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Bitcoin Price Hits New ATH, $90K Soon After Donald Trump Victory?

Bitcoin surged over 9% to a record high of $74,917 as Donald Trump consolidates votes for a stunning second victory to the White House.
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Bitcoin Price Hits New ATH, $90K Soon After Donald Trump Victory?

Highlights

  • Bitcoin $100K calls on the rise after a fresh breakout to new all-time high levels after six months.
  • With a Federal Reserve rate cut expected this week, additional liquidity could fuel a broader crypto bull market.
  • Altcoins also joined the party on the US Election Day with Ethereum, Solana, and Chainlink, gaining 7-15%.

The Bitcoin price has skyrocketed by over 9% in the last 24 hours hitting a new all-time high of $74,917 levels as Donald Trump’s victory odds jump to 88% with strong gains in just over the last over. Along with Bitcoin, altcoins are also delivering a strong show with Ethereum (ETH), Solana (SOL), Chainlink (LINK), and Avalanche (AVAX) rallying by 7-15% today. Also, the meme coin sector led by Dogecoin’s (DOGE) 28% single-day gains has been cheering the most over Trump’s victory.

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Bitcoin (BTC) to $90K Soon After Donald Trump Victory?

The broader crypto market has been actively betting on Donald Trump’s victory and is looking forward to all his political campaign promises of creating a strong crypto environment in America. As per the data from the Associated Press, Trump is leading on nearly 198 seats while Kamala Harris is leading over 112 seats as of press time.

Courtesy: The Associated Press

Furthermore, data from Polymarket shows that in the past hour, Donald Trump has increased his chances of election victory by 30% to 88% now. This news was enough to send the Bitcoin price skyrocketing to fresh all-time highs giving the much-awaited breakout. Following the election results, it will be interesting to see how long Donald Trump takes to fire Gary Gensler, as promised by him earlier.

Investors are already setting up the sight of a $90K Bitcoin price rally, as per the prediction by Bernstein. Besides, analysts have also predicted recently that Bitcoin price can surge to $200,000 by the end of 2025. Speaking on the development, Fredrick Collins, chief executive officer and founder of crypto data platform VeloData said:

“It has to be because the early numbers are looking good for Trump. Bitcoin is one of the top instruments for trading the election tonight in my opinion. It’s relatively liquid and very tied to the outcome. So it’s pretty safe to assume any increases in price are tied to increases in Trump’s prospects of winning.”

Investors were very much predicting the crypto market volatility on the election with the BTC options data showing 8% swing chances on either side. Furthermore, the Coinglass data shows that as Bitcoin hits new all-time highs, there have been $350 million in short liquidations across the crypto market just within the past hour.

With today’s surge, Bitcoin has extended its market dominance to more than 60%. Popular crypto analyst Benjamin Cowen noted: “I don’t know who needs to hear this but BTC dominance is likely going to top within the next 8 weeks”.

On the other hand, after a strong October, the spot Bitcoin ETF market registered outflows for three consecutive days in a row. On Monday, the Bitcoin ETF outflows surged to $541 million, the second-highest in history.

Bitwise CIO Matt Hougan believes that Bitcoin, Ethereum, and stablecoins will sustain their growth trajectory, regardless of the election outcome. Hougan stated, “Washington can’t stop crypto.”

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All Eyes on FOMC Meeting Next

All eyes will be on the FOMC meeting on Thursday, November 7, with the Federal Reserve likely to announce a 25 basis points rate cut this week. Also, the labor market is seeing some slowdown from the overheated levels a few years back. This is another reason for the US Central Bank to dial back on its interest rates moving ahead.

“It removes all doubt that you are going to get a 25-basis-point cut in November and another 25-basis-point cut in December,” said Steven Blitz, chief US economist at TS Lombard.

It could provide an additional liquidity boost to the entire crypto market thereby igniting the next major bull run.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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