Bitcoin Hits ATH Above $76K and Ethereum Surges to 3-Month High

Bitcoin reached an all-time high of $76,444 during late trading on Wednesday, building on previous gains earlier in the day. This surge coincided with the announcement of Donald Trump's victory in the US presidential elections.

Trump secured 295 electoral votes against Kamala Harris' 226, with a few votes still pending in Nevada and Arizona. Coinbase, the largest cryptocurrency exchange in the US, commented on the election results, stating, “America has elected the most pro-crypto Congress in history.”

Bitcoin's Significant Growth

The recent Bitcoin boom has resulted in a 20% increase over the past month, pushing its year-to-date gains to an impressive 78%. However, during the Thursday morning Asian trading session, Bitcoin experienced a slight pullback, trading at around $74,500.

Analysts and commentators in the crypto space celebrated Trump's victory, with some predicting that Bitcoin could soar to $250,000. Notably, Bitcoin's market capitalization has surpassed that of Meta, currently valued at $1.48 trillion compared to Meta's $1.44 trillion. Discussions about establishing a strategic Bitcoin reserve for the United States have also resurfaced, adding to the bullish sentiment.

Institutional Interest and ETF Activity

The surge in Bitcoin's price has been accompanied by a notable increase in institutional interest. Spot Bitcoin ETFs experienced significant inflows on Wednesday, reversing a trend of outflows seen in the previous three days. Bloomberg ETF analyst Eric Balchunas noted that the BlackRock IBIT ETF recorded its highest trading volume ever, with $4.1 billion exchanged—more than some major stocks like Berkshire, Netflix, or Visa on the same day.

Ethereum Awakens

Ethereum has also seen a resurgence, with prices rising 10% on Thursday, reaching $2,872, marking its highest level since early August when it fell below $3,000. The Ethereum ecosystem has faced challenges from misinformation and market stagnation, but it appears to be gaining momentum now.

Analysts are optimistic, with one stating that Ethereum's rally to $5,000 could be “the most hated rally of all time,” reflecting the skepticism that has persisted in the market.