Bitcoin (BTC) Price Targets New All-Time High as Trump Takes Office, ETH Price Eyes $3000

While Bitcoin (BTC) bulls are eyeing a new all-time high, Ethereum (ETH) is poised near $2,800 and Solana (SOL) is above $188.

Cryptocurrency prices soared on Wednesday after US presidential candidate Donald Trump secured a victory against Kamala Harris.

Bitcoin price smashed through its previous record high and hit $75,000 after a nail-biting US election.

As Harris conceded defeat on Wednesday, BTC price surged to hit a new all-time high of $76,000.

According to CoinGecko, Bitcoin hit a high of $76,509 on US-based crypto exchange Coinbase.

After a Trump victory was announced, BTC price soared by over $6,000 in less than an hour.

This rapid surge in price could be attributed to traders anticipating the outcome of the election, as Trump’s victory was widely expected.

After hitting a record high in October, Bitcoin’s price has continued to rally, largely driven by institutional interest and anticipation of a US cryptocurrency ETF approval.

Trump’s victory could be the main catalyst for this latest surge in BTC price, with analysts expecting the victory to pave the way for a new all-time high.

In other cryptocurrency news, Tether deposited $1.9 billion in USDT to various crypto exchanges, with $1.7 billion sent to Binance.

Also, a record amount of crypto assets are flowing into cold storage wallets, with 116,000 BTC moved on Tuesday.

Finally, cryptocurrencies are bracing for interest rate cuts by the US Federal Reserve and Bank of England.

Markets are anticipating these cuts, which could add to the bullish momentum, potentially driving BTC to new all-time highs and boosting altcoins.