Bitcoin, Altcoins Explode as Election Results Continue to Roll In

Bitcoin prices hit a new high of $75,000 during early Asian trading on Wednesday, November 6, according to Tradingview which measures prices on Binance.

The price bomb followed a 9% rise on the day the US election votes were counted, with Donald Trump extending his lead over Kamala Harris at the time of writing.

CoinGecko also traded BTC at an all-time high, but posted a lower aggregate price of $74,500, where it was trading at the time of writing.

Bitcoin all-time high and nobody knows yet.

This will change. pic.twitter.com/qrS2XSyPRf

— Anthony Pompliano (@APompliano) November 6, 2024

Pumping Altcoins (well, most of them)

Total market capitalization reached $2.57 trillion on Wednesday morning, its highest level since late July, driven mainly by Bitcoin’s new peak.

Also, BTC wasn’t the only digital asset making big moves at the moment. Dogecoin (DOGE) exploded 30% on the day, breaking above $0.21 for the first time since late March.

Other big movers include Solana (SOL), which is up 14% to $184 at the time of writing.

Avalanche (AVAX), Chainlink (LINK), Sui (SUI), and Near Protocol (NEAR) were also outperforming the broader markets with double-digit gains on the day at the time of writing.

Trump’s memecoin MAGA (TRUMP) was also up 28% as the man himself extended his lead.

However, Ethereum had only gained around 6% and was once again lagging behind its crypto brethren, failing to break the $2,600 resistance or even reach the October highs.

Other laggard altcoins included Binance Coin (BNB), XRP, and Toncoin (TON), all falling short of 5%.

However, “the real winner today is crypto,” Ethereum advocate Anthony Sassano commented.

Premature market bomb?

The short-term Bitcoin bomb is correlated with the likelihood of Trump winning the election, and could increase if that is the outcome. However, a sharp pushback is likely if Harris wins.

Former President Barack Obama warned that it may take several days to count all the ballots. “It took several days to count all the ballots in 2020, and it’s very likely that we won’t know the result tonight either,” he said.

Meanwhile, blockchain betting platform Polymarket had the odds of a Trump win at all-time highs.

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