Donald Trump has seen his winning odds soar to 99% on Polymarket
Bitcoin price has jumped to a new All-Time High amid sentiment of a pro-crypto President emerging.
Bitcoin (BTC) reclaimed an All-Time High (ATH) of $75,361, skyrocketing by over 8% in just 24 hours. This surge in the leading cryptocurrency comes as Donald Trump secures a White House victory. Along with Bitcoin, the altcoin and memecoin markets also show an impressive rally on the daily timeframe.
Bitcoin Eyes $90,000 Top
The broader market anticipates Donald Trump’s victory and looks forward to his political campaign promises to establish a robust crypto ecosystem in the United States. As of this writing, data from the Associated Press shows that Trump is leading by nearly 267 Electoral Votes, while Kamala Harris has scored 224.
Additionally, data from Polymarket reveals Trump’s chances of winning the election have soared to 99% in the last hour. This news quickly triggered fresh optimism in the market, sending Bitcoin to its much-anticipated ATH. After the election, the crypto industry looks forward to seeing how long Donald Trump will take to fire SEC Chairman Gary Gensler, as he previously pledged.
According to Bernstein’s projection, investors are already preparing for a $90,000 Bitcoin price surge. Many community members believe Bitcoin’s recent rally is tied to Trump’s prospects of winning the US Presidential election. Moreover, analysts recently forecasted that Bitcoin could reach $200,000 by 2025.
Investors had forecasted crypto market volatility following the election, with BTC options data indicating 8% swing odds on either side. Furthermore, CoinGlass data shows short BTC liquidations reaching $1.7 million in the past hour as Bitcoin hits new all-time highs.
Also, Open Interest has increased by more than 4% in the last 24 hours, indicating that traders are positioning ahead of the election outcomes. This surge in trading activity suggests that market behavior is influenced by anticipation of the election outcome.
As of this writing, BTC was trading at $74,534, up 8.5% in the last 24 hours. The daily trading volume also increased by 127.5%, indicating investors’ improved sentiments on the coin.
Reaction from the Crypto Community
Following today’s surge, Bitcoin has extended its market dominance to over 60%.
Popular crypto analyst Benjamin Cowen commented, “I don’t know who needs to hear this, but BTC dominance is likely going to top within the next 8 weeks.”
Bitwise CIO Matt Hougan believes Bitcoin, Ethereum, and stablecoins will continue to thrive regardless of the election results. Hougan claimed that “Washington can’t stop crypto.” The surge in BTC’s price is quite impressive as the coin recently pulled back sharply to $67,000, as CNF reported.
At the same time, Bitcoin ETF Inflows reached $1.4 Billion amid a record 17-day streak. This jump reflects increased demand from US institutional investors seeking exposure to Bitcoin. Demand for these ETFs soared before the election, with many seeking accessible ways to invest in Bitcoin during uncertain times.
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