Bitcoin Reaches Record High of $75,000, is 100k Next?

The outlook for cryptocurrency has never been as promising as it is today, with Bitcoin's ascent driving the prices of various altcoins higher.

Bitcoin price hit a new record high of $75,060 on Wednesday as crypto investors cheered Donald Trump’s victory in the US elections.

Trump has won the battleground states of North Carolina, Georgia, Texas, Florida and Pennsylvania, among others, according to the Stand With Crypto report. Kamala Kamala Harris has won New York and California, as well as Virginia.

The president has promised to make the United States the “bitcoin and cryptocurrency capital of the world” and to appoint tech billionaire and rightwing conspiracy theorist Elon Musk to lead a comprehensive audit of government expenditures.

Trump served as the 45th president of the United States from 2017 to 2021. During his previous term, he implemented corporate tax cuts that increased market liquidity, which in turn stimulated investment in high-growth assets like cryptocurrency.

In September, Trump announced that he, along with his sons and several entrepreneurs, would be launching a digital currency platform called World Liberty Financial. The platform will primarily allow users to lend and borrow cryptocurrencies.

Bitcoin price reaches record high of $75,000, is 100k next?

The outlook for cryptocurrency has never been as promising as it is today, with Bitcoin’s ascent driving the prices of several altcoins higher.

Ethereum (ETH) price rose by 8% to reach $2,595, and Solana saw a remarkable rise of 15% to $186.

During the elections, Dogecoin (DOGE) price experienced a significant boost in trading volume and social media engagement, thanks to its dedicated community, which resulted in a 22% price surge.

Following Donald Trump’s victory, many crypto investors and executives are optimistic that he will fulfill his pledge to remove Gary Gensler, the Securities and Exchange Commission chair who has faced widespread criticism from the crypto community.

The SEC has taken legal action against several crypto firms, including Ripple Labs, Coinbase, Kraken, and Crypto.com, along with blockchain software company ConsenSys.

Currently, Bitcoin price is trading between $73,000 to $75,000, showing a bearish trend. In addition to its price revision, BTC’s market cap saw a 7.58% increase and hit $1.46 trillion.

Moreover, activity in the Bitcoin network has increased, surging its trading volume by 143% to hit $101 billion. If these factors align, we could soon see Bitcoin reaching the coveted $100,000 milestone, especially with the potential influence of Donald Trump’s win on market sentiment.