Bitcoin  Hits New All-Time High,  Approaches $75,000 Ahead of  US Election Results

Bitcoin is currently trading at $74,935  (approx. 63.08 lakh) on international exchanges.

Main points

1. Bitcoin’s previous  high  was around $73,738.
2. Bitcoin’s last  peak was in March  of this year.
3. Tron recorded  a loss.

On Wednesday, November 6, Bitcoin  hit a new all-time high, just hours before  the results of the US elections, which at the time  seemed favorable to  Donald Trump. On international exchanges, Bitcoin  touched $74,935  (about Rs. 63.08 lakh), according to CoinMarketCap, marking a  gain of 9.15% over the  previous day. Meanwhile, on Indian platforms  like CoinSwitch and Giottus,  Bitcoin rose around 6.50% to trade at $75,975  (roughly Rs 63.9 lakh). 

“The market seems to be reacting in anticipation of  Trump’s comments  regarding Bitcoin as a strategic reserve  asset, against which Bitcoin has reached  an all-time high,” said Ryan Lee,  principal analyst at Bitget  Research. , in Gadgets360.  “However, there is still  considerable uncertainty.  When more votes are counted,  the results of the election  may change, as early  predictions are not always  accurate. If Trump  wins, pro-cryptocurrency policies could boost digital asset markets, potentially mirroring  Bitcoin’s strong performance  in the first quarter of this  year. »

Ether (ETH) also saw gains,  driven by election excitement. On international exchanges,  the value  of ETH increased by  6.70% in the  past day, trading at $2,590  (roughly Rs 2.18 lakh)  according to CoinMarketCap.  In Indian exchanges,  the price was  $2,680  (about Rs 2.25 lakh).
Broader market moves Most cryptocurrencies  posted gains on Wednesday, including Tether, Solana, Binance Coin, USD Coin,  Ripple and Dogecoin. Cardano, Shiba Inu, Avalanche, Bitcoin  Cash and Chainlink also  saw gains.

“This trend has also  caused double-digit gains  in altcoins,  highlighting the  strength of the market. A Trump victory could  also support this trend, with  potential crypto-friendly appointments  to regulatory roles. Less regulatory  uncertainty could attract more institutional  interest , which is likely  to boost Bitcoin and  also drive interest in altcoins,” said Sumit Gupta, co-founder of CoinDCX.

The total  capitalization of the cryptocurrency market  increased by  11.05% over the  previous day, with the  value  of the sector reaching $2.48 trillion  (approximately Rs. 2,08,78,724  crore), as  ‘is reported by CoinMarketCap.  Meanwhile, Tron, Monero,  Iota and Augur  posted slight losses on Wednesday.
Market analysts advise  cryptocurrency investors  to be cautious during this volatile period. 

Disclaimer: Cryptocurrency is an unregulated digital asset, not  a legal  instrument and  subject to market risks. The information  contained in this article is not intended to be and does not constitute financial,  business or any other form of advice. NDTV does not endorse or recommend any investment decision based on the information  contained in this article and is not responsible for any  loss that may  result from reliance on this information.