Bitcoin held steady near its latest highs on Thursday, November 7, maintaining a price of $74,794.7, after surging to a record of $76,401.4 on Wednesday. The cryptocurrency's price increase came following Donald Trump's victory in the 2024 presidential election, which ignited optimism for friendlier regulations and potential increased credibility for Bitcoin as an investment.
Trump's election sparked a rally across major cryptocurrencies, with Bitcoin leading the charge. His pro-crypto stance, promising favorable regulations, was seen as a positive development for the market. This boost helped Bitcoin surpass its previous record high of March 2024, lifting the broader cryptocurrency market as well.
Other prominent altcoins also saw continued growth. Ethereum, the second-largest cryptocurrency by market cap, rose nearly 10%, reaching a three-month high of $2,848.60. Other altcoins, including SOL, XRP, ADA, and MATIC, gained between 1.8% and 7%, while DOGE saw a 5.8% decline after recent gains.
Although Bitcoin's rally showed signs of cooling, the overall cryptocurrency market remained buoyant as traders continued to speculate on further bullish momentum, similar to the market surge seen in 2021. However, the broader market sentiment began to shift as traders waited for the outcome of a Federal Reserve meeting, where a 25-basis point rate cut is expected.
The dollar remained steady at four-month highs, which limited further gains in risk-driven assets like cryptocurrencies. Market participants are closely watching for any signals from the Fed regarding future interest rate adjustments, particularly with the uncertainty surrounding inflation and the new political landscape under Trump’s presidency.
Sensex and Nifty Surge Over 1% as Trump Wins U.S. Election, Boosting IT Stocks
Commodities Under Pressure as Investors Factor in Trump’s Win in U.S. Presidential-Race
Canada Approves Pan American's Sale of Peru Mine to China's Zijin Mining