Amidst the announcement of the US Presidential election results today, Bitcoin hit a new all-time high, surpassing $75,000 for the first time since March 2024. Industry experts attribute this surge to substantial inflows into exchange-traded funds (ETFs) and increased speculation surrounding the election outcomes.
“At CoinSwitch, we’ve observed a 15x spike in hourly trading volume compared to last week’s average, showcasing an intense wave of interest among our users this morning. Not just BTC, other popular tokens like DOGE, SOL, and SHIB have also experienced significant volume spikes,” Balaji Srihari, Business Head, CoinSwitch, said.
He noted that with the results coming in today, there is an anticipated high market volatility. “Early indications suggest a potential Trump victory, and as a vocal advocate for crypto, his win could signal a promising future for the industry,” Srihari said.
Historically, US elections have often served as catalysts for significant price movement in crypto, others pointed.
Sumit Gupta, co-founder, CoinDCX, said, “Since its inception in 2009, Bitcoin has navigated three election cycles, each followed by a rally to new heights, with prices never returning to pre-election levels. While these gains have moderated over time, Bitcoin’s consistent upward trajectory underscores its resilience and enduring appeal as a long-term asset. This momentum has also sparked double-digit gains across altcoins.”
A Trump victory could add fuel to this outlook, with potential regulatory appointments inclined towards crypto-friendly policies. Reduced regulatory ambiguity could encourage more institutional participation, likely elevating Bitcoin’s value and sparking broader altcoin interest.
He explained that while US elections may influence sentiment in the short term, investors are focused on the fundamentals driving digital assets. For instance, the traction around Bitcoin ETFs signals strong institutional interest, with over $50 billion in inflows that bring not only capital but a long-term perspective to the market. This momentum sets a solid foundation for the sustained adoption of crypto assets worldwide.
- Also read: Crypto market soars, sees 8% surge in market cap driven by global economic shifts, says report
Additionally, the company saw a significant uptick in trading activity on the platform amid Bitcoin reaching a new all-time high with the results. “This morning, we also recorded the highest hourly volume for the quarter. On the Spot market, we noticed $11.82M million in total trading volume marking the highest of this quarter, with BTC alone hitting its highest volume of the quarter at $1.83 million. All of this happened within just 14 hours, and we anticipate even higher volumes as the US market opens this evening, aligning with past trends,” Gupta shared.
Raj Karkara, COO, ZebPay, noted, “Bitcoin reaching a new record high marks a pivotal moment for the crypto market, reflecting heightened investor confidence. We are delighted to see Bitcoin’s resilience and growth, as it reinforces the role of digital assets in finance. This new high underscores the ongoing appeal of crypto for investors seeking autonomy and long-term growth in an evolving financial landscape.”