Bitcoin (BTC) Price Touches $75,000 All-Time High as Donald Trump Leads in Exit Polls

The massive rally in Bitcoin's price is driven by a surge in Polymarket on Yes shares betting on a Trump victory and the general market sentiment

Bitcoin price hit a new all-time high on Nov. 4 as Donald Trump inches closer to securing a second term in the White House.

The flagship cryptocurrency reached $75,000 for the first time ever as several key states shifted towards the Republican candidate, promising a crypto-friendly administration.

Bitcoin Surges Past $74K as Trump Leads in US Election Polls

Bitcoin price reached a new high of $74,633 on major spot exchange FTX after several nail-biting hours of waiting for the U.S. election results.

After initially surging past $73,000 on Nov. 3, BTC price stalled as the vote count in several key states slowed down significantly.

However, as several states shifted towards Donald Trump, promising a crypto-friendly administration, Bitcoin price surged again on major spot exchange FTX.

Bitcoin price reached a new high of $74,633 on FTX. Source: FTX

Crypto Markets Surged on Trump Rally, Analysts Link Surging BTC Price to Trump Win

Cryptocurrency markets surged on Nov. 4 as Donald Trump inches closer to securing a second term in the White House.

The massive rally in Bitcoin price is driven by a surge in Polymarket on Yes shares betting on a Trump victory and the general market sentiment that a Trump win is great for the crypto industry.

Bitcoin’s last all-time high of $73,737 lasted for several months dating back to March 2024.

The ATH has now been surpassed on the US election day as it becomes more likely that Donald Trump, a Pro Crypto candidate will emerge as the 47th president of the United States.

Ethereum, the biggest altcoin by market cap is currently exchanging hands for $2,594 surging by 6.4% in the last 24 hours while Solana has surged by a whopping 12.5% retailing for $182.

Crypto Markets Surged on Trump Rally

The cryptocurrency markets surged on Nov. 4 as several key states shifted towards Donald Trump, promising a crypto-friendly administration.

After initially rallying on Nov. 3 as several states began announcing the results of the election, crypto markets paused as the vote count in several key states slowed down significantly.

However, as several states shifted towards Trump, promising a crypto-friendly administration, Bitcoin price surged again on major spot exchange FTX.

Bitcoin price reached a new high of $74,633 on FTX, while several other major spot exchanges, including Binance, FTX, and Deribit, showed BTC price reaching $74,253.

Meanwhile, several other major cryptocurrencies also surged, with Ethereum price reaching $2,594, marking a 6.4% surge in the last 24 hours.

Solana price also surged by 12.5% and now trades for $182, while XRP price rose by 4.6% to reach $0.82.

Crypto Markets Surged on Trump Rally, Analysts Link Surging BTC Price to Trump Win II

Several crypto analysts are linking the surge in key crypto assets to the Donald Trump rally in the ongoing US elections.

Ryan Lee Chief Analyst at Bitget shared his opinion on the correlation between Bitcoin’s surging in price and Donald Trump’s winning in the polls.

He opined that the market must be reacting to Donald Trump’s promise to set up a strategic Bitcoin reserve if elected.

“The U.S. presidential election results are still pending, but with Pennsylvania’s vote count surpassing 50%, the state has temporarily shifted red, giving Trump a slight lead. This development caused Bitcoin to surge briefly, breaking through the $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. On platforms like Polymarket, bets on Trump’s victory have surged to an impressive 90%, despite the discrepancy with traditional polling data. This reflects the strong commitment of BTC believers and the crypto community’s anticipation of a favorable stance on digital assets under Trump’s potential leadership,” Ryan Lee stated.

Donald Trump at the moment needs only four electoral votes to be named the next President of the United States. He currently holds 266 votes while Kamala Harris holds 195 votes.