Bitcoin Hits ATH Above $76,000, Ethereum Finally Wakes Up, Rising to 3-Month High

Bitcoin prices hit an all-time high of $76,444 in late trading on Wednesday, building on earlier price peaks earlier in the day.

The move comes as the results of the US presidential election leaked in later in the day and Donald Trump was declared the winner.

Trump crossed the 270 electoral vote threshold with 295 to Kamala Harris’ 226, with only 17 more electoral votes to count in Nevada and Arizona at the time of writing.

“America has elected the most pro-crypto Congress in history,” the country’s largest exchange, Coinbase, declared in a post on X on November 6.

Bitcoin Booms on Trump’s Victory

Bitcoin’s massive boom has seen the asset gain a solid 20% over the past month and boost year-to-date gains to 78%. The asset had retreated slightly during Thursday morning’s Asian trading session, retreating to trade at $74,500 at the time of writing.

Analysts and commentators in the crypto industry rejoiced at Trump’s victory, with “The Bitcoin Therapist” telling his 140,000 X followers that “Trump will send Bitcoin to $250,000”.

Additionally, Bitcoin has overtaken Facebook parent Meta in terms of market capitalization, which is currently $1.48 trillion compared to Meta’s $1.44 trillion, according to CompaniesMarketCap.

Additionally, there has been renewed talk of a strategic Bitcoin reserve for the United States, adding to the momentum.

America needs a Strategy #Bitcoin Reservation https://t.co/ZKy3WMbuaz

— Michael Saylor⚡️ (@saylor) November 6, 2024

There has also been a surge in institutional interest, as local Bitcoin ETFs posted heavy inflows on Wednesday, reversing a three-day trading trend of outflows.

Bloomberg ETF analyst Eric Balchunas commented that the BlackRock IBIT ETF just had its biggest volume day ever, with $4.1 billion traded. “For context, that’s more volume than stocks like Berkshire, Netflix or Visa have seen today,” he added.

Boomers will hear Trump and Larry Fink using BTC on TV, then pull up the IBIT chart to see it pic.twitter.com/6Ry9ZFYl1G

— Will (@WClementeIII) November 6, 2024

Ethereum wakes up

Bitcoin isn’t the only crypto asset on the move right now, as Ethereum has finally woken up from its long slumber. ETH prices are up 10% on the day to hit $2,872 during the Asian trading session on Thursday morning. It’s Ethereum’s highest price since early August, when the asset fell below $3,000.

The Ethereum ecosystem and the underlying asset have been plagued with FUD and misinformation over the past few months as ETH prices did not move with the rest of the market.

However, it appears to have finally woken up, with analysts now changing their tune. In a post on X to his 320,000 followers, ‘ryandcrypto’ said that the ETH rally to $5,000 will be “the most hated rally of all time.”

the $ETH the $5,000 demonstration will be the most hated demonstration of all time pic.twitter.com/fWtFuRbcGo

— ryandcrypto (@ryandcrypto) November 7, 2024

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!