Crypto Markets Add Over $200M Overnight As Bitcoin (BTC) Hits New All-Time High (Market Watch)

With Donald Trump seemingly poised to return to the White House, the cryptocurrency market saw a remarkable rally that sent almost all assets up by impressive percentages.

Bitcoin, for example, hit a new all-time high, while Solana overtook Binance Coin as the fourth largest cryptocurrency.

BTC finally did

The major cryptocurrency was inches away from breaking its March ATH of $73,737 last Tuesday, but failed and fell in the following days. This culminated a week later, yesterday, when it fell below $67,000, thus losing more than six thousand in that time period.

The situation surrounding BTC price movements was closely related to the US presidential election. This was once again solidified in the last 12 hours as the results started to roll in and the self-proclaimed pro-crypto candidate, Donald Trump, started to gain a substantial lead.

As a result, bitcoin soared from $69,000 to a new all-time high of $75,358 (according to CoinGecko). This hurt over-leveraged short traders as the total value of liquidations rose above $500 million. Additionally, BTC returned to the top 10 financial assets by market capitalization, although it is now back at around $74,000.

Its own market capitalization is now above $1.46 trillion, while its dominance of the highs has maintained its position at 57%.

Bitcoin/Price/Chart 06.11..2024. Source: TradingView Alts on the Run

Altcoins were quiet for a few days in a row, which is highly unusual for their volatile nature, and the landscape has changed today. Solana is among the best performers of the big highs, having risen to $185. Additionally, SOL surpassed BNB as the fourth largest digital asset.

Dogecoin is the leader in terms of daily gains in this asset cohort, perhaps due to Elon Musk’s affiliation with Trump. DOGE shot up to $0.2. Other notable gains include SUI, FET, APT, KAS, AAVE and multiple meme coins.

The cumulative market cap of all crypto assets has added over $200 billion since yesterday and is up to $2.570 trillion on CG.

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

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