According to on-chain data, Bitcoin, the world’s largest cryptocurrency, has hit a new all-time high, rocketing to $75,370.
The apex coin settled at $73,700 at the time of writing. The latest surge comes amid a confluence of global economic factors, including the ongoing United States presidential election, which has favored the pro-crypto Republican candidate, Donald Trump.
BTC Hits New ATH
BTC’s previous price peak was in March when it soared above $73,700. The price surge was triggered by spot Bitcoin exchange-traded fund (ETF) trading activities and anticipation of the quadrennial Bitcoin halving event.
The ongoing U.S. election has become a significant factor impacting the crypto market. Throughout his campaign, Trump pledged support for Bitcoin and the crypto market. These acts won the attention of crypto-native Americans, who began supporting him. Public crypto figures like the Winklevoss twins and Kraken’s co-founder Jesse Powell donated money to finance the Republican candidate.
There have been talks about BTC soaring to as high as $200,000 next year whether Trump or his opponent, Democrat aspirant Kamala Harris, wins the election. Still, such a price surge has yet to be touched.
Other factors likely influencing BTC’s price surge are reduced tensions in the Middle East and China’s anticipated stimulus measures. These have instilled greater confidence in the market, contributing to Bitcoin’s recent surge.
Polymarket Prediction Shoot Trump to 94% Win Rate
According to Polymarket, a prediction market platform, Trump currently enjoys a 94% chance of winning the election. This prediction development is particularly noteworthy as it contradicts prevailing narratives surrounding Trump’s political future and has sent shockwaves through the political landscape.
Further adding to this unexpected twist, The New York Times reports that Trump is projected to become the first Republican to win the popular vote in 20 years. Furthermore, the projection signals a potential shift in the electorate, demonstrating a possible resurgence of support for the former president.
