Bitcoin Touches an All Time High Ahead of US Election Results Notably, both candidates- Democratic candidate Kamala Harris and Republican Donald Trump- have advocated for cryptocurrency in their campaigns. According to CoinMarketCap, the new benchmark is set at USD 75,098.64

The cryptocurrency market saw a surge ahead of the US presidential election results.

Bitcoin touched a new all-time high of over USD 75,000 from its previous record of USD 73,800 set in March as early results from the United States elections put Donald Trump ahead.

Notably, both candidates- Democratic candidate Kamala Harris and Republican Donald Trump- have advocated for cryptocurrency in their campaigns.

According to CoinMarketCap, the new benchmark is set at USD 75,098.64.

"With Pennsylvania's vote count surpassing 50 per cent, the state has temporarily shifted red, giving Trump a slight lead. This development caused Bitcoin to surge briefly, breaking through the USD 75,000 mark and reaching a historic high. The market seems to have reacted in advance to Trump's earlier hints about potentially designating BTC as a strategic reserve asset," said Ryan Lee, chief analyst, Bitget Research. Lee feels that while both a Trump or Harris victory could signal substantial growth potential for US stocks, the effects on the crypto market could vary.

Sumit Gupta of CoinDCX notes that since its inception Bitcoin has witnessed three election cycles and rallied to a new record, with prices never returning to pre-election levels.

Shivam Thakral of BuyUcoin notes that apart from the positive impact on the broader cryptocurrency market, other digital assets like Ether and Dogecoin are also experiencing notable gains. Ethereum and Dogecoin were up by 6.83 per cent and 25.18 per cent in 24 hours.

Reportedly, CoinSwitch observed a 15x spike in hourly trading volume compared to last week's average. Balaji Srihari, business head, CoinSwitch feels that tokens such as Solana and Shiba Inu have also experienced significant volume spikes. The two saw an uptick of 15.53 per cent and 9.34 per cent, respectively, in the last 24 hours.

"We expect high market volatility. Early indications suggest a potential Trump victory, and as a vocal advocate for crypto, his win could signal a promising future for the industry. However, looking at the industry's growing influence and adoption; regardless of who wins- crypto's momentum is undeniable," Srihari said.

"Ultimately, the acknowledgement from candidates of crypto's potential suggests that regulatory reforms may increasingly align with investor interests. This evolution in policy bodes well for the future of digital assets as a credible, long-term investment class," said Sumit Gupta, co-founder, CoinDCX. He feels reduced regulatory ambiguity could spark broader altcoin interest.

On Monday, US-listed spot Bitcoin exchange-traded funds (ETFs) recorded the largest single-day outflow since May with USD 541 million in net outflows.

At the time of publication, Bitcoin is trading at USD 74,835.88, up 8.94 per cent over the last 24 hours.