During one of the many tense nights of 2024 – the one between November 5 and November 6 – the world’s premier cryptocurrency, Bitcoin (BTC), found its new all-time high (ATH).
Though BTC rose above $70,000 and $71,000 as American voters cast their ballots, the true breakout came later in the evening as Donald Trump began extending his electoral college lead over Vice President Kamala Harris.
Bitcoin found its latest – and highest by press time – high as it became increasingly clear the Democratic candidate had no viable path to 270 votes as it briefly hit $75,358.70.
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Though the coin retraced since it remains 7.42% in the green in the 24-hour chart and stands at $73,874 – above its previous ATH.
Why did Bitcoin hit a new high on election night
The Bitcoin surge as a Trump victory slowly became almost guaranteed is not unexpected, as the former – and likely future – president is widely regarded as more favorable for cryptocurrencies and as the pre-election volatility was being swept away.
Indeed, despite the Harris campaign’s efforts to court the crypto community, the Democrats have a history of cracking down on digital assets, with the Securities and Exchange Commission’s (SEC) Gary Gensler being particularly unpopular within the industry.
Donald Trump’s administration is likewise expected to boast several cryptocurrency advocates and individuals who are popular in the community. Of these, the most prominent are Robert F. Kennedy Jr. – the original 2024 Bitcoin candidate – and Tesla (NASDAQ: TSLA) CEO Elon Musk.
What is next for Bitcoin price
Finally, the election night BTC rally came in a year that has already seen a strong performance by the flagship digital asset as Bitcoin is up 64.38% in the year-to-date (YTD) chart.
Still, the breakout proved significant as it ended the recent trend of the cryptocurrency rejecting levels at and slightly above $72,000 and instead collapsing to or even below $70,000.
The coming hours – and particularly after the traditional trading hours begin and additional liquidity is made available – are likely to prove pivotal as BTC turning the previous resistance of $72,000 into a new support could indicate the long-expected rally beyond $100,000.
A collapse below the price would likely mean the previous dynamic persists and the new ATH was but a show of enthusiasm over Trump’s lead among cryptocurrency traders.
Featured image via Shutterstock
