Key Points
- Bitcoin (BTC) has hit a new all-time high, trading at $74,550, following a week-long struggle below the $70,000 mark.
- The ongoing U.S. presidential elections, favoring Donald Trump, is a significant contributor to the BTC price rally.
Bitcoin has achieved a new record high after a week of battling to surpass the $70,000 zone.
As of the time of writing, Bitcoin (BTC) has risen 9.2% in the last 24 hours, trading at $74,550. The leading cryptocurrency briefly reached an all-time high (ATH) of $75,011, with a market capitalization of $1.48 trillion.
Previous Highs and Market Dominance
The previous ATH for the asset was recorded in March at $73,750. Currently, Bitcoin holds a 59.4% dominance over the broader cryptocurrency market.
The ongoing U.S. presidential elections, currently favoring Donald Trump, are one of the main factors driving the BTC price rally. According to data from the decentralized predictions platform Polymarket, Trump’s odds of winning have reached 96.5%, while Vice President Kamala Harris’s chances have dropped to 3.4%.
Old Wallets Revived
Data provided by Santiment indicates that the BTC five-year dormant circulation has increased from 467 BTC to 688 BTC in the last 24 hours. Wallets holding Bitcoin for over three years have also seen a surge, increasing from 1,199 BTC to 2,235 BTC in the past day. When an asset reaches a new ATH, profit-taking from both long-term and short-term holders is considered natural. This could lead to a quick price correction before the price gains upward momentum again.
Bitcoin’s price surge has sparked a market-wide bull run. Data from CoinGecko shows that the global crypto market capitalization has increased by 6.2% in the past 24 hours, reaching $2.57 trillion. This increase indicates that investors have poured $193 billion into the cryptocurrency market amid the election heat.