Bitcoin creates new all-time high trading near $75,000
Bitcoin created a new all-time high on Wednesday, November 6, just hours before the US election results, which at the time of writing appear to be leaning in Donald Trump’s favor. On foreign exchanges, Bitcoin is trading at $74,935 (approximately Rs. 63.08 lakh), CoinMarketCap shows). Over the past day, the value of BTC has risen by 9.15 percent worldwide. Meanwhile, the price of BTC on Indian exchanges such as CoinSwitch and Giottus has risen by around 6.50 percent to $75,975 (approximately Rs. 63.9 lakh).
“The market appears to have reacted in advance to Trump’s previous hints about potentially designating BTC as a strategic reserve. In the background, BTC has reached an all-time high,” Ryan Lee, principal analyst at Bitget Research, told Gadgets360. “However, major uncertainties remain. Election results can still change as more votes are counted, and historically, final outcomes can differ significantly from early projections. Should Trump succeed in the election, any crypto-friendly policies introduced could significantly increase the market value of digital assets, potentially replicating BTC’s impressive rise in the first quarter of this year.”
Ether joined Bitcoin in reaping profits from election hype. Internationally, the ETH value rose by 6.70 percent over the past day. At the time of writing, ETH was trading at $2,590 (approximately Rs. 2.18 lakh) on foreign exchanges, CoinMarketCap showed. On Indian exchanges, ETH is trading at $2,680 (approximately Rs, 2.25 lakh).
Most cryptocurrencies reflected gains on the price chart on Wednesday. These include Tether, Solana, Binance Coin, USD Coin, Ripple and Dogecoin.
Cardano, Shiba Inu, Avalanche, Bitcoin Cash and Chainlink also posted gains.
“This momentum has also led to double-digit gains in altcoins, highlighting the strength of the broader market. A Trump victory could fuel these prospects, with potential regulatory appointments leaning toward crypto-friendly policies. Reduced regulatory uncertainty could encourage even greater institutional participation, likely increasing Bitcoin’s value and fueling broader interest in altcoins,” Sumit Gupta, co-founder of CoinDCX, told Gadgets360.
The total crypto market capitalization increased by 11.05 percent in the past day. According to CoinMarketCapthe crypto sector’s valuation currently stands at $2.48 trillion (approximately Rs. 2,08,78,724 crore).
Tron, Monero, Iota and Augur meanwhile reflected small losses on the price chart on Wednesday,
Market analysts have warned crypto investors to be cautious during this wave of volatility.
Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information contained in this article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
