Bitcoin reaches $75k, marking new ATH on the heels of US election

Bitcoin hit a new all-time high after struggling below the $70,000 zone last week.

Bitcoin (BTC) is up 9.2% in the last 24 hours and is trading at $74,550 at the time of writing. The leading cryptocurrency briefly touched an ATH of $75,011 with a market cap of $1.48 trillion.

The asset’s previous ATH of $73,750 was marked in March.

BTC price | Source: crypto.news

Currently, Bitcoin holds a 59.4% dominance over the broader crypto market.

One of the main reasons behind the rise in BTC price is the US presidential elections, which are currently going in favor of Republican candidate Donald Trump.

According to data from decentralized prediction platform Polymarket, Trump’s chances of winning reached 96.5%, while Vice President Kamala Harris saw her chances drop to 3.4%.

Old wallets come to life

According to data provided by Santiment, BTC’s five-year dormant circulation increased from 467 BTC to 688 BTC in the last 24 hours.

Dormant BTC circulation | Source: Santiment

According to Santiment data, wallets holding Bitcoin for more than three years also increased from 1,199 BTC to 2,235 BTC in the past day.

Once an asset reaches a new ATH, it will be considered natural for both long-term and short-term holders to take profits. This could lead to a rapid price correction before gaining bullish momentum again.

Bitcoin’s price rise has triggered a market-wide bull run. According to data from CoinGecko, the capitalization of the global crypto market increased by 6.2% in the last 24 hours, reaching $2.57 trillion; Investors poured $193 billion into the cryptocurrency market amid election heat.