Crypto Markets Add Over $200B Overnight as Bitcoin (BTC) Taps New All-Time High (Market Watch)

With Donald Trump seemingly poised to return to the White House, the cryptocurrency market experienced a notable uptick that drove almost all assets higher by impressive percentages.

Bitcoin, for one, tapped a new all-time high, while Solana surpassed Binance Coin as the fourth-largest cryptocurrency.

BTC Finally Did It

The primary cryptocurrency came inches away from breaking its March ATH of $73,737 last Tuesday but failed and tumbled in the following days. This culminated a week later – yesterday – when it dropped below $67,000, thus losing over six grand within this timeframe.

The situation around BTC’s price movements was highly related to the US presidential elections. This was solidified once again in the past 12 hours as the results started to pop up and the self-proclaimed pro-crypto candidate – Donald Trump – started to gain a substantial lead.

As a result, bitcoin skyrocketed from $69,000 to a new all-time high of $75,358 (according to CoinGecko). This harmed over-leveraged short traders, as the total value of liquidations shot up to over $500 million. Additionally, BTC returned to the top 10 biggest financial assets by market cap, even though it has retraced to around $74,000 now.

Its own market cap is now above $1.460 trillion, while its dominance over the alts has maintained its position at just shy of 57%.

Bitcoin/Price/Chart 06.11..2024. Source: TradingView

Alts on the Run

The alternative coins were calm for a few days straight, which is highly untypical for their volatile nature, and the landscape has changed today. Solana is among the top performers from the larger caps, having soared to $185. Moreover, SOL surpassed BNB as the fourth-largest digital asset.

Dogecoin is the leader in terms of daily gains from this cohort of assets, perhaps due to Elon Musk’s affiliation with Trump. DOGE shot up to $0.2. Other notable gainers include SUI, FET, APT, KAS, AAVE, and multiple meme coins.

The cumulative market cap of all crypto assets has added more than $200 billion since yesterday and is up to $2.570 trillion on CG.