Bitcoin Hits All-Time High of $75,000 Amid Trump Lead in US Election Exit Polls

Bitcoin, the world’s largest cryptocurrency, has reached a new all-time high of $75,000 as Donald Trump takes the lead in exit polls for the U.S. presidential election. The Bitcoin rally is fueled by optimism on Polymarket, where "Yes" shares betting on a Trump victory are surging, along with a strong sentiment that a Trump win would be favorable for the cryptocurrency sector.

The previous all-time high for Bitcoin, at $73,737, was set in March 2024 and held steady for several months. This record has now been surpassed as election day results point toward Trump’s potential return to the White House.

Bitcoin Surge Tied to Trump’s Pro-Crypto Stance

Trump, who has won 14 states so far, is reported to be leading in critical battleground states such as Pennsylvania, Michigan, and Nevada, where he currently holds more than 50% of counted votes. With Trump’s lead widening, Bitcoin prices have surged by 6.4% in the past 24 hours, trading around $74,474 at the time of reporting.

The optimism in the crypto market extends beyond Bitcoin, with major altcoins also showing gains. Ethereum, the largest altcoin by market cap, is currently trading at $2,594, reflecting a 6.4% increase, while Solana has surged by 12.5%, reaching $182.

Market Analyst Reactions

Crypto analysts have connected the surge in key assets to Trump’s strong performance in the polls. Ryan Lee, Chief Analyst at Bitget, noted that the market might be reacting positively to Trump’s earlier suggestion of designating Bitcoin as a strategic reserve asset if elected.

“The U.S. presidential election results are still pending, but Pennsylvania’s vote count surpassing 50% has given Trump a slight lead. This development caused Bitcoin to surge, breaking through the $75,000 mark and hitting a historic high,” Lee stated. “On platforms like Polymarket, bets on Trump’s victory have surged to 90%, reflecting the crypto community’s anticipation of a pro-crypto administration.”

With 266 electoral votes, Trump needs only four more to secure victory, while Kamala Harris has 195 votes at this time.

Key Takeaways

Bitcoin’s Market Cap Surges: Bitcoin’s market cap has reached $1.445 trillion, expanding its dominance over other altcoins.
Record High Not Reached Until Election Day: Despite Bitcoin’s previous surge around the halving event and the launch of Bitcoin Exchange Traded Funds (ETFs), it took the momentum of election day to break its all-time high.
Community Optimism for Trump’s Crypto Policies: The crypto community is hopeful that a Trump victory could bring positive developments, such as establishing a Bitcoin reserve and a favorable regulatory environment for digital assets.