Bitcoin (BTC) Hits New ATH of $76.2K as Trump Secures 270 Electoral Votes

Bitcoin has repeatedly promised in the lead-up to the elections that he will promote Bitcoin adoption and will also support BTC mining

Bitcoin price news

Bitcoin (BTC) price hit a new all-time high on Wednesday, continuing its two-day ascent after surpassing $74,000 on election day.

After briefly hitting $76,243, BTC was last trading at $75,864, up 5.6% in the past 24 hours. The world’s largest cryptocurrency has risen 4.5% this week and 20.3% in the past 30 days.

Trump victory carries Bitcoin to new heights

Bitcoin’s two-day surge coincided with Donald Trump securing the 270 electoral votes to win the presidency, prompting media to call the 2024 presidential race for the Republican presidential nominee.

His surprising comeback follows a criminal conviction, an assassination attempt at a Pennsylvania rally, and a heated campaign battle against Vice President Kamala Harris.

Trump promised several times in the lead-up to the election to promote Bitcoin adoption and support BTC mining, along with the broader cryptocurrency industry.

His sons’ involvement in crypto through their World Liberty Financial project also suggests that the 47th U.S. President could be friendlier to the sector than his predecessor.

Other altcoins outperform Bitcoin

As throughout crypto history, Bitcoin’s uptrend lifted other digital currencies, also known as altcoins (alternative coins).

One of Wednesday’s top performers was Uniswap (UNI), the native token of decentralized crypto trading platform Uniswap, which surged nearly 22% in the past day following a 17% seven-day rally.

Several other altcoins have been rallying since Tuesday, but the biggest story is still Ether (ETH), the native cryptocurrency of the Ethereum blockchain, which spiked nearly 12% on Wednesday.

The token defied concerns about its slow ascent compared to Bitcoin, outperforming the world’s largest crypto asset by market value one day after the general elections.

Ether is the world’s second-largest cryptocurrency and, with a market value of over $340 billion, it comes closest to BTC’s stellar $1.4 trillion market cap.

Memecoins also beat Bitcoin’s 24-hour performance

Some memecoins are also outperforming Bitcoin after election day, with PEPE and POPCAT both up 15%, ambitious dreamer SPX6900 (SPX) climbing 24%, and NEIRO surging 48%.

Before altcoins and memecoins mirrored Bitcoin’s ascent, analysts projected that an altcoin season may be on the horizon under a Trump presidency, given his promises to Bitcoiners and the broader crypto community.

Pro-Bitcoin Trump ally predicts a bright future

As the crypto community marks what Professional Capital Management CEO Anthony Pompliano called the birth of "the first Bitcoin President" in the U.S., one of his political allies, Sen. Cynthia Lummis, predicted a bright future for the BTC space.

The GOP senator from Wyoming posted a photo of herself donning the famous laser eyes that Bitcoin holders use to identify themselves as members of the community. "The future is bright," she captioned the post.

Lummis notably called out the outgoing administration for "criminalizing core tenants of the Bitcoin network and decentralized finance" due to its work in threatening self-custody of BTC and other crypto assets.

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