Bitcoin Hits New All-Time High of $75K as Altcoins Outperform BTC, Dogecoin (DOGE) Surges 30%

The cryptocurrency community has gone wild after Bitcoin hit a new all-time high late Tuesday as the U.S. waits for the outcome of the heated 2024 elections.

Bitcoin price hit a new all-time high Tuesday as the U.S. awaits the outcome of the heated 2024 elections. But some altcoins performed better than BTC even as the world's top digital currency by market cap hit a new milestone.

Here are the key highlights for Wednesday, Nov. 9.

Bitcoin Price Surges Past $74K

Data from CoinGecko showed that Bitcoin is now challenging $75,000 after it passed its March all-time high of $73,000 and hit $74,978 late Tuesday. The world's pioneer cryptocurrency is up by nearly 10% in the last 24 hours.

Top Trending, Gaining Coins: DOGE, MAGA

Is Altcoin Season In? While BTC was the highlight of the day, altcoins told the story of election day, with some digital coins beyond the pioneer crypto asset performing much better than the leader.

For instance, Dogecoin (DOGE), Elon Musk's favorite memecoin, was up by 30% in the last day, and Solana (SOL), a rising darling among crypto users and investors, increased by 17%.

Another beloved meme token, Shiba Inu (SHIB), is also on the rise, climbing by 12% in the past day. Avalanche (AVAX) is up by nearly 15%, while Bitcoin Cash (BCH) and Chainlink (LINK) are both on a nearly 13% spike.

As of early Wednesday, the top trending coins are MAGA (TRUMP), DOGE, and GRASS, while the largest gainers in the last 24 hours are all memecoins: Peanut the Squirrel (PNUT), Department of Government Efficiency (DOGE), and MOAI.

Some altcoins have already been making rounds in crypto circles in recent months, specifically XRP, amid increasing attention from institutions for XRP ETFs. However, Solana has taken the altcoin conversation to a different level.

Solana Coin Surges 7 Days After Outperforming BTC

SOL had a good October as activity in the Solana blockchain surged. Analysts have also provided bullish outlooks for the altcoin, especially as SOL outperformed BTC for a seven-day period in the month.

Interest in Solana-based tokens also helped drive SOL prices higher, including popular Numogram (GNON), which is up by over 13% in the last 24 hours.

Solana, Bitcoin Prices, Trump Presidency

Beyond the active Solana network, some experts see altcoins going higher as long as BTC continues going up under a second Donald Trump presidency.