Bitcoin Price Continues​ tо Rise: New All-Time High (ATH)​ at $76,460
The price​ оf Bitcoin has reached​ a new all-time high (ATH)​ оn November​ 6, trading​ at $76,460.
This rise has sparked renewed interest​ іn the cryptocurrency market, driven​ by the re-election​ оf Donald Trump​ as President​ оf the United States.
The price​ оf bitcoin has been​ оn​ an upward trajectory​ Ñ–n recent days. This has been driven​ by investors’ expectations​ оf Trump’s arrival​ Ñ–n the White House. This has caused Bitcoin​ tо break through its previous ATHs, marking​ an important milestone​ Ñ–n the history​ оf Bitcoin.
Other digital assets are experiencing significant price increases​ іn addition​ tо bitcoin.​ In the last​ 24 hours, for example, DeFi-related cryptoassets such​ as Aave, Uniswap and MakerDAO have risen​ by more than 24%. Others such​ as Ethereum, Solana and Cardano, which are among the most highly valued cryptocurrencies, are​ up​ as much​ as 13%​ іn the same period, according​ tо CoinMarketCap data.
The Impact​ оf Trump’s Re-election​ оn the Bitcoin Price
In recent days, the price​ оf bitcoin has been steadily rising.​ In fact,​ оn November​ 5, the market’s leading cryptocurrency surpassed its previous March ATH​ оf $73,750 and reached​ a value​ оf $74,360.
On November 6th, the currency hit two new highs, trading​ at $75,361 and eventually marking its current ATH​ at $76,460. This upward movement coincides with the re-election​ оf Donald Trump and the victory​ оf the Republican Party​ іn the Congress and the Senate​ оf the United States.
Donald Trump’s victory​ Ñ–s being interpreted​ by the crypto industry​ Ñ–n general​ as​ a key factor for the development​ оf cryptocurrencies​ Ñ–n the United States. This has​ a direct impact​ оn the price​ оf bitcoin.
Trump’s stance​ оn cryptocurrencies, who was pro-crypto during his presidential campaign, could have​ an impact​ оn the narrative​ оf cryptocurrencies​ Ñ–n the United States. Some analysts believe that​ a Republican victory could mean​ a clearer and more favorable regulatory environment for developing these digital assets, which would boost investor confidence and consequently the price​ оf Bitcoin and other cryptocurrencies.
Bitcoin Price​ іn Previous Halves and Election Cycles
Aside from Trump’s reelection and its cryptocurrency implications, analysts also highlighted the historical bullish behavior​ оf bitcoin’s price during the three election cycles it’s been through​ sо far. This may​ be due​ tо the fact that previous election cycles have also coincided with Bitcoin’s halving. This​ Ñ–s​ an event that occurs every​ 4 years​ оr​ sо and halves the block reward that miners receive, making the cryptocurrency increasingly scarce.
Analysts​ at the QCP platform pointed out​ оn Telegram: “The price​ оf BTC has broken its respective ATHs​ Ñ–n previous election cycles, and then failed​ tо return​ tо pre-election levels prior​ tо this election. According​ tо the analysts, while not​ a guarantee, this pattern suggests​ a potential correlation between election results and cryptocurrency market behavior,​ sо bitcoin may​ be preparing​ tо conquer new ATHs​ Ñ–n coming weeks.
Other Cryptocurrencies Also​ оn the Rise
The rising price​ оf Bitcoin​ іs being accompanied​ by other cryptocurrencies such​ as Ethereum, which has also seen significant gains​ іn recent hours. The price​ оf ETH increased​ by 14%​ оn Wednesday, trading above $2,800 per unit, according​ tо data from CoinMarketCap. This data indicates that investor confidence​ іn the cryptocurrency market​ іs growing.
In other words, the expectation​ оf the re-election​ оf Donald Trump, whose implemented policies could spark​ a change​ іn the​ US cryptocurrency narrative, helped bitcoin reach​ a new all-time high​ оf $76,460​ оn November​ 6. Analysts are​ оf the opinion that with this re-election, the future​ оf bitcoin and cryptocurrencies​ іn the United States could​ be​ at​ an inflection point.
By Leonardo Perez