A massive rally before the 2024 US Election almost led the top cryptocurrency to a new record, but what made it true was the recent win of the Republican presidential candidate, Donald Trump, which led to Bitcoin reaching a new all-time high. It is a rarity for Bitcoin to reach a new all-time high twice in a year, but since the support expressed by Donald Trump to it, supporters of Trump and BTC have rallied for it this election day.
The massive surge from Bitcoin saw it break the $73,000 threshold and reach $75,000 after this comeback win for the former president, with many traders rallying the top coin as they showed support for the candidate.
Bitcoin Reached New All-Time High at $75,000
Bitcoin made a significant rise following the recent results of the 2024 US Presidential elections, and seeing its pro-crypto candidate win the bid prompted a new all-time high (ATH) for the top coin. After recently rallying close to an ATH earlier this week, Bitcoin reached a new record of $75,389, almost $2,000 more than its previous record this March that saw it peak to $73,803.25.
According to the Financial Times, crypto traders have placed big bets on Trump winning his re-election bid for his second term, as well as Bitcoin, with the top coin seeing a surge following the win.
Trump has previously claimed specifically that he will make Bitcoin a "superpower" should he be elected for office, claiming massive promises for the industry, which is now speculated for brighter days ahead.
Trump Win Helps BTC Reach New Record
Trump made a comeback win in this November elections and Bitcoin also made a significant rally after its perilous early second half of the year where it faced notable crashes and doubt. With this Trump win, Bitcoin achieved a new record which has been previously predicted by analysts, claiming that it will record $75,000 by year's end, arriving earlier following the election.
There are expectations that Trump will hold his promises once he is sworn into office, but analysts and experts are now perceiving this as a new beginning for the crypto industry, starting with Bitcoin.
Trump's Support for Crypto and Bitcoin
Earlier this year during the campaign season, Donald Trump was rumored to be positioning himself in line with the cryptocurrency industry's best interests, including speculations on the US' strategic reserves focusing on BTC. Shortly after the rumor, Trump attended the Bitcoin 2024 Conference in Nashville and professed his support for crypto as well as the top cryptocurrency.
The Republican presidential candidate also revealed that it will end the 'persecution' of cryptocurrency in the United States government, and will push for its adoption in countries, in line with its regulations. Additionally, Trump announced the launch of his and his family's decentralized finance (DeFi) platform which was later revealed to be 'World Liberty Financial' that will offer an escape from the oppressive 'Big Banks.'
Trump saw immense popularity when he aligned himself with the cryptocurrency industry and many Americans celebrated this decision, looking forward to its rise by year's end which envisioned the former president's win. Trump has made a comeback win in the 2024 US elections and this prompted another win for Bitcoin, with the top crypto rallying to an all-time high and seeing a beneficial position now.
