Bitcoin surged above $71,000 on November 6 as early election results showed former President Donald Trump leading with 171 electoral votes.
The cryptocurrency, up more than 60% in 2024, gained 3.1% in a single day—its biggest jump since late October.
Bitcoin touched a level of over USD 74,300 on Wednesday, as per Coinmarketcap. The global cryptocurrency market has reached a total valuation of $2.44 trillion, reflecting a 7.54% rise in the past 24 hours.
Daily trading volume in the crypto sector has also surged 47.51%, with a total of $122.82 billion in transactions over the last day.
Decentralized finance (DeFi) platforms have contributed $4.37 billion to this total, making up 3.56% of the market's 24-hour volume.
Stablecoins, which are pegged to fiat currencies, dominate the trading landscape with $113.45 billion in volume, accounting for a significant 92.37% of all transactions.
Bitcoin’s market dominance currently stands at 60.04%, showing a slight increase of 0.69% since yesterday, underscoring its continued influence in the crypto space as market interest and trading activities grow.
Traders kept a close eye on the election outcome, noting Trump’s favourable stance on digital assets.
His opponent, Vice President Kamala Harris, represents a party that implemented a series of regulatory actions on the cryptocurrency sector during her time in office.