Crypto Market Reacts to U.S. Election with Major Gains

• Bitcoin hits an all-time high above $75K, boosted by post-election optimism in the U.S.
• Ethereum whale sells 14,240 ETH, facing a $12.8M loss amid Bitcoin-led crypto rally.
• Solana, Dogecoin, and Shiba Inu spiked 13.5%, 21.6%, and 10% as Bitcoin’s dominance rose.

The price of Bitcoin rose to an all-time high on Wednesday, surpassing the $75,000 mark. After Donald Trump claims victory in the 2024 U.S. presidential election, voters may see the Republican Party win a majority in Congress and the Senate. This has created a possibility that under Trump, policies that are friendly to the growth of cryptocurrencies could be adopted in the near future to increase investors’ interest.

Ethereum Still Below Peak

Despite Bitcoin’s surge, Ethereum (ETH) is still 47.2% below its previous all-time high; this means some leading assets are still correcting. Earlier in the day, Ethereum experienced a notable market shift when a single entity sold 14,240 ETH, worth around $37 million. In an X post on Wednesday, analytical blockchain platform Lookonchan revealed that this investor suffered a massive loss of $12.8 million in the sale. The whale purchased 14,233 ETH from Binance at a price averaging $3,502 between late May and September, using about $49.8 million.

The $BTC price has reached a new #ATH today while $ETH is still 47.2% away from its #ATH!

A whale sold 14,240 $ETH($37M) at a loss of $12.8M 1 hour ago.

This whale bought 14,233 $ETH($49.8M) from #Binance at a high price of $3,502 between May 29 and Sept 30.… pic.twitter.com/g5XQN6pUeH

— Lookonchain (@lookonchain) November 6, 2024

However, the price of Ethereum surged by 7.2% to $2,576, following the trend of Bitcoin’s all-time high. The bullish move in Bitcoin also influenced many other coins in the market similarly. Solana rose by 13.5%, and Dogecoin and Shiba Inu rose by 21.6% and 10%, respectively. Another major rise was in Cardano, which gained 6.6%, Avalanche, 12.3%, and Chainlink, 11.4%.

Bitcoin Market Dominance Grows

According to CoinMarketCap, Bitcoin’s market dominance has surged, with its capitalization reaching $1.46 trillion, now accounting for 59.4% of the crypto market. The total market cap sits at $1.02 trillion, and 24-hour trading volume saw a 123% boost, hitting $189 billion. 

Bitcoin’s latest surge to new heights continues to cement its position as the leading cryptocurrency, with much focus during the U.S. election period. The market’s response will be closely watched, given that investors will seek to understand how the upcoming policies will shape the landscape for digital assets.

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