hours. According to CoinMarketCap, Bitcoin’s dominance is currently 59.86%. Analysts at Bernstein predict that Bitcoin’s value could reach between $80,000 and $90,000 within the next two months if Donald Trump wins the US presidential election.
A Kamala Harris win may bring downside risk to Bitcoin’s value. In that scenario, the cryptocurrency could potentially drop to around $50,000, according to analysts at Bernstein. However, Bernstein analysts are extremely optimistic about Bitcoin’s long-term prospects, predicting it to surpass $200,000 mark by the end of 2025.
(Disclaimer: This stock market news is for informational purposes only and should not be construed as investment advice.)
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