The 2024 U.S. election results have shaken up the political scene, with Republican candidate Donald Trump emerging victorious over Kamala Harris. But it’s not just politics that’s feeling the heat—Bitcoin has also experienced a remarkable surge since the election. In just a few days, the cryptocurrency has jumped by more than 10%, reaching an all-time high of $75,555.
Let’s take a closer look at what’s behind this exciting movement in the Bitcoin market and whether it’s the beginning of something much bigger. Ready to dive in? Keep reading!
On election day, the Bitcoin market opened for $67,925.99. By the end of that day, it reached $69,334.42, marking a 2.07% growth. Yesterday, the market climbed further to set a new all-time high of $75,555. Although the price has come down slightly today, it remains comfortably above the range of $75,000. In the last 30 days, the BTC market has recorded a notable surge of 19.9%.
Strong Demand from US Investors
The Coinbase Bitcoin Premium Index shows a clear spike in demand from U.S. investors since the election. On November 5 at 02:30, the index stood at -0.1068%. By November 6 at 07:30, it crossed above zero for the first time since October 31, now sitting at 0.0615%. This indicates a growing interest in Bitcoin among American investors, likely boosted by the election results.
Another factor contributing to Bitcoin’s recent surge is the U.S. Federal Reserve’s expected interest rate cuts. After the first rate cut earlier this year, the Fed suggested there could be further cuts in November. This has added extra support to the cryptocurrency market, pushing prices higher.
Looking ahead, experts believe that if Bitcoin can stay above the $70,000 level, it could lead to a more extended rally. However, they also warn that the market may face significant volatility in the coming days, which could affect its stability.
Trump’s election victory has certainly brought new life to the cryptocurrency market, especially Bitcoin. But whether this rally will continue for the long term is still unclear. As the market reacts to these political changes, all eyes will be on Bitcoin to see if it can maintain this momentum.
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