Crypto Quill

Bitcoin has shattered its previous all-time high (ATH) to hit a new milestone, surging past the $76,000 mark, following the recent U.S. Presidential election results. As of November 8, 2024, Bitcoin (BTC) reached a new ATH of $76,029 (approximately ₹64.14 lakh) on global exchanges, further fueling bullish sentiment in the crypto market. On Indian exchanges, such as CoinDCX and CoinSwitch, Bitcoin’s price even surpassed $76,875 (roughly ₹64.8 lakh).

Factors Driving Bitcoin’s Surge

The crypto market has been riding high on the optimism surrounding Donald Trump’s election victory as the 47th President of the United States. His pro-crypto stance during his campaign has sparked expectations of favorable policies for the digital asset space, particularly around the legalization and regulatory clarity for cryptocurrencies.

Additionally, the U.S. Federal Reserve’s recent interest rate cut of 25 basis points (bps) has contributed to Bitcoin’s rise. The CoinSwitch Markets Desk noted that the rate cut was in line with market expectations, and Bitcoin’s price saw a notable uptick following the decision.

“Bulls continue to dominate the crypto market owing to the pro-crypto expectation from the upcoming regime change in the United States,” said CoinSwitch.

Ethereum (ETH) Follows Suit

Ethereum (ETH), the second-largest cryptocurrency by market cap, also experienced gains in the past 24 hours. The asset rose by 2.47 percent, trading at $2,910 (around ₹2.45 lakh) on global exchanges. On Indian platforms, ETH reached $2,940 (approximately ₹2.47 lakh). Although Ethereum has seen a resurgence, it remains significantly below its ATH of $4,878 (around ₹4.1 lakh), which was reached in November 2021. Despite this, the latest rally has reignited optimism for Ethereum’s future price potential.

“$3,000 could be a major resistance for Ethereum, after which $4,000 will be the next target for bulls,” CoinSwitch analysts added.

Market Sentiment: A Post-Election Surge

The market is currently experiencing a bullish phase, with many cryptocurrencies trading profitably, fueled by the optimism surrounding Trump’s victory and his stance on the crypto industry. President Trump’s support for potentially considering Bitcoin as part of the U.S. reserve assets and his intentions to enact policies favorable to crypto mining have solidified his reputation as a key ally for the sector.

The broader market is seeing a positive reaction with tokens such as Solana (SOL), Cardano (ADA), Leo, Monero (XMR), and Stellar (XLM) all showing gains in the wake of the election. This surge indicates that the crypto space is not just responding to political developments but also adjusting to macroeconomic factors like interest rates and market liquidity.

Looking Ahead

As of now, the crypto market capitalization stands at $2.15 trillion, with Bitcoin leading the charge. With Bitcoin breaking new records and Ethereum showing signs of recovery, the market is eyeing the next levels of growth. Solana, Cardano, and other altcoins are expected to continue riding the bullish momentum, though traders will be closely watching resistance levels like $3,000 for Ethereum and $80,000 for Bitcoin.

The crypto industry seems to be heading into a new phase of maturation, and with regulatory clarity likely on the horizon, both institutional investors and retail traders are expected to increase their involvement in the market.